You mention selling someone's business, and they get all huffy and defensive.
"Oh, my business is my passion, I love what I do, I would never want to sell."
Uh huh, right right... Well, I have two things to say to that.
1) In order to leave behind an infinite legacy of wealth, a business must be able to function without you (because, chances are, you're going to die at some point and some unenthusiastic offspring of yours is going to be left holding the reigns)
2) I never said you had to sell ALL of it!
You could sell 20% of your business, and still make a few million. And, just think about how you could EXPAND YOUR INFLUENCE / IDEA and help even more people... with a few extra million bucks.
Eh? Eh? Not so bad now, the whole selling the business thing... now is it?
3) There is no more profitable thing, than selling a business.
4) See number 3.
How could you best encourage a blogger to blog?
About The
- Author
- Sensei Ono, founder of Shinka Martial Arts, is a teacher and student of life. His passion for helping others and self improvement is the purpose behind this blog. -- "If your purpose in any way includes making the world a better place, I urge to you read, and share the knowledge."
Showing posts with label vehicle. Show all posts
Showing posts with label vehicle. Show all posts
Why leaving a million dollars to your kids is a bad idea
(Continued from last post)
So, as I was mentioning in the previous post about designing your business plans, and having your business function without you despite your passion/love for it...
NO! You do NOT want to leave a million dollars to your kids!!
WHY!?
THEY'LL JUST SPEND IT!!
You want to leave them a device that MAKES them a million dollars a year!
If you just give them money, they'll just spend it!!
The same goes for charities, by the way. You don't want to leave a huge sum of money to a charity when you die... they'll spend it too!
Instead, leave them the cashflow that comes from one of your income vehicles. That's right, so that they get a million bucks a year forever... instead of a one shot, thanks for the cash and its gone, adventure.
The only way you could do this, is if you designed your business to function without your involvement. (or, at the very least, groomed someone to take over for when you're gone)
As I mentioned in the previous article, the E-myth
is an excellent book on the subject.
You want to be able to sell your business... even if you don't want to sell your business!
Huh?
Read on...
How could you best encourage a blogger to blog?
So, as I was mentioning in the previous post about designing your business plans, and having your business function without you despite your passion/love for it...
NO! You do NOT want to leave a million dollars to your kids!!
WHY!?
THEY'LL JUST SPEND IT!!
You want to leave them a device that MAKES them a million dollars a year!
If you just give them money, they'll just spend it!!
The same goes for charities, by the way. You don't want to leave a huge sum of money to a charity when you die... they'll spend it too!
Instead, leave them the cashflow that comes from one of your income vehicles. That's right, so that they get a million bucks a year forever... instead of a one shot, thanks for the cash and its gone, adventure.
The only way you could do this, is if you designed your business to function without your involvement. (or, at the very least, groomed someone to take over for when you're gone)
As I mentioned in the previous article, the E-myth
is an excellent book on the subject.You want to be able to sell your business... even if you don't want to sell your business!
Huh?
Read on...
How could you best encourage a blogger to blog?
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