I recently read a book by Meg Jay titled The Defining Decade. In this book Ms. Jay talks about how it’s fine to find yourself in your twenties and at the same time you don’t want to waste that decade.
I spend lots of time talking to owners of private companies like you who aren’t sure how they’re going to leave their business. You might think that you want to sell your company to an outsider….someone who can pay you lots of cash. You also might find that after a conversation with someone like me you realize your business isn’t going to get you the cash you thought.
Too often in our world of wealth management estate planning is about splitting up the money after you’re gone. I think this is too bad. For me, estate planning is also about leaving a legacy of wisdom.
I’m talking about customer service that is. When everything clicks and you’re delivering service that your customers expect you don’t know how good or bad you are. You only know that you’re not getting complaints.
Here’s something you may not have thought about. Your biggest asset is your ability to earn money. The younger you are the more important this asset is.
Here’s a news flash for you. You need cash to run your business. If you agree with that really stupid statement, then why don’t you know how to read your cash flow statement? OK, well it won’t be all of you…..a few of you will know how to read it.
If you want to build a successful business you have to learn how to say no. You have to say no to employees, you have to say no to suppliers and you even have to learn how to say no to customers.
Retirement is one of the biggest changes you’re ever going to make. Too often I see people retire, then wish they never did it. They’ve not thought through some of the changes that are likely to happen.
One of my requirements if you do business with me is we have an alignment meeting between you, your spouse and I. I do this for a reason. I want to find out how your spouse feels about your business. I want to understand how much risk he or she thinks you’re taking.
I’ve always been a little confused about the term behavioral economics. I think the term really should be behavioral psychology. After all, it’s really about how you behave around money issues not what you do with your money.