This Wall St. Journal video touches on some of the personal steps a business owner might consider before selling their business.
The video points out that there’s more to selling a business than just money. What’s a business owner going to do with their “free time”? The video suggests having a game plan and finding a purpose in life after a sale but hardly provides any guidance as to what that might look like or how to go about doing this. The Empowered Wealth Gateway Experience takes participants through exercises and learning experiences that identify what’s most important to accomplish in the financial, core, experience, and contribution areas of one’s life for the next year. This experience in turn leads to the Powerful Planning Process, our proprietary “deep dive” into “true wealth” optimization – that is, optimizing assets in all four of the Brower Quadrants by applying the principles, concepts, and tools of Empowered Wealth.
The video also poses the questions “How do you deal with a new level of income?” and “ How do you make sure your heirs don’t go crazy with all this money?” The video states that “there’s a lot of education going on” with business owners and their families and that some advisors are teaching heirs about budgeting, debt management, investing, and philanthropy. Is education really the answer? Education just scratches the surface of what a self-made, successful business owner needs to do if they love their family and care deeply about the future. Sustainable prosperity, not just current success, is achievable, in my opinion, through developing entrepreneurial mindsets, habits, and systems within families. We must empower families, not just educate them.