What's Your Business Retirement Plan?
Episode 630: Show Notes
If you’re a true crime fan and you enjoy a scandalous story about fraud, you’ve definitely spent some time thinking about people who are bigger visioning. These are people who started by looking at the end result, instead of asking themselves what they can do today. While we’re definitely not advocating for crime, we totally believe that there’s great benefit to be had when you consider the big picture of your business! Legacy planning doesn’t mean you’re not invested in your business today; it just means you’re building with the future in mind, and that can only benefit you, both today AND in the long term.
We’ve seen people invest so much into their business only to realize that the success of their business rests solely on their ability to keep it afloat. Creating systems, training staff, and starting with the end in mind are all powerful tools to help your business to thrive even once you have made your exit. We’re in the business of helping you to make the changes you need to make to create a sustainable business plan that will enable you to thrive today, and to continue to flourish after you eventually leave! So, tune in today to find out more about creating a retirement plan for your business!
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What to do if you're building a business to be more than just your salary
There are two kinds of entrepreneurs. If you’ve tuned in today, you’re likely to have been motivated by your own personal financial need, rather than building a business with the intent to sell it. Perhaps the intention you began with was to make a salary to sustain a certain salary but, when you stick with it for long enough, there may come a point where you have invested so much time and money that it means more to you than that! But if you haven’t built a system that can be transferred into someone else’s hands, you might find yourself having to work longer and harder to sustain that business than would have been necessary.
It doesn’t matter what kind of business you’ve built, the principle is the same: What happens after you’re done? If your plan was to exit, in two to three years, you could offload your business. But, we’re talking about something bigger than that. What about legacy planning? Here’s what we learned from an exit advisor: there’s a way to include selling your business in your retirement planning. We want to encourage you!
This is a seven to 10-year plan. You have the opportunity to build a legacy, so we want you to start thinking about how you start doing that. Maybe you have no intention to stop being owner-operated, but there’s still so much being invested in the business, and you have an opportunity to create long term plans around that!
The renovations you can start making in your business right now
The foundation could start with productizing your business and creating a consistent client process that, eventually, if you really wanted to, you could remove yourself from. Adopting a different take on selling or removing yourself from the selling process might be the step that takes the longest for you to adopt. To a certain extent, you are the magic sauce that makes your sales successful. So, to remove yourself from the sales seat may feel like a super uncomfortable transition.
Inside the Incubator, we can help you cut that process at least in half! We’ll introduce you to systems and software that can look after part of it, or simply encourage you to hand some of the responsibility over to someone else.
Opportunities available to you to create legacy from all your hard work
There is an opportunity to hire someone to manage your business, to secure the productization of each area of your business; outlining that, delegating that, and ultimately overseeing that. Don’t forget that the staff goes with the business! If you go, that doesn’t necessarily mean that your staff will. There are ways to incentivize folks to stay longer, but they might not be the team you are left with in seven years time. You have to train your team with the reality that they will likely need to train their successors.
Long-term planning doesn’t mean that you aren’t invested in your business. Designing your business for a potential exit is like doing the renovations now and living with them, rather than doing them before you move in. We can help you with your renovations! Some of you will need to make some structural changes, and others will simply need to change the decor. There are so many baby steps you can take today to build an amazing legacy within your business.
Our main goal at Boss Project is to see more women and femmes not only financially stable and secure, but thriving, and that includes being able to realistically retire. We have watched our parents' generation age, and we don’t want to see history repeat itself. That takes planning! And we can help. We want to be a part of your legacy plan. We want to help you build a life-first business!
Quote This
Our entire mission at Boss Project is to have more women and femmes not only financially stable and secure, but thriving, and part of that means having the actual ability to retire.
Highlights
What to do if you're building a business to be more than just your salary [0:12:49]
The renovations you can start making in your business right now [0:23:50]
Opportunities available to you to create legacy from all your hard work [0:29:10]
ON TODAY’S SHOW
Abagail & Emylee
The Strategy Hour Podcast
We help overwhelmed and creative entrepreneurs break down their Oprah-sized dreams to create a functioning command center to tame the chaos of their business. Basically, we think you’re totally bomb diggity, we’re about to uplevel the shiz out of your business.
KEY TOPICS
Legacy planning, Retirement, Selling, Exit planning, Staff retention, Staff training, Finances
