Myth: Your business will get you to retirement by itself

Josh Patrick, Stage 2 Planning Partners

Owning and running your own business has many aspects to it including if you want to sell your business in the future. Many business owners don’t realistically plan their exit strategy and believe that working hard in the business will reap financial rewards sufficient to fund their retirement. In this episode, Kathleen interviews Josh about the steps business owners need to take now to build a sustainable business that is saleable tomorrow.

Take aways:

  1. Be honest about your business. Is your business a lifestyle business (one that supports you financially now but is not saleable in the future) or a sustainable business that can be sold and run smoothly with you.
  2. Determine your short and long-term business goals. If you want to build a business that is saleable, you need to delegate, set up good operating systems, and have a strategic plan for your exit.
  3. Working with a consultant can help. Entrepreneurs are emotionally involved in their creation and often suffer from “shiny little light” syndrome (going from one idea to the next too quickly). Working with a consultant is a great way to learn the behaviors you need to succeed in business and set yourself up for a lucrative liquidity event.

Bio:

Josh Patrick is the owner of Stage 2 Planning Partners and is a serial entrepreneur who is obsessed with what makes a private business economically and personally sustainable. He has been a blogger for the NY Times, Inc.com, Forbes.com, The Huffington Post and Open at American Express. He hosts the podcast, The Sustainable Business and is a regular blogger and Facebook Live presenter. For more information about his work visit www.sustainablethebook.com or www.stage2planning.com.

Look for Josh’s Upcoming Book:

Check out SustainableBook.com for the latest on Josh’s new book, Sustainable: A Fable About Creating a Personally and Economically Sustainable Business, which was published in January 2018. Join his Facebook group and receive tips, tools as well as access to special promotional book offers.

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