Resources For First Generation Family Business Owners To Achieve Financial & Lifestyle Freedom
Are you using the right RESOURCES for building the value and transferability of your first generation family business so that it’s worth the maximum what you think it should be?
Is the family component of your business harmonious?
Do you truly own a family business or merely own a job that supports a family?
Will your family business survive beyond you to the second generation?
Will you be able to generate perpetual income for true freedom to do whatever you want, whenever you want, wherever you want?
Seems ideal? Well, the odds are against you unless you change your MINDSET about building your business value to make it an income producer without you having to be there either by your choice or by some unforeseeable adverse event.
Your MINDSET: Passion, Freedom and Impact are critical elements, which must be integrated together for achieving business success and personal happiness.
Without a passion, you can’t have the freedom you desire or the strength to make an impact.
Without freedom, you’ll never make an impact and your passion is wasted.
If you are not making an impact, you’re not experiencing the freedom business entrepreneurship allows; nor are you allowing your passion to be fulfilled.
Your PASSION: Passion determines the drive, ambition and love of what you do and who you serve. Every successful business owner entrepreneur must have a passion that pushes them forward — a core belief that keeps them pressing on, even though others don’t necessarily have the same vision.
Your FREEDOM: Freedom is the ability to spend your time and money however and wherever you see fit. Freedom enables you to not only financially grow your business and pay your employees, but to also give your family the quality of life you want to provide for them. Importantly, it enables you to leave a lasting legacy by giving back to the people and causes that matter to you.
Your IMPACT: Impact should be at the core of your business and personal thinking. Your impact is your legacy!
It all STARTS with implementing an on-going comprehensive planning process whereby you manage the ownership and management components of the business harmoniously with the family component, and coordinate the planning knowledgeably with your personal finance goals and objectives .
Think about this… “Most people don’t plan to fail; they fail to plan.”
You need to know and plan for what you and your family truly want and need personally in life, and make certain that its congruent and in sync with your ambitions and capabilities for family business ownership.
Accordingly, you should establish for yourself a comprehensive financial planning process for setting specific personal goals and objectives, implementing strategies for accomplishing those goals and objectives, and monitoring and adjusting accordingly your progress along the way.
To accomplish this, you need to think about and plan to answer in SPECIFIC terms such critical big picture questions as:
“What’s important about money to you and your family?”
“What is your desired lifestyle and where?”
“How much enduring income do you need to fund your desired lifestyle without incurring burdensome, costly debt?”
“How do you minimize ongoing income taxes and potential estate tax consequences?”
”How prepared are you for overcoming unforeseen life-changing, financially devastating events?”
“How much cost and how to afford and pay for children’s college?”
“How much accumulated personal and business asset value do you specifically need to accumulate to fund your desired perpetual income stream whether you’re working or not?”
“What are your intentions for funding, growing and eventually transferring your business ownership for maximum value to meet your perpetual income requirements?”
Having a well-thought-out, comprehensive planning process for growing family business ownership value serves as a solid foundation for achieving an enriched and truly free lifestyle.
Utilizing the right RESOURCES to start planning and implementing strategies sooner than later is in your best interest.
Start by getting your complimentary PREScore™, Freedom Score, and Value Builder Score.