Wealth Building for Family-Owned Businesses

Many of my clients have a business that is "family owned." Often that means that the income from the business is co-mingled directly into the family's personal financial accounts.

Not only is that strategy a tax nightmare but it also is a real limitation to your wealth-building capacity. Check out this article by Wells Fargo Business.

Here are a few tips to work on:

1. Separate the business and personal accounts. This is a must!
2. Set up an LLC or Incorporation for your business. This is a step many entrepreneurs overlook but is critical to protecting your family and your personal assets.
3. Meet with a good financial planner and accountant to establish a plan and action steps for maximizing your tax advantages.
4. Keep good financial records. There is absolutely no reason you can't hire a bookkeeper to keep your bank records in order. Use QuickBooks (or some other good system) to track your banking info.
5. Stay connected to your financial statements. Many entrepreneurs hate dealing with "the finances." They want to outsource it so they don't have to deal with it. Be sure to stay current on your picture by reviewing your P&L and Cash Flow reports regularly.

Create a plan today to get your wealth-building plan in place. Need help with resources? Feel free to ask here for any help you need.

Catching up with Life

It has been a hectic month with everything going on.

First, I unexpectedly decided to buy a house. Now that may sound crazy but it's true. I had set a goal to buy next year and as I started looking at renting again my partner pointed out to me that there was no better time to do it.

It is kind of like that old saying "be careful what you ask for...you just might get it."

That's what happens when you are really clear about an intention. I knew I would get active in the real estate marketplace. It just happened A LOT faster than I thought.

Here's a picture:
















Second, I've decided to launch a live event. I made the decision way before I ever decided to move -- so luckily I have an amazing team of people to help me execute on my visions and goals. You can learn more about this live event here.

I guess the hardest thing over the last few weeks has been letting go. Realizing that you can only get so much done, and that some things may not happen perfectly, but most important was that I stay focused and sane. And I actually did pretty good with that.

To celebrate, Mark whisked me a way the other day to a surprise of spa treatments at Bacara and horseback riding in Santa Barbara. You can read more about my "freedom day" here.

Now I'm back in the saddle, ghetting ready for The College Speaking Success Bootcamp in Vegas with James Malinchak and two days later, celebrating Shared Vision Network's 2 Year Anniversary. If you are in the LA area, I hope you will join us.