The Business Suite Preview

Welcome to A New Life podcast with Pamela Jean, where it's all about empowering women to empower more women. Get ready, friends, to create a new life. And here is your host, Pamela Jean.

Hello, my friends and welcome to this week's episode of A New Life podcast. I'm Pamela Jean, your host. Thank you so much for being with me today. I'm really excited, excited about today. This is going to be a little bit of a longer podcast, but if you are a business owner and whether you're new or whether you are established, this is a very, very informative and important podcast for you. So at the beginning of 2025, I released something called the Business Suite. The Business Suite is a guide to assist business owners and entrepreneurs with clarity and direction. You know, being a business owner, not for the faint of heart. We all know how hard it is. Many of us have landed into business ownership and we're not really equipped to navigate that journey very well. But the Business Suite was created with you in mind and you will have a business strategy manual at your fingertips. Through the Business Suite, which is what I wanted to walk through with you today. There are 14 chapters. So yes, I said it's going to be a little bit long today, but I promise you it'll be worth it. So stick with me to the end. The thing about running a business is there are so many nuances that it takes to be a successful long term, potentially a generational transferred business. There's so many things that it takes to make that happen. Many of us get into business without actually the desire to be a business owner. We start a business out of something we love to do, something that has inspired us. But many business owners, whether you're well established or just starting out, don't have good, solid foundation to run a successful, sustainable, long term business that potentially could be a generationally transferred business. So I'm going to go through each chapter today and just give you kind of the Cliff Notes version of each chapter. I'm not going to go too crazy on everything because there's so much content here. I know it's going to be overwhelming. But chapter one, let's just get a start there is choosing the legal structure for your business. Now, the proper structure, legal structure is critical in starting your business because it determines how your business is going to be taxed, if the level of personal liability you will face, and many other details about the taxation of your business. There are several different options that you have. We have a sole proprietor, a partnership, a limited liability company, an llc, which that is referred to a corporation, a non profit corporation and a cooperative. So there's several different options that you have and there's many advantages and disadvantages to each of these legal structures. But there's several key considerations when you're choosing the legal structure for your business. So a liability protection is important. Determine how much personal risk you're willing to take. Structures like LLCs and corporations offer liability protection, while sole proprietorship and partnerships do not. So there's the first thing that you should consider. Tax implications. Consider how each structure affects your taxes. Some structures allow profits to pass directly to the owner's tax returns, while others may involve double taxation. So when we talk about the tax implications and let's say you've already you have a business that's established, you've been in business for 10 to 15 years and you're looking at your structure, your legal structure and you're considering making a