How to get rich from your small business


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A business owner often gets a majority of their retirement funds when when they sell their business. Knowing how to build a valuable business to sell at the maximum sales price is the critical to retiring rich as a business owner. This presentation outlines the 5 steps to retiring rich.

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  • The United States had 2,886,200 millionaires in 2009, meaning that about 0.9% of Americans, or about one in 106 people, were millionaires as of last year. In the same year, 391 Americans were billionaires - that's about one in 785,166 people or around 0.0001% of the population. Being Struck by Lightning Your chances of being an American billionaire are similar to your chances of being an American who gets struck by lightning. The National Weather Service estimates that the odds of an American being struck by lightning in a given year are approximately one in 750,000, and the odds of being struck if you live to be 80 are one in 6,250. Winning the Lottery Your chances of winning the lottery really depend on which lottery you're talking about and what you mean by winning. For example, if you play the multi-state Mega Millions lottery, you would win anywhere from $2 to $250,000 in a non-jackpot prize, or you would win a jackpot prize starting at $12 million (you could also win nothing, of course, which is the most common outcome). Mega Millions states that your odds of winning a jackpot prize are 1 in 175,711,536; your odds of winning any prize are one in 40. The odds of winning a $10,000 prize are one in 689,065. The largest jackpot Mega Millions has awarded was $390 million in 2007.  Becoming a Homeowner The numbers fluctuate somewhat each year, but in general, 60% to 70% of U.S. homes are owner-occupied, according to the U.S. Census Bureau. People in the Midwest and South are more likely to own their residences than those living in the West or Northeast. This is not surprising, given the higher real estate prices in the latter two regions. It seems that becoming a homeowner is an attainable goal for most people, especially considering that not all of the people who rent actually want to become homeowners. (For more on this topic, see  To Rent or Buy? ) Earning a Six-Figure Income   According to the Current Population Survey's 2010 Annual Social and Economic Supplement, 13,269,000 men and women earned a six-figure income in 2009. With the U.S. population estimated at around 307 million for 2009, the data means that one in 23 Americans, or about 4%, earned six figures in 2009. Almost three times as many men as women earned six figures. 1,460,000 men and women, about one in 210 people or 0.5% of the population, earned $250,000 or more in 2009.
  • Seven out of ten millionaires in the United States are first generation small business owners with the business asset making up approximately 65% o f their total asset ownership!   You would think that with the business being such a large portion of the net worth, every business owner would know what their business is worth, right? Sadly, only about 15% of business owners actually have an idea as to what a buyer would pay for their business on any given day or the fair market value of their business.
  • How to get rich from your small business

    1. 1. 5 Steps to Retiring Rich From Your Small Business Kimberly Deas 904-571-9580
    2. 2. Retiring Rich is NOT Guaranteed • Best chances of being millionaire is owning own business • Millionaire status often occurs at sale of business, not during working hours. Free eBook Download:
    3. 3. Retiring Rich Requires a Plan • Step 1: Establish Where You Are • Step 2: Define “Rich” • Step 3: Prepare Your Business • Step 4: Leverage Expert Resources • Step 5: Review Progress Regularly Free eBook Download:
    4. 4. #1: Establish Where You Are • Is your business sellable? • Value of the business? • What is holding you back? • What do you need to grow? Free eBook Download:
    5. 5. #2: Define “Rich” • “Average” 65yr old $1-$3M to retire • What do you need? • Start your plan ASAP For a business owner the biggest component of retiring rich is selling businessFree eBook Download:
    6. 6. Calculating Retirement from Biz Proprietary software calculates: 1.Business Valuation 2.Business Structure 3.Tax Ramifications 4.Retirement per year Free eBook Download:
    7. 7. #3: Preparing Your Business • 6 Areas to Monitor 1. Profits 2. Competitive Edge 3. Scalable 4. Sustainable 5. Proper Contracts 6. Limited Liability Free eBook Download:
    8. 8. Profit Tip: Monitor Benchmarks Free eBook Download:
    9. 9. Growth Tip: Control Marketing Dial • Make Marketing a System – Track results per channel – Know your customers – Know your cycles • Result: Little dependence on economy • How: Dial up or down leads / sales to match business needs Free eBook Download:
    10. 10. #4: Leverage Expert Resources • Accountant • Financial Planner • Business Consultant • Exit Planner • Business Broker Free eBook Download:
    11. 11. Free Local Resources • Small Business Development Center (GAP) • SCORE • Jacksonville Women Business Center • Mentors Free eBook Download:
    12. 12. #5: Review Progress Regularly • Know Retirement Goals • Develop Business Growth Strategy • Get Business Exit Plan Review – Every 3-5 years – Valuation, Structuring, Taxes, Retirement Year by Year Free eBook Download:
    13. 13. Free Private Consultation Call Kimberly Deas 904-571-9580 Free eBook Download: