personal development
Building Financial Wealth
Do you Want a Home Business Income Opportunity? A Turnkey Online Business?
The Answer is Found in Your Vision for the Future? Who Really Are You? in your being, in your heart?
What do you like, dislike; what are your passions, strengths, weaknesses, attitude? Is a home business income opportunity part of your personal vision? Is building financial wealth, even a turnkey online business part of your vision? What about your feelings, your intuition, freedom to make choices, to fulfill your life vocation and career, to experience peace, joy, fun, purpose in your life?
Reflect a bit to clarify more about the ‘real you’. This reflection and awareness will assist you to develop a vision that resonates with your inner core and heart feelings, your inner voice, your soul and intuition, with what you want to create for your life. Because you are unique – there is and was only “one” of you ever…. You’re so precious.
If you don’t know or aren’t certain, do not worry. Everyone is in, or was in that same place at least once or several times. I’ve been there a few times where I don’t know what I want, where, why. I am interested and curious about many things in life, including building financial wealth, a home business income opportunity, turnkey online business,giving, sharing, living on purpose.
Using the easy process I’m about to share with you I completed my vision. I have tweaked and refined my vision, getting more clear with each time. Know that changing, updating your vision is OK and good because it means you are growing mentally, emotionally and as a person.
Another benefit of having a personal vision. Often interesting home business income opportunities, turnkey online businesses and ways to build my wealth come my way. Now I can evaluate them based on my vision purposes.
From a place of clarity and purpose, with the clear vision that you feel in your heart and see in your mind….an array of possibilities show up almost miraculously. Actually some of these opportunities may have been there before, but just were not recognized because so many distractions used up your energy and focus. These opportunities will provide you choices of ways to proceed toward your personal vision.
Create Your Vision Now
Let’s 1000 create your personal vision. Relax in a quiet, comfortable place with paper and pen in hand. Express yourself in a complete, authentic way that is the REAL YOU. Enjoy, dream, have fun exploring ideas and creating who you aspire to be.
Questions to Guide Your Thoughts.
1. What are you passionate about… what makes (would provide) fulfillment to you everyday? Does it include building financial wealth, a home business income opportunity, a turnkey online business, more family time, more control over your life, opportunity to give back and share? What else?
2. What values are important to you? (Ex: authenticity, honesty, purpose, fun, financial security, fun, helping others; there are many more choices) Choose a few most important ones to you.
3. What do you want your life to be like? Who do you want to be around? Where do you want to be – geographical location, career, personal life? WHY do you want what you want? Make sure what you want, your personal vision, is congruent and in alignment with your values.
4. What do you want your life, career, family…. To look like in 12 months? In 3 to 5 years? See it, feel it. Believe you will have it.
5. Summarize your personal vision in a couple sentences. Writing your vision on paper is critical.
Congratulations! This is your personal vision, a more clear picture of what you desire for your future. You become more confident because you have a purpose, a goal, a better place you want to be. You can now develop a plan for the journey to get there. We’ll talk about that in the next chat.
Keep Your Vision Close to Your Heart Every Day, Many Times Each Day
One last important thing! Make copies of your written or typed personal vision, place it in many places so you see it several times every day….bathroom mirror, kitchen sink, by your bed, on table next to your favorite chair, in the car. Read and reflect on your personal vision often, so it becomes embedded in your thoughts, in your heart, you feel strong desire to accomplish it.
Remember, what you think about most often you create in your life!
We began this article asking if you desire to build financial wealth, want a home business income opportunity, or a turnkey online business. This process is a great way to assist you on the path to answer those questions. There are other important considerations we will talk about next time.
This vision applies to your entire personal life, business life, career! Use it as a guide for all of your life.
Next time, you’ll apply your vision to help you evaluate the opportunities that show up around you.
In the meantime, Enjoy and live “In Joy”.
Barbara Filla
By: Barbara Filla
Steps In Planning A Successful Business Exit
A business owner’s exit is a once-in-a-lifetime transformation. We’re not talking about selling a house or a car. This is a complex process that requires the technical expertise of a team of trusted advisors. The key to any successful business exit is planning. It must begin with personal reflection on the part of the owner regarding what he or she wants out of the business exit. Only then can the owner, along with his advisors, design an appropriate exit strategy. The five (5) planning steps outlined in this article are designed to help business owners define their personal goals, understand all the transfer options and work with an advisory team to execute a successful business exit plan.
Step 1: Define the Personal Goals of the Owner
Since personal goals intertwine so closely with the daily existence of a private business owner, it only makes sense to begin with the basic albeit crucial question, “What do I want to accomplish with my business exit?” The answer seems obvious–make the most money after taxes and fees. Often, however, it isn’t this simple. Owners have nourished and raised their businesses from infancy; they typically care a lot about who will take the reigns. Family members might also be involved in the business. Their fate will also be dependent upon what the business owner ultimately decides.
Aside from money, other motives for a business exit can include “transfers to family”, “transfers to employees”, “transfers to co-owners”, “partial transfers to gain some liquidity today but still run the company’s day-to-day business”, or “an initial public offering”. The decision often comes down to a question of liquidity. A substantial source of liquidity outside the business makes for a much easier choice.
However, more often than not an owner’s wealth is tied up in the business. The owner must therefore balance his financial and interpersonal goals in order to find the best possible exit strategy. Therefore, an assessment of the range of values for the business is the crucial next step.
Step 2: Understand that a Range of Values Exist for the Business
The value of a privately-held business depends largely upon who buys it. It’s not as simple a 1000 s watching the ticker tape for today’s stock price. The type of buyer can impact both the price placed on the shares (or assets) of the business and the tax consequences to the selling owner. Value (net transfer price) is therefore a “range concept”.
