For many entrepreneurs and business owners, their business represents their single largest asset. Depending upon the size of the business, it likely dwarfs the value of their home or other assets. Like selling your home, to attain the most significant selling price, you will have to invest some upfront time, money and energy into fetching the best asking price possible. … Read More
Does the Entrepreneur’s Journey to Greatness Need to be so Damn Lonely?
Do you ever wish you could have an honest conversation with a fellow business owner without judgement? I’m talking a completely candid; no holes barred, these are my deepest and darkest fears kind of conversations. I’ve been doing this entrepreneur thing for 30 years, and over the duration, I’ve experienced many emotions: joy, frustration, pride, anxiety, depression, optimism, sadness, fear. … Read More
10 Ways to Build Wealth in Your Business To Fund Your Exit Strategy
Tips For Business Wealth Management Business owners work hard at perfecting their business to make a living, earn a profit and ultimately sell or transition the business to another group of owners or family members. At the end of the year, our income statements and balance sheets generally indicate whether we were successful. You work incredibly hard to streamline operations, … Read More
The Top 6 Things I Would’ve Done Differently with My First Business
Experience gives us knowledge. Unfortunately, this knowledge can come at a very hefty price. In the case of my Partners and me, it resulted in the bankruptcy of our office furniture business. We did a lot of things right and enjoyed great successes for most of the time I was an owner. We were never afraid of change. In fact, … Read More
Why Using Private Medical Clinics May Cost you More for Life Insurance
Using Private Medical Clinics May Cost you More for Life Insurance. If you use a private medical clinic – like Medcan, Medisys or The Cleveland Clinic – it may cost you more for life insurance. In some cases, it may cause a postponed decision or an outright decline by an insurance carrier. This may not seem significant to some, but … Read More
Does It Make Sense to Incorporate or be a Sole Proprietorship Today?
Some weeks appear to have a recurring theme. For example, I’ve been approached by several owners of sole proprietorship businesses for the last couple of weeks, wondering if it is time to incorporate their business. So what are the advantages and limitations of running a business as a sole proprietorship versus incorporating your business? So should you incorporate … Read More
8 Tips To Make Your Family Business Succession Plans Successful
Family Business Succession Plans Strategies If you are an owner in a family enterprise, the likelihood of your business successfully transitioning to the next generations is not very good. This has not changed over the years. Statistics show a failure rate of: 67% of businesses fail to succeed into the second generation 90% fail by the third generation With 80% to … Read More
5 Types of Business Risk Every Business Owner Should Absolutely Prepare For
Ignoring Business Risks Could Mean Disaster for Your Family, Your Retirement, Your Business and Your Employees As business owners, we expect and accept a certain amount of risk. If there weren’t any risk, then everyone would go into business for themselves. Like in life as in running a business, there are smart risks, calculated risks and completely random risks. Some … Read More
The Top 8 Things Business Owners Should Consider When Buying Life Insurance
Buy-Sell Agreements, Insured Retirement Plans, Business Contingency Planning or Succession Planning: Life Insurance Has a Role in your Business Whether you’re purchasing life insurance to satisfy a buy/sell agreement, creating an Insured Retirement Plan to get money out of your business in a tax favourable way, for business contingency planning or succession planning, life insurance can fulfil a very cost-effective … Read More
What are the Keys To Planning a Successful Business Exit Strategy?
Can Your Business Exist Without You? Can You Exist Without Your Business? I meet with an average of 10 business owners every week. There’s a varied cross-section of industries, size of company and expectations of growth. Each owner’s idea of success is very different, as well. The one common denominator amongst them, however, is to leave a legacy and to … Read More
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