In our afternoon session today, we touched on Business Succession Planning for Business Owners. Most of us spend majority of our waking hours, for years (almost lifetime), busy accumulating our wealth by running our businesses profitably, on full steam. We put in so much time, effort and attention into the money-making machine. Have you ever thought of what will happen to your wealth when you are no longer around one day?
If you don’t have any retirement and exit strategies, you are still working IN your business. What do I mean by that! When you are away from your office, there is no way you can leave your communication line off. There is also no way for you to be away from your business for weeks or even months, I assume. That, is what being IN the business means.
On the other hand, if you have your strategies in place during your lifetime and after, you will be able let the business run, by professionals hand-picked by you, while you’re away on long vacation or enjoying your retirement. When you are no longer around, you know with certainty that your wishes are being carried out accordingly. This indicates that you are being ON the business.
Of those two, where are you now and where would you choose to be? IN or ON the business? If you are already ON the business, I must applaud you for having the foresight to act proactively in preserving your assets. However, if you are still IN the business, you are not alone. It is not too late for you to plan your strategies before you lose control of it. Decide to switch your position from Accumulation to that of Preservation as soon as you can.
At our firm, we have successfully designed blue prints for our high net worth and/or high complex clients. What’s high net worth and high complex individual? You know, those who run successful family businesses, siblings-owned companies, those who have proxies and nominees in other companies, Muslim and Non-Muslim partners; you know, those with more than one families, squandering heirs, offshore assets, messy wealth, unable to identify business successor, not sure if your will/shareholders agreements/M&A can preserve your wealth. Won’t you want to know your rights and how you can preserve your interests? After taking years to build your wealth, won’t you want to know for certain, that your wealth can be passed on beyond the 3rd generation? When you are no longer around, would you want to see family feuds and disharmony in the family? I trust that Preventive action is preferable to Corrective action. You can prevent unwanted events with prior proper planning.
If this strikes you and makes you aware of similar or other matters of complexities that create anxiety or concerns in your life, it’s time we have a private chat over a hot cup of coffee or tea at my office. Let us know how we can help you achieve your wishes.
~ Alice N.