25 Mar

Exit Planning: A Book for All Ages

We all know the saying “you can’t judge a book by its cover.” Some books are beat down from use. Others shine as though they’re brand new. But no matter the shape of the book, inside every cover is a story. Have you ever wondered what it would be like to be a part of the creation of that story? What would you add or remove from a storyline if you had the chance? Well, as strange as it sounds, that’s what I get to do.

While you’re writing your autobiography, it’s the job of an advisor to essentially be your ghostwriter.  You explain the first couple chapters of your life, they listen to how you want your story to progress and then together you develop a framework to work from. What’s interesting about my job specifically is that I get to ghostwrite two books at once: the story of the business and the story of the business owner. But for now, let’s focus on the owner’s story.

Time in business doesn’t correlate to planning experience.

Recently I sat down with a young man as he was planning the launch of his business. He’s a bright, energetic go-getter that had some great teachers. While he was walking me through his business plan, one of the points he brought up was how he planned to get out of his business… and he hadn’t even started it yet!

Often time for our clients, their businesses compose a majority of their balance sheet. That alone makes the timing of their transition breathtakingly important. This is why I was so taken aback by this young man. He’s launching a business and yet is planning for his exit. Wow, his insight and forethought was beyond my every expectation.

You see, even though this exit planning is important, it’s not every day I come across a new business owner that has the foresight to look that far ahead. Most of the time, I catch up with owners that are well into the final chapters of their story and trying to put together a coherent finale. While trying to make the most precise and important financial decision of their life, they honor me with the opportunity to help them finish their story as a business owner.

Writing your final chapters is tedious work.

Too often we get caught up in the business and success we’ve created and forget to think about the next phase in life. So, I encouraged you, especially those of us that have a few more grey hairs and decades of experience in our businesses, to think about the idea of what to do next. What is that next chapter? Where will your storyline deviate from following the life of a business owner to that of a retiree? Ultimately, we need to decide the final details of our autobiography. The sooner you start writing, the more time you have to adjust the plotline. Let me help you write an appropriate ending to your story so you can achieve your goals and dreams on your terms. Who knows? Maybe it will even end up being a best seller.

To discuss succession planning and how we can help, contact our office at info@triumphwealth.com to schedule a meeting.

 

Securities and investment advisory services offered through qualified registered representative of MML Investors Services, LLC. Member SIPC. Supervisory Office: 525 Junction Road St 8100N, Madison, WI 53717 (608)829-00015. Triumph Wealth Management, LLC is not a subsidiary or affiliate of MML Investors Services, LLC, or its affiliated companies.

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