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A few of the conversations Iโve had in the past week: ๐ A client purchasing her first ever solo investment. ๐ A client receiving an inheritance who thought she would never be able to retire. ๐ A couple who bought a retail business in 2019 and THRIVED through the pandemic. ๐ A family with a construction-related business, creating a succession plan so their high school-aged daughter to take over their business someday. ๐ A client who is battling his business partner in court. ๐ A business-owner client who discovered a way to expand one of his physical locations and have it completely paid for by an existing client (it wonโt cost him a dime!). ๐ A client who was dissatisfied with his investment and has decided to cash it in. ๐คธโโ๏ธ Ups, downs, hearing stories and helping solve problems โ thatโs why I love this job! #financialplanning #alltheemotions #businessplanning #exitplanning
A few of the conversations Iโve had in the past week: ๐ A client purchasing her first ever solo investment. ๐ A client receiving an inheritance who thought she would never be able to retire. ๐ A couple who bought a retail business in 2019 and THRIVED through the pandemic. ๐ A family with a construction-related business, creating a succession plan so their high school-aged daughter to take over their business someday. ๐ A client who is battling his business partner in court. ๐ A business-owner client who discovered a way to expand one of his physical locations and have it completely paid for by an existing client (it wonโt cost him a dime!). ๐ A client who was dissatisfied with his investment and has decided to cash it in. ๐คธโโ๏ธ Ups, downs, hearing stories and helping solve problems โ thatโs why I love this job! #financialplanning #alltheemotions #businessplanning #exitplanning
I am super excited to be leading a Thrivent Action Team...I will be helping to put on a kids' mountain bike race in conjunction with the Stump Farm Races at the Brown County (WI) Reforestation Camp on October 29. There will be raffle prizes and sick finishers medals for all the kids! In addition to the kids' race, there will be mountain bike and trail running races and a DONUT RELAY. Eat more donuts, run less far! more information here: https://fb.me/e/5R4vSlmsF #livegenerously #morekidsonbikes #eatmoardonuts
I am super excited to be leading a Thrivent Action Team...I will be helping to put on a kids' mountain bike race in conjunction with the Stump Farm Races at the Brown County (WI) Reforestation Camp on October 29. There will be raffle prizes and sick finishers medals for all the kids! In addition to the kids' race, there will be mountain bike and trail running races and a DONUT RELAY. Eat more donuts, run less far! more information here: https://fb.me/e/5R4vSlmsF #livegenerously #morekidsonbikes #eatmoardonuts
What's your vision for your future? Is it more ๐ฐ ? A bigger ๐ก ? A fancier ๐ฒ? A more impressive job title? Maybe it's the ability to pay off your mom's mortgage. Or a four-hour work week. Or having enough to give more away. Society tells ups that more, bigger, and fancier is better. Others will tell you that time with others is THE thing. Or that it's important to make more so you can give more. Or maybe you haven't figured it out yet. And you know what? All of those measures are OK. They're all valid. You can want a bigger house or more money or...whatever! It's your vision and no one else's! What's important is that the people supporting you - the people that you've chosen for YOUR team - understand you vision and are committed to helping you realize that vision. One of the most important things to me is understanding the visions and key values of those I serve, so when we make decisions we can ensure that we're working in concert with your vision for the future and your most closely held values. Have you read this far? Does this seem important to you? Drop me a DM and let's talk!
What's your vision for your future? Is it more ๐ฐ ? A bigger ๐ก ? A fancier ๐ฒ? A more impressive job title? Maybe it's the ability to pay off your mom's mortgage. Or a four-hour work week. Or having enough to give more away. Society tells ups that more, bigger, and fancier is better. Others will tell you that time with others is THE thing. Or that it's important to make more so you can give more. Or maybe you haven't figured it out yet. And you know what? All of those measures are OK. They're all valid. You can want a bigger house or more money or...whatever! It's your vision and no one else's! What's important is that the people supporting you - the people that you've chosen for YOUR team - understand you vision and are committed to helping you realize that vision. One of the most important things to me is understanding the visions and key values of those I serve, so when we make decisions we can ensure that we're working in concert with your vision for the future and your most closely held values. Have you read this far? Does this seem important to you? Drop me a DM and let's talk!
