How to Back Away So Your Business Runs Itself
By Nina Kaufman, Esq.
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Okay, so maybe “exit” planning sounds too final. Or “succession” too complicated. But can you “back away”? In other words, can you create the space to take unplugged time off so your business can function without your being there?
In this episode, wealth advisor Lawrence Bogar explores the effect on your family and your finances when you can’t “back off!”—and the building blocks to put in place so you can.
How to Back Away So Your Business Runs Itself…
- Create a plan so you are not embedded in the daily goings-on of your business. This will put yourself in a position where your business can operate and grow without you handling every facet.
- Let go! Develop a management team that can and will continue to function without you. Give the management team the power to make decisions and take responsibility without involving you in every matter.
- Face it: you will, one day, transition out of your business. Plan for that, as the day will come, no matter how old you are or what your plans are at the moment. Take a few moments to picture what your life could look like without your running the business every day so you can consider all aspects.
- Strengthen your business. 95% of the net worth of most business owners is tied up in their business. The more valuable it is to those looking to buy it, the better your chances of leaving a legacy to others–whether that legacy is the business itself, or the way you use the cash from its sale. There are going to be times that you want to take a break from your business. Whether it’s an extended hiatus, a retirement or just a vacation, you need to have a way to get your business less dependent on you (and only you).
Lawrence Bogar has great insights on getting over the resistance to making a “backing away” plan. If you want this for your business too, make time to listen to Cash Out BIG.
Lawrence K. Bogar has spent the past 27 years providing financial advice and guidance to Business owning and high net worth families. He works one on one with clients to address all of their financial needs. Lawrence is an Accredited Estate Planner, Accredited Wealth Management Advisor, and a Chartered Financial Consultant. He is also an Accredited Asset Management Specialist and was awarded a Fellowship with the Life Underwriter’s Council.
Favorite Quote:
“You will, one day, exit your business … either with your shield or on it.” ~ Lawrence Bogar
Learn more about Lawrence Bognar:
Website – www.wunderlichonline.com
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