We make
your business
work for you.
BUSINESS WEALTH SOLUTIONS,LLC
Joan M. Ridley
Pres., CFP™, CEPA, CBI


2911 Turtle Creek Blvd., Suite 300
Dallas, Texas 75219


E-MAIL:  info@businesswealthsolutions.net
PHONE: 214.692.9192
FAX: 214.523.9001

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Money, Money, Money Makes the World Go Around

By

Joan M. Gruber Ridley, CFP™, CEPA®

Fortunately no one really believes that. These are just lyrics from the show “Cabaret”. And although money is not the most important thing in the world, we sure do enjoy what it allows us to do, such as buy the things we enjoy, give to those we love, and support the causes we believe in. As business consultants who focus on Comprehensive Exit Planning, we learn a lot about what our clients really value. Turns out their value system includes far more than money.

Most entrepreneurs tell us they have a vision beyond their business that keeps them inspired every day. Because they are past the survival mode, they have the luxury of doing good things for others. For those whose wealth has reached the stratosphere, such as Bill Gates, George Soros, and Warren Buffet, contributing to the good of all on a world-wide basis is their focus. Others contribute generously of their time and good fortune to local and national non-profit enterprises. Regardless of their level of wealth, it’s all about having the means to espouse what they think is right and to promoting their own value system. Some entrepreneurs clearly will never run out of money to do all the things they wish to do, even after Uncle Sam takes his cut. Others will need to work a little harder at growing and keeping their wealth in order to have plenty to share with others.

I Don’t Need to Get Top Dollar for My Business

We actually hear business owners say that. Bill Gates acquired his wealth and has been able to use it to support his favorite causes by making sound business decisions and surrounding himself with the best advisors his money would buy. Using that same formula, any business owner can achieve the same result. So before you say you don’t need to get top dollar for your business, do your homework and consult with quality, experienced advisors if your goal is to have ample wealth to share with loved ones and causes that matter to you.. Sound tax planning, quality business planning, and high caliber investment modeling will help you determine if your investible liquid net worth will fund the life style and gift giving that you envision.

Expect to be Challenged

Your advisors should be able to answer the questions you pose. But more importantly, they should raise issues you never thought of and be prepared to offer potential solutions for issues you are likely to face as you grow your company and begin to plan your transition out of the business.

10 Ways Your Wealth Could Be Challenged

  1. How to transfer your business to other active shareholder family members and still have enough funds to support your lifestyle and your favorite projects
  2. How to create a legacy for your children who are not active in the business
  3. How to minimize estate tax that could cripple your business and personal net worth
  4. How to satisfy both active and non-active shareholders, without harming or destroying the family business
  5. How to know if and when you have outgrown your current advisors, and, how to access the resources, wisdom, and courage to identify more appropriate choices
  6. How to prepare for a shift in the economy or in your industry that could have a negative impact on the value of your business
  7. How to create a plan to protect the company and your family in the event of your ill-health or early demise
  8. How to reduce taxes that could take a larger chunk out of the sales proceeds than you were anticipating
  9. How to identify and address an inherent flaw in your enterprise that could have a negative impact on company value when you are ready to leave the business
  10. How to minimize the amount you might be expected to finance for an acquirer

Money Isn’t Everything, But…

While money isn’t everything, it is a blessing, and, if managed wisely can provide an affluent lifestyle for you and can bring peace, good health, and improved quality of life for others in your neighborhood and through-out the world.

 

Joan M. Ridley is president of Business Wealth Solutions, a Dallas-based advisory firm that consults with business owners about how to successfully grow and leave their business. Visit our website at www.bwsllc.net. Call us today at 214.692.9192 for a complimentary meeting to learn how we can help you get where you want to go.

Copyright 2007 Joan M. Ridley

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