Many business owners (like me and probably you) don't realize what they don't know until something becomes a PROBLEM. For me it was taxes...my first year in business I didn't really make any money. Taxes weren't an issue. Year two, I made a pretty good living, but didn't save for taxes. Then I tried to file them myself. My business had grown and become more complicated; it was a huge disaster, so I filed an extension, found an accountant, and got everything sorted out. Then I paid my taxes (which I didn't save for) for a couple of years ๐ Over the last two years, I have made a concerted effort to find the right people to help my clients, so they don't run into the same problems I did. Attorneys, accountants, M&A specialists, family business transition specialists, health insurance and Medicare specialists, graphic designers, value advisors, tech specialists, other financial advisors, and more marketing consultants than I can shake a stick at have all either graced my Zoom screen or sat down with me for a cup of coffee. I believe it is extremely important for an advisor to know what they don't know AND know who can help the business owner with their problem. I know that I can't fix all of a client's problems, but I KNOW WHO CAN! See thrivent.com/social for additional information. #entrepreneurship #businessownerproblems #financialplanning #exitplanning
Many business owners (like me and probably you) don't realize what they don't know until something becomes a PROBLEM. For me it was taxes...my first year in business I didn't really make any money. Taxes weren't an issue. Year two, I made a pretty good living, but didn't save for taxes. Then I tried to file them myself. My business had grown and become more complicated; it was a huge disaster, so I filed an extension, found an accountant, and got everything sorted out. Then I paid my taxes (which I didn't save for) for a couple of years ๐ Over the last two years, I have made a concerted effort to find the right people to help my clients, so they don't run into the same problems I did. Attorneys, accountants, M&A specialists, family business transition specialists, health insurance and Medicare specialists, graphic designers, value advisors, tech specialists, other financial advisors, and more marketing consultants than I can shake a stick at have all either graced my Zoom screen or sat down with me for a cup of coffee. I believe it is extremely important for an advisor to know what they don't know AND know who can help the business owner with their problem. I know that I can't fix all of a client's problems, but I KNOW WHO CAN! See thrivent.com/social for additional information. #entrepreneurship #businessownerproblems #financialplanning #exitplanning
These are the kind of clients that get me really excited! I had really great "awkward first date" with some prospective clients yesterday - they're young and ambitious, building a stream of passive income through rental properties, in addition to working their 9-5 jobs. This young couple is intelligent, ambitious, they have a vision for their future, and they recognize that they need a team around them. Hearing their story was revealing. While they are both very intelligent and analytical, they tried filing their own taxes their first year in the rental business and realized that...they couldn't. They literally couldn't figure out how to do the paperwork properly. So they found an accountant. They realized that they needed to stop using legal documents off the internet and found an attorney. They (actually first) developed a strong relationship with a Realtor. Then a financial advisor. After a few years, their needs have changed and they are looking for a new financial advisor and attorney. Yes, they recognized that they needed a team around them, but their wisdom was revealed in that they recognized that the team members that helped them get this far wouldn't be the ones along for the ride. To quote Michael Sheppard "Teamwork makes the dream work!" #financialplanning #entrepreneur #teamworkmakesthedreamwork #ittakesavillage
These are the kind of clients that get me really excited! I had really great "awkward first date" with some prospective clients yesterday - they're young and ambitious, building a stream of passive income through rental properties, in addition to working their 9-5 jobs. This young couple is intelligent, ambitious, they have a vision for their future, and they recognize that they need a team around them. Hearing their story was revealing. While they are both very intelligent and analytical, they tried filing their own taxes their first year in the rental business and realized that...they couldn't. They literally couldn't figure out how to do the paperwork properly. So they found an accountant. They realized that they needed to stop using legal documents off the internet and found an attorney. They (actually first) developed a strong relationship with a Realtor. Then a financial advisor. After a few years, their needs have changed and they are looking for a new financial advisor and attorney. Yes, they recognized that they needed a team around them, but their wisdom was revealed in that they recognized that the team members that helped them get this far wouldn't be the ones along for the ride. To quote Michael Sheppard "Teamwork makes the dream work!" #financialplanning #entrepreneur #teamworkmakesthedreamwork #ittakesavillage
Itโs time for the fifth Dโฆthe one that comes for us all โ Deathโ ๏ธ Certainly more final than any of the others โ Divorce, Disagreement, Disability, and Distress โ this is the unplanned exit that I have seen affect more businesses than any other. If you pass away while at the helm of your business, how will it continue to support your family? What happens if another important person in your life passes away? โ Your spouse โ Your child โ A key employee Any of the above can be devastating both personally and to your business. There is no putting emotions aside โ these things are real โ and it is important to plan for them. Things to consider: โ Succession Planning / Business Continuity Plan โ Who owns the business after the owner dies? How will it continue to function? โ Key-Person Insurance โ to provide financial resources to help find a replacement for a deceased employee. โ Communication Plan โ to communicate the process to employees, customers, and suppliers. โ Legal and Financial Review - to ensure the business is protected in the event of an ownerโs death. โ Donโt wait until itโs too late! Letโs talk about how this looks for your business right now โ
