Exit Plan: ‘Cause I guarantee you won’t live forever …

Why Do You Need an Exit Plan?

A few of you may be running this business to sell or go public, and if so, you have already (hopefully) created your exit plan.  But the rest of you may not have created an exit plan because you don’t yet want to retire or your retirement seems too far away for a specific plan.  

As a business owner, you love what you do.  You quit your job to open this venture, and plan to run it indefinitely.  Perhaps you want to work a few less hours, but you don’t see a deadline for quitting.  Perhaps this is even your retirement business, where you retired to from your high-stress job to open your new venture in mid-life.

Regardless, you must have a plan for possible exits because I can guarantee you will not run this business forever.  You may change your mind.  You may want a sabbatical or to go on a book tour.  You may need to take a leave of absence to take care of a sick family member.  You may become physically unable to work.  And, I predict that you will not live until the end of time.  For all of these scenarios, you need a plan to give you the financial freedom to make the choices you need for your life.   Read more

Estate Planning: What Every Business Owner Must Have (even if you’re single or broke)

Every business owner needs some basic estate planning documents, even if one who is single with nodependents, or whose business is not “worth anything” yet.  Think of your business, clients, and customers as dependents of a sort that need to be considered in case you were no longer around.  If you have a spouse, life partner, or children, you definitely need to consider estate planning documents to provide for what would happen if you were incapacitated (i.e., coma, vegetable — fun subject, huh?) or if you passed away.

Here are the documents you may need to obtain: Read more

Ep. 27 Create Your Exit Strategy to Avoid Working Forever

Don’t want to work forever?

This week Elizabeth welcomes Bill Losey, author of "Retire in a Weekend," discusses strategies for retiring faster than you that imagined — and that might even be right now.

Elizabeth also shares tips on creating the exit plan for your small business, and her success tip of the week, "Know What You Want."

Right click to download the .mp3 file.

Your Exit Plan: Create Financial Freedom So You Don’t Need to Work Forever (Unless You Want To)

This week Elizabeth explains why every business needs an exit plan, even if you love what you do and don’t plan to quit anytime soon.  She explains the 3 types of exit plans, and why you may need all 3 to actually protect your business and family.  Elizabeth teaches you the methods for funding an exit plan, including insurance, retirement funds, selling a business, creating passive revenue streams, and investing in real estate.  She also explains the structures and agreements you may need to create your exit plan.

Listen or download .mp3

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Business Owner Mistake #3: Not Having an Exit Plan

I see this a lot with my self-employed clients who really love what they do.  I’m the same way.  I don’t plan to retire from this five years from now.  I’m not doing this until I go public or sell the business.  I’m doing this because I enjoy it and want to help people and I don’t plan on any exit date out of the business.  I also have a lot of clients who start small businesses in their fifties or sixties, and so in a way this is sort of a retirement business in and of itself.  They’ve retired from their higher paying but higher stress and higher hours job to do something they really enjoy and want to do.  But you still need to have an exit plan.  There are two reasons you want to have an exit plan. Read more