Business Owners Blog
March 19, 2024
How Can You Maximize Wealth & Joy
Prioritizing Yourself
This begins with understanding yourself in a much more intimate way. What are your core motivators that are embedded in your psyche. These are not interchangeable. They are pretty much set in stone. These are also not conscious choices. They are part of your DNA. What are your blindspots? In what order do you normally Think, Act or Feel? What are your instincts? These motivators, blindspots, fears, influences and intstincts are independent of wealth or money. They identify how you react to any situation. Once you have a real understanding and awarness around what influences your prorities and desires, then we can work to assess your financial situation!
Connecting Your Wealth with You
We have identified 6 major areas of wealth that must be addressed as part of any comprehensive financial or business exit plan. Knowing the domains is important. They are: Budgeting, Spending, Earning, Beliefs/Knowledge, Risk Management, and Planning/Wealth Building. Understanding how your core motivators, instincts, and think/feel/act pattern influence each domain is essential. All of us have a comfort zone in one of the domains. Very few of us have comfort zones in 3 or more domains. Think of it like rooms in your house. Your furniture is the elements of yourself that you've identified in each domain. Imagine givign a friend a tour of your house that only had furniture in one or two rooms. You'd probably want them to only enter and exit through those rooms. Your financial house is no different. Nobody wants to give a tour to anyone if they feel the home is empty. So, fill each room with furniture.
Creating a Hyper-Personalized Plan
With the steps above complete, you can now move on to where most exit plans or financial plans begin their planning. However, this plan is not accompanied by generic questions and even more generic answers as your guide. Now, you know exactly what motivates you, fulfills you, scares the heck out of you, etc. Just as important as your awarness of this, is the awareness of your advisor who is literally paid to help you remain accountable to your "goals and objectives." So, now we look at the Planning/Wealth Building domain. This is where we both understand what your true dream outcome is, and then develop very actionable steps to realize those outcomes as reality. For business owners, this includes additional areas of focus:
1) Defining, Protecting and Maximizing Business Value
2) Tax Mitigation Strategies
3) Legacy and Philanthropic Planning
4) Estate Planning Considerations
5) Insurance Needs
Having already utilized the assessments and analytics about the owner yourself, these additional 5 Exit Planning domains are also much more precise, efficient and effective.
Identity Planning
The final step is to ensure that we've properly planned for your new identity. Once you exit your business, you are no longer the owner, CEO, President, Chairperson, and leader of that business. You will no longer matter to many people in the same way you did just before you sold or transitioned ownership. You will matter in a different way to the family and home you may be spening a lot more time in moving forward. Or, you may be launching into a new venture and starting from scratch again. Revisiting our assessments and analysis, you will have more tools to be able to navigate this unknown world you'll be entering or re-entering. The truth is that the financial part of your transition is the easy part. Maximizing wealth is something the financial services industry has been helping clients with for centuries. The joy is the harder benchmark to maximize. It's also the most important benchmark for you to define your success or failure by. Prioritize your joy and wealth wisely.
To schedule your free consultation so you can learn more about The Intentional Way process and how it can lead you to maximized wealth and joy, email activate@i10wealth.com or call us 877-752-6410.