When successful business owners start the planning process of selling their business, in many cases the largest asset that person owns, many are looking at things such as; what multiple of my EBITDA is reasonable, what business broker or investment banker should I be using, etc.? The first step in the process really starts with the question “how much do I need to realize from the sale of the business to fund my family’s lifestyle for the remainder of our lives? I like to equate this process to building a home, if your foundation (or in this case accumulation needed), is not thoughtfully and carefully calculated and executed the rest of the process is built on shaky ground.
“When it comes to your wealth, you are the newly appointed CEO of My Wealth, Inc.”
When working with business owners who have experienced a liquidity event, we often see the most success when these high net worth individuals manage their wealth the way they managed their business. Let me explain why.