As a business owner you probably decided to pursue your dreams of ‘being your own boss’ in order to have more control of your life. You not only wanted to spend your time doing what you love and making the
Have you ever considered what it would mean to be 'financially free'? Would you sell your business or leave your job so that you had more time to relax with friends and family, travel, buy that Ferrari you've always wanted, or otherwise pursue leisure activities? Would you keep your business or your job, but adopt a role that's less hands-on so that you had more free time?
All of these (and others) are exciting options once you achieve financial freedom, but you have to get there first. First things first, where is 'there'?
Do you know how much your business is worth? You should, even if you're not planning on selling right now. Knowing the value of your business gives you the power to make confident decisions about the future, both yours and that of your business.
Your starting point is determining that value.
If you’re asking this question, you’re already on the right path to a successful business sale. A business exit strategy is highly valuable at any stage of your business journey, but even if you appreciate this fact, it can be difficult to identify all exit options and know which one is right for you.
Let us outline three practical options that could work for you.
You know it makes sense to create a business plan, giving you a roadmap that will plot your course to success, be that growth and expansion or a seamless sale.
But what about your financial plan for everything else?
When your business is one of your biggest assets, your personal ambitions are likely to be tied into your desires for the business - not something to be taken lightly.
If you're considering working with a financial planner, no doubt you'll have lots of questions about how they work and what's involved.
To find the right person with the best advice for you, it's worth taking the time to research your potential planners.
Asking the following six questions is a great way to find out what you need to know.
Why do you work? Why did you start your business? Crucially, what do you want out of life?
Your business or job may be your joy and passion, but what else do you want to do besides work? Perhaps you want to pursue other interests, take that month-long holiday every summer, or simply be able to have weekends free to spend with your family.
Whatever your goal, financial planning isn't a luxury, but a valuable tool to help you get there. In fact, financial planning is about much more than money.
At Smart Financial, you may already be aware that our philosophy is 'investing money is purely for the fulfillment of goals'. Hopefully, you will also be aware that this isn't just a catchy phrase - we not only mean it, we live by it.
Allow us to let Smart Financial CEO Steve Martin to demonstrate how he 'walks the walk' as a financial planner; what he set out to achieve when setting up Smart Financial, running a business from Spain and what's next, in this great video interview with Adviser Hangout founder Abraham Okusanya.
As a hard-working professional, the idea of not working can seem like a huge gamble and retirement is an exciting but worrying concept for many in your position. How will you know that you've done enough? Will your money run out? Will you be able to enjoy a comfortable lifestyle?
The key to preparing for a worry-free retirement is going into it with a solid plan. To help, we've addressed some common questions we're often asked about retirement.
Ask yourself, "What is the value of my business?"
If you know what that number is, congratulations! You've already done a lot of homework and preparation should you ever decide to sell.
If it's not worth as much as you think it should be, you can increase its value before you sell so that you'll truly get a fair price, one that represents all of your years of hard work and sacrifice.