I am fortunate enough to be part of a couple of business enterprises and we are having strategy meetings on Caribbean cruises this winter. Who could complain about doing a little strategy in the winter months on a floating office while soaking up sun and exploring exotic islands in our free time?
Or should I tell the story about how all the managers of a fairly large company I was acquainted with raised quite a bit of money for charity by alternating turns in an old fashion dunk tank? I think I'll leave that fun one for a future newsletter.
TIP SEVEN: Don't be afraid to discuss succession issues
Nobody lives forever! Nobody works forever. So it is okay to talk about and plan for the future of the business outside of the partnership. Don't think of this as mandatory retirement. Everybody comes out better when there is a plan for an exit strategy. You may have planned for this is your initial partnership agreement but that was before you could experience the business success. If the agreement wasn't written with the future in mind consider rewriting it fairly with the help of an attorney that understands succession issues of all the parties. We want you spend as much of your own money and enjoy the fruits of your labors while paying the minimal amount of taxes.
Ron Roberts teams with Guy Gruenberg as The Contractor's Business Coach. They show contractors how to grow their businesses profitably. To sign up for their FREE Newsletter or join their Private Club, visit www.FilthyRichContractor.com.