Itโs time for the fifth Dโฆthe one that comes for us all โ Deathโ ๏ธ Certainly more final than any of the others โ Divorce, Disagreement, Disability, and Distress โ this is the unplanned exit that I have seen affect more businesses than any other. If you pass away while at the helm of your business, how will it continue to support your family? What happens if another important person in your life passes away? โ Your spouse โ Your child โ A key employee Any of the above can be devastating both personally and to your business. There is no putting emotions aside โ these things are real โ and it is important to plan for them. Things to consider: โ Succession Planning / Business Continuity Plan โ Who owns the business after the owner dies? How will it continue to function? โ Key-Person Insurance โ to provide financial resources to help find a replacement for a deceased employee. โ Communication Plan โ to communicate the process to employees, customers, and suppliers. โ Legal and Financial Review - to ensure the business is protected in the event of an ownerโs death. โ Donโt wait until itโs too late! Letโs talk about how this looks for your business right now โ
Now that weโre back after the Fourth of July Holiday, letโs tackle the fourth of our Five Ds that may cause you to leave your business before you plan to: Distress. Distress can mean so many different things, but Exit Planning Institute highlights: ๐ data breaches ๐ property disasters ๐ supply chain disruption (COVID anybody?) ๐ work safety incidents ๐ legal battles ๐ critical employee loss It is essential to have contingency plans in place to keep business flowing. Though we can never plan for everything we might face as business owners, we can always: ๐ Maintain open lines of communication โ with staff and with customers ๐ Be open to change ๐ Be proactive ๐ Address the cause of stress as soon as it arises!
Now that weโre back after the Fourth of July Holiday, letโs tackle the fourth of our Five Ds that may cause you to leave your business before you plan to: Distress. Distress can mean so many different things, but Exit Planning Institute highlights: ๐ data breaches ๐ property disasters ๐ supply chain disruption (COVID anybody?) ๐ work safety incidents ๐ legal battles ๐ critical employee loss It is essential to have contingency plans in place to keep business flowing. Though we can never plan for everything we might face as business owners, we can always: ๐ Maintain open lines of communication โ with staff and with customers ๐ Be open to change ๐ Be proactive ๐ Address the cause of stress as soon as it arises!
Beginning last week, I laid out the 5 Ds that cause about half of all business owners to leave their businessโฆDivorce, Disagreement, Disability, Distress, and Death. So far I have dug a tiny little bit deeper into Divorce and Disagreement. TodayโฆDisability ๐ค . What happens to the business if the owner faces a medical condition? According to the Exit Planning Instituteโs whitepaper The Impact of Unplanned Consequences on Business Value โIn a business that is dependent on the owner, should the owner face a medical condition or disability, it could cause the business value to decrease. Without clearly documenting business processes, organizing responsibilities for employees and partners, or informing family members of important financial matters, an owner effectively sets the business up to lose value after their exit.โ To avoid this: ๐ Document Processes ๐ Delegate Responsibilities ๐ฅ BONUS: Employees with some responsibilities often feel greater ownership of the business leading to better work and greater job satisfaction. ๐ Have Powers of Attorney for healthcare and finances in place and educate the POAs of their responsibility ๐ Lay the groundwork for an internal succession plan ๐ Be sure that the appropriate disability income, liability and other insurance policies and contingency plans are in place. ๐ฅ ๐ฅ SUPER BONUS: All of these things โ๏ธ may also increase your business's appeal to a potential buyer! Thrivent and its financial advisors and professionals do not provide legal, accounting or tax services. Consult your attorney or tax professional.
Beginning last week, I laid out the 5 Ds that cause about half of all business owners to leave their businessโฆDivorce, Disagreement, Disability, Distress, and Death. So far I have dug a tiny little bit deeper into Divorce and Disagreement. TodayโฆDisability ๐ค . What happens to the business if the owner faces a medical condition? According to the Exit Planning Instituteโs whitepaper The Impact of Unplanned Consequences on Business Value โIn a business that is dependent on the owner, should the owner face a medical condition or disability, it could cause the business value to decrease. Without clearly documenting business processes, organizing responsibilities for employees and partners, or informing family members of important financial matters, an owner effectively sets the business up to lose value after their exit.โ To avoid this: ๐ Document Processes ๐ Delegate Responsibilities ๐ฅ BONUS: Employees with some responsibilities often feel greater ownership of the business leading to better work and greater job satisfaction. ๐ Have Powers of Attorney for healthcare and finances in place and educate the POAs of their responsibility ๐ Lay the groundwork for an internal succession plan ๐ Be sure that the appropriate disability income, liability and other insurance policies and contingency plans are in place. ๐ฅ ๐ฅ SUPER BONUS: All of these things โ๏ธ may also increase your business's appeal to a potential buyer! Thrivent and its financial advisors and professionals do not provide legal, accounting or tax services. Consult your attorney or tax professional.