Common Mistakes Small Businesses Make - Presentation Transcript
“Ideas are the beginning points of all fortunes.”Napoleon Hill (American author, 1883-1970) Carl Raff & David Williams www.BEAdviceNow.com
Top 10 Common Mistakes Small Businesses Make Executing a plan to Grow, Protect & Transfer Wealth
The plan for many business ownersis to grow, protectand transfertheirwealth. Our goal is to identifycommonfinancialpitfallsthatjeopardizetheir plans for success. 3
Grow Seed/StartupIgnoringthe financialside…undercharging Venture CapitalAvoidingPlanning/Research…putting the plan on paper PrivateEquityIneffective marketing Initial Public OfferingLackof Capital for Growth 4
Protect AssetProtectionIf It Looks Like a Duck… Retirement PlanningDelayingProfessional advice Key Person InsuranceTryingto do it all yourself 5
Transfer SuccessionAvoidingdifficultdecisions Transition/SaleNot respectingemployees TaxesToo Much, TooSoon, TooLate 6
Business ownersdevote a large part of theirlife—time, energy, and labor—to build and runtheir business. Theyneed a plan thatacknowledges how much of theirwealth—and theirenergy—isconcentrated in their business. 7
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