{"id":773,"date":"2020-12-02T18:10:57","date_gmt":"2020-12-02T18:10:57","guid":{"rendered":"http:\/\/www.southardfinancial.com\/?p=773"},"modified":"2020-12-02T18:10:57","modified_gmt":"2020-12-02T18:10:57","slug":"why-you-need-to-plan-your-financial-future-today","status":"publish","type":"post","link":"https:\/\/www.southardfinancial.com\/why-you-need-to-plan-your-financial-future-today\/","title":{"rendered":"Why You Need to Plan Your Financial Future Today"},"content":{"rendered":"\n

Bob had built a booming business before he died.<\/p>\n\n\n\n

It was something he\u2019d built from the ground up with blood, sweat, and tears. He had grown from a single truck with some tools into one of the area\u2019s most reputable fine home builders, with multiple crews working all over the city.<\/p>\n\n\n\n

He was the 100% owner, and had run the company solely for the benefit of his family\u2019s lifestyle. Many wonderful memories with his wife and kids were made possible by the income his business generated.<\/p>\n\n\n\n\n\n\n\n

The only problem was that he died unexpectedly.<\/p>\n\n\n\n

Not only had he not gotten around to finishing a Will, Estate Plan, or funeral instructions (and putting them all together with other important documents in an easily accessible Legacy Drawer<\/a>), he hadn\u2019t taken time to set up his business to be properly sold or transferred to the next generation.<\/p>\n\n\n\n

His family wasn\u2019t able to continue the work Bob did, and they had no interest in owning the company. It needed to be sold, but his lack of planning created a lot of problems. When our team at Southard Financial was brought in to help with the situation, we discovered a host of issues\u2026unprofessional financials and antiquated operations\u2026and no strategy for continuing the business without Bob.<\/p>\n\n\n\n

Bob was great at his craft, but his family realized much too late that he wasn\u2019t nearly as good at planning ahead.<\/p>\n\n\n\n

The Value of Time Spent Today<\/h2>\n\n\n\n

Planning for the future takes time. And time is something you most likely don\u2019t have a lot of as a small business owner.<\/p>\n\n\n\n

It\u2019s easy for the \u201ctyranny of the urgent\u201d to continually push things like Estate Planning and organizing your business for a someday sale to the bottom of your to-do list. However, in light of your inevitable future (the death rate is holding steady at 100%), don\u2019t you think that it\u2019s worth spending some time now to provide financial security for your family and your employees later?<\/p>\n\n\n\n

The Value of The Right Questions<\/h2>\n\n\n\n

Most small business owners approach the sale of their company with one main question in mind:<\/p>\n\n\n\n

\u201cHow much can I get for it?\u201d<\/p><\/blockquote><\/figure>\n\n\n\n

We have worked with hundreds of owners over the past 30+ years, and we completely understand where they\u2019re coming from. That final price is what seals the deal at the end of the day and often defines the transaction as a success or failure.<\/p>\n\n\n\n

But we like to suggest a question to our clients that approaches the situation from a different perspective:<\/p>\n\n\n\n

\u201cWhat do I want to get out of this?\u201d<\/p><\/blockquote><\/figure>\n\n\n\n

By asking it that way, business owners naturally force themselves to begin thinking about what is most important to them in the phase of life after the sale.<\/p>\n\n\n\n