Learn how to make the right financial decision at our next webinar
Letâ€™s be frank. There is a difference between â€ślifestyle wealthâ€ť and â€śreal wealthâ€ť. You may own luxury cars and live in an enviable postal code. You dine in the best restaurants and have your tailor on speed dial.
Today we all want to look wealthy to show weâ€™ve â€śarrivedâ€ť.Â Hey, we like nice cars, a sailboat and three holidays a year too! Itâ€™s hard to escape these primal needs in todayâ€™s â€śkeep up with the Jonesâ€ť media circus.
Statistics reveal that most of us are living for today. We have not set ourselves up for a future so the lifestyle we are in love with today can be maintained until â€¦
If you own a business, you could be sitting on aÂ winning lottery ticketÂ that would put you into the high-net worth categoryâ€¦Â if you were able to sell your business.
Did you know that most companies are un-saleable according to theÂ National Post and our own researchÂ with deal makers?
90% of owners fail to sell their companies. How come? They didnâ€™t make the businessÂ saleableÂ 2-4 years before wanting to exit.
ON TUESDAY DECEMBER 17TH, 2013 TO LEARN HOW TO MAKE YOUR BUSINESS SALEABLE
These statistics certainly jolted me and my husband awake. Not only do we want to make our own company saleable, we want our clients to have that certain financial future too.
We work with business owners that have invested thousands into their companies. We want to make sure they are in a position to be rewarded for all that theyâ€™ve done so that their companies continue to be a great place to work for employees and contribute to the economy. Itâ€™s why we host webinars, write books that show how to make a business saleable and speak to advisors and associations about it.
An owner at a recent event asked us why we do this. This is what I told him:Â â€śIf you had a solution to a problem that you saw was going to hurt a lot of people and you knew that they didnâ€™t realize this problem was coming, wouldnâ€™t you want to alert them?â€ťÂ I know this problem keeps us moving forward.
WHAT DO SUCCESSFUL AND WEALTHY ENTREPRENEURS DO THAT YOU MIGHT NOT BE DOING INSIDE YOUR BUSINESS?
Well we all know we should be saving more as Suze Orman and David Bach and our financial advisors tell us thatâ€™s important, so definitely get that aspect of your financial routine in order.
What Iâ€™m talking about is learning to see your business as an asset that you can get a return on.
Successful people like you and me, whether they are athletes like Darian Durant, Grey Cup 2013 winning quarterback, entrepreneurs like Steve Jobs or leaders llike Nelson Mandela envision the future they really want.
And then do the right things to make it happen. Envisioning is an essential skill of a great leader.
These leaders make choices today and take appropriate action now so they are in a position to get the future they really want.
Own a business? Position it for the future you want now.
Do you want to be â€ślifestyle wealthyâ€ť or â€śtruly wealthyâ€ť?
CHOOSE WHICH PATH TO TAKE 2-4 YEARS BEFORE THE BEST TIME TO SELL YOUR BUSINES.
(Shhhhâ€¦ Whenâ€™s the best time to sell? When your ideal buyer is looking and your company has been made saleable.)
You will become a high-net worth entrepreneur when you recognize your regular pay check and dividends may not keep you in the lifestyle you have become accustomed to when it comes time to move on from your business.
You should know whether your future plans are going to give you the financial certainty and lifestyle you really want. So to help you with this complicated and enlightening exercise, weâ€™ve askedÂ James FergusonÂ with RBC Wealth ManagementÂ a private banker to describe your three options:
- Lifestyle Option #1Â Keep your business and continue to work in for at least the next ten years and continue to take the same salary and dividends that you do today. Close the business when it makes sense.
- Lifestyle Option #2Â Keep your business and continue to work in for at least the next ten years and save and invest more of your salary and dividends from the amount you pay yourself today. Close when it makes sense.
- Lifestyle Option #3Â Make your business saleable so that your business is attractive to buyers when they are looking and increase the likelihood you will attract a premium offer which earns you a return on your investment.
So which option is going to work best for you? Join us for our webinar and weâ€™ll reveal the financial future each option offers.
Choosing your best option all depends on the following:
- The size of return you want on your investment in your business.
- The legacy you want to leave inside your business.
- The legacy you want to leave for family.
- The lifestyle you want to lead after you donâ€™t run your business any longer.
- Your interest in making changes inside your operation.
- The amount of preparation needed to make it saleable.
- What you think the business is worth vs what a buyer would pay you for it.
- Whether there is an ideal buyer for your type of business with the way you manage it today.
Envision a big return on your investment. Imagine being able to make the changes inside your business that would give you financial freedom and peace of mind.
Youâ€™ve made it more profitable and easier to run as a result. Your efforts have potential buyers circling because they know how to spot a saleable business at 40 paces.
Youâ€™ve increased the probability of being able to sell from 10% to be almost certain. After you sell you will easilyÂ continue to pay yourself the same amount you do todayÂ well into your 90s with lots left to share with family. The risk you chose to move out of your comfort zone to change how you run your business pays off.
What do you want in return for continuing to work in your business?
These are powerful questions that can open many possibilities for a vibrant future, if you learn how to answer with the right insider knowledge.
Which option is right for you? Learn more about how to make this decision and what is involved on Tuesday December 17th
Join Jamie Ferguson from RBC Wealth Management and me and weâ€™ll show you how much youâ€™ll have in the bank for each option:
â€śSelling Your Business: Should You or Shouldnâ€™t You and How to Succeedâ€ť
Register for our next webinar, Tuesday December 17, 2013 at 11 AM PST/ 1 PMÂ EST / 9 PM GMTÂ here.
P.S.Â Â Bring your last two yearâ€™s income statement to the webinar. Itâ€™s time you learned what your company is valued at today.