Developing an Effective Ownership Strategy

Developing an Effective Ownership Strategy

To win the game of life, you need an ownership strategy that positions you, as an individual, where you want to be as you move through life's stages. Your business is a vehicle for doing exactly that.

A good ownership strategy addresses four questions:

1. How do you want to live your life? You can make more money but you can’t make more time, so how do you want to spend the time you have, while you can still choose?

2. What does financial security mean to you? Your magic number is the net worth that provides you with the economic freedom to enjoy the lifestyle you desire. How do you get there?

3. What do you want your business legacy to be? When you start to think about selling the business, you should consider shaping it in ways that will make you feel better about what you leave behind.

4. What about the people who made you successful? When the company is sold, employees get a new owner, but their economics don’t change much, if at all. Who do you want to take care of?

These are not easy questions to answer. Take the time you need so you have no regrets when you look back.