“Internal” transfers to employees, family, and co-owners provide fewer dollars up front, but allow for greater “control” of the business, “continued income”, and flexible timing and tax characterization of payments to the exiting business owner. By contrast, “External” transfers to other industry players, financial groups, or by initial public offering command more liquidity “up front” while the owner relinquishes more control over the Company and the timing and tax characterization of payments. A closer examination of the transfer options can help an exiting business owner determine the right balance of money and control over the future of the business.
Step 3: Examine the Options Available for the Transfer of Shares
There are seven (7) primary purchasers of privately-held business stock (or assets). Below are listed the Parties to the Transaction and Types of Transactions Available (samples; not a complete list)
Internal Parties:
Employees – Employee Stock Ownership Plan (ESOP)
Charity – Charitable Remainder Trust
Family - Gifting Program
Co-owners – Leveraged Buyout
External Parties:
Financial Groups – Recapitalization
Industry Buyers – Acquisition (at Synergy Value)
Initial Public Offerings – IPO (at Public Market Value)
Based on the primary goals defined in step one (1), an exiting business owner chooses the “party” to whom the business will be transferred. That designee, once chosen, will determine the limits or expansion of the Value. At the end of this phase, the process comes full circle as the Value (after taxes and fees) is matched against the owner’s goals. If the two meet as one, congratulations! A successful business exit strategy has been devised. Now it’s time to execute.
Step 4: Provide Full Financial Disclosure to the Buyer
This step isn’t going to be easy on the business owner. Assembling financial records and presenting them to a buyer/successor is a very time consuming, very personal survey of how the business is run. It can be huge psychological block for many exiting owners. Remember, any savvy buyer (or successor) to a business will need to understand the financial condition of the Company. When an owner fesses up to any “creative accounting” they may have employed over the years to help build wealth and reduce tax bills, the process goes smoother. Full disclosure is the best path to a seamless process. There is an old saying – “if the truth will kill a deal, then there is no deal”.
Not only that, but it may reward the owner in the end. Full disclosure is not about passing judgment, but instead affords the buyer (or successor) an opportunity to assess the business’s true profit potential. The astute exiting business owner will recognize this in advance. Why? Because most “creative accounting” practices depress the profitability of a business. Clear those away and the Buyer will recognize a higher earning power and in turn a higher Value for the Company.
Step 5: Assembling the Advisory Team – No One Should Go It Alone
Planning and executing a successful business exit strategy is a complex process that requires the technical expertise of a team of trusted advisors. It’s not the time to take short cuts or pinch pennies. Time and money should be invested in assembling the right team of advisors; a successful business exit is more than worth it. It should be viewed as an investment in success.
We must understand that business owners are independent “self-starters”. If they weren’t, their businesses wouldn’t be so successful and we wouldn’t be talking to them. But some of their strengths and characteristics can lead many business owners to attempt the 1000 “do-it-yourself” business exit strategy. This can create an unnecessary drain of time and money on both the business owner and their business.
A business owner’s exit is a once-in-a-lifetime transformation. It is an important milestone that is sure to provide any business owner with one of the most challenging yet satisfying sense of accomplishments.
So remember, planning is the key to any successful business exit because a proactive approach to an Exit Strategy is the only approach to a successful Exit Strategy. If you’ve come to the end of this discussion, you’re already ahead of the game.
© John M. Leonetti
By: John M. Leonetti
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Tips On Goal Setting In Personal Development
Personal development cannot be achieved without having clear-cut goals first. How will you be able to ascertain that you have really improved physically, emotionally, mentally or even spiritually if you do not have a basis? Moreover, if you have no idea where you want to go, what things you want to change, or what victories you want to achieve, there is a big chance that you will not be able to make most out of your abilities. Constantly challenging yourself and setting higher goals for you to achieve as the years pass by will also help you become a better person inside and out. So, before you start mapping your way to personal improvement, you first need to master goal setting because your goals will be the foundation to your path to self-improvement and development.
The first step to setting your personal development goals is to look inside yourself and think of the things that you really want to achieve. Are you having problems with your waist and want to achieve better health and wellness? Are you interested in getting rich and learning stock market strategies? Is wealth creation your primary goal so that you could give your family a better life? Once you have learned what your deepest desires are, you can start turning your wishes into viable goals. However, it is important that you make your goals achievable. Take one step at a time. Many people get discouraged by failures because they reach for the sky too soon. It would be better if you do it slowly so that you also start to discover yourself in the process. So, if you are planning to trim down your body from 350 to 120 pounds, you should not expect that you would lose 220 pounds in just six months because it is simply not realizable and it can also be unhealthy for you.
The next step is for you to think of ways in which you can achieve your personal development goals. Many people fail or feel like failing because they get stuck to dreaming and setting goals. If getting rich is your ultimate desire, then watching television all day long will not bring you any closer to your wealth creation objectives. So, what you need to do is to find tangible plans on how you can reach your goals. If you want to become a home based entrepreneur, then you have to start planning where you will get money to invest in your business, what business you want to get yourself 1000 into, what your backup plans are just in case you fail. Remember that goals will remain goals and not realities if you do not start to step up and plan.
The last step is to take action. Again, goal setting and planning will bring you nowhere if you do not act on them. However, you also need to understand that the road to personal development is not a straight and flat road. More often than not, before you can achieve your goals, you need to accept the fact that the road to self-improvement is a long and winding one.
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