The man had clarity and certainty in his voice…
“Chris, when I retire I’m going to have all the money I need by selling my business!”
It was a sentence said with such clarity and certainty from a man of clear intelligence who had clearly been successful in his field I almost didn’t question the logic of the statement….and then I did!
“Ok” I said “What’s your business worth?”
“I’d expect around 2 million for it” he replied with the same clarity and certainty.
“Ok” I responded “That’s what you’d expect for it…but surely the market decides what they’re prepared to pay?”
“Agreed” said the man.
“So, if that’s the case what have you done to confirm what you’d expect to receive and what the market might be prepared to pay are the same thing?”
There was silence. One that I knew I shouldn’t have broken (to be fair I should have waited for the man to respond)…but instead I continued….
“Also, if there is a gap between what you’d expect to receive and what the market might pay….what are you going to do about it?”
The man briefly looked down and then slowly looked back at me and with the same clarity and certainty however with a look on his face which told me his answer had
“I don’t know!”
I’ve lost count of the amount of times I’ve had conversations with business owners who tell me that ‘their business is their retirement plan’ but have never dug any deeper into what that means in practice. I’d suggest that if they’re not digging any deeper they haven’t got a particularly robust plan.
The good news is that for business owners there’s a really clear method of ensuring that they’ve really clear on whether their business is going to provide enough cash to be sufficient to fund their life post business….and if you’re in the East London or Essex area we’re going to be sharing the steps business owners need to take to ensure they’ve got a clear path to financial freedom.
It’s going to be held on Tuesday the 12th of March starting at 8:00am with breakfast supplied!
I’m speaking at this event as well as having Peter Daley (an amazing business coach) and Jaimal Chandarana (a brilliant accountant) who will share exactly what you need to know to ensure your business supports your retirement goals.