In episode 71 of Building Wealthy habits, Randy, Laura and Jeremiah discuss essential strategies for entrepreneurs to build and preserve wealth while navigating the complexities of business ownership. They emphasize the importance of diversification, retirement planning, and cash flow management, as well as the need for clear business structures and exit strategies. The discussion also touches on the challenges faced by family businesses and the significance of adapting to generational changes in business management.
In this episode:
- Entrepreneurs often focus solely on their business, neglecting personal finance.
- Diversification is crucial for long-term financial stability.
- Real estate can be a valuable asset for entrepreneurs.
- Retirement plans can provide tax benefits and financial security.
- Cash flow management is essential for seizing new opportunities.
- Structuring a business with clear exit strategies is vital.
- Family businesses face unique challenges that require open communication.
- Entrepreneurs should seek advice from experienced peers.
- Planning for retirement should start early in the entrepreneurial journey.
- Listening to the next generation’s vision is key for family business success.
Reach out at [email protected]
Connect with Jeremiah:
LinkedIn: https://www.linkedin.com/in/jeremiahjlee/
Email: Jeremiah@tricordadvisors.com
Connect with Laura:
LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/
Email: [email protected]
Connect with Randy:
LinkedIn: https://www.linkedin.com/in/rkbarkley/
Email: Randy@tricordadv.com
This content is developed from sources believed to be providing accurate information. The information provided is not written or intended as tax or legal advice and may not be relied on for purposes of avoiding any Federal tax penalties. Individuals are encouraged to seek advice from their own tax or legal counsel. Individuals involved in the estate planning process should work with an estate planning team, including their own personal legal or tax counsel. Neither the information presented nor any opinion expressed constitutes a representation by us of a specific investment or the purchase or sale of any securities. Asset allocation and diversification do not ensure a profit or protect against loss in declining markets. This material was developed and produced by Advisor Websites to provide information on a topic that may be of interest.