There are four core concepts to creating value in your business, also known as the Value Acceleration Method.
The first of these concepts is called “The Three Legs of the Stool.”
Now that your business is growing & flourishing, ask yourself some key questions:
- Is this business transferrable to another owner if I decide to sell?
- How do I create more value in my business so I can sell it at a premium price?
- What do I need to do to make sure my family and I are financially secure during retirement?
- How do I bridge the gap between what I NEED to fund my retirement and what price I can sell my business?
Developing a plan to answer these questions start with The Three Legs of the Stool.
- Working on your business’s plan
- Working on your personal plan
- Making sure both have symbiotic financial goals
Work concurrently on your business and personal financial plans. Two plans leading to the same end game is a financially sound practice. If you work on just one area at a time, your stool may become unbalanced, and you’ll have trouble sitting on it! All three legs need to be worked on equally to maintain a solid foundation for helping you increase value in your business, eventually sell it, and ultimately to use the proceeds from that sale to fund all or part of your retirement needs.
This won’t just happen; it will take preparation, planning, and persistence to create your best outcome. Contact us to learn more about how we can help you build your three-legged stool so it can help support a secure, stable retirement for you and your family.
Learn more on our complimentary webinar by clicking here.