Many entrepreneurs have much of their net worth tied up in their companies. The trick is turning that into cash when it’s time to retire.
Business owners often begin thinking about Exit Planning when they start feeling that they want to do something besides go to work every day. They may prefer to be doing something else, or they simply no longer get the same kick out of doing what they do – they just don’t have the same “fire in the belly” as they once did. They may think that it would be awesome to gain financial independence by selling the business (“cashing in”) or at least part of it (“taking money off the table”). When these thoughts grow in intensity and frequency, they may seriously think about exiting the business.
It’s that time of year again! Tax Time!!
While personal tax returns are due on April 30th, sole proprietors have until June 15 to file. BUT, if you owe any taxes the balance has to be paid by April 30th. So for those of you that do your bookkeeping just at tax time, unless you are 100000% sure you don’t owe any taxes, have them done before April 30th. This way, if you owe money you can make the payment on time and avoid interest and penalties, and if you’re getting a refund you’ll get that sooner than waiting until June 15 to file.
I love this quote, “The question of reaching sustainability is not about if we will have enough energy, food, or other resources… The question is: Will there be enough leaders in time?” Dr. Karl-Henrik Robèrt, Founder, The Natural Step.