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Minding Your Business #42 – The CEO Mindset
By Andrew Connors
Minding Your Business
Information for Entrepreneurs & Those Who Serve Them
The CEO Mindset
If you’re a business owner or entrepreneur, it’s likely that at some point in your career, you’ve considered selling your business when you retire. But what comes next?
In this month’s episode of Minding Your Business, Andrew talks about the importance of having a “CEO Mindset” as you become the CEO of your own wealth management. Learn what questions you need to ask yourself and your advisors in order to best manage your wealth. Click the image below to watch the video!
Additional Resources for Business Owners
Entrepreneurs Corner – EOS
There are often many misconceptions about family businesses: internal conflict, incompetent management, nepotism. These tropes may make for a great story in movies, shows, and stories, but they are seldom based in reality. Family business leaders are capable of making quick, effective decisions and employ competent people who care about the company’s mission. Companies Running on EOS™ learn how to gain control of the Six Key Components™ to achieve their strategy and make the business more agile. The ultimate key: don’t overcomplicate things.
Middle Market Corner
A divided Congress lessens the likelihood of big sweeping pieces of legislation being passed, but there are legislative areas with potential for bipartisan consensus. Pro-business groups are also closely watching signs of the parties’ positions for the future and regulatory activity. Trade is an area with common ground on both sides of the aisle, as exemplified by two trade-related programs that expired in the last few years whose renewal would benefit the business community and that appear to have bipartisan support: the Miscellaneous Tariff Bill and the Generalized System of Preferences. The congressional gridlock also suggests meaningful change in the financial services realm looks likely to come from regulators.
Family Business Corner
Financial therapist Kathleen Burns Kingsbury sits down with a family law attorney to discuss married couples who own a business together. There are advantages and disadvantages to consider, and it’s important not to make any rash decisions when a couple is still in the “la-la land” phase of a relationship. The pair also discuss how to handle the business when there is a separation or divorce.
Wealth Management Corner
Each family is unique and has their own set of values and goals. As a result, there is no one-size-fits-all approach to estate planning and distributing wealth to your heirs. Highlighted here are a few different strategies to consider when making these not so simple decisions. Apart from determining how to best divide assets among heirs, you must also think about how and when the beneficiaries can access their inheritance and then ensure that these provisions are outlined clearly in your estate planning documents. If you haven’t considered your estate planning approach or your strategy may be outdated, then now is the time to get started or have it reviewed for any necessary updates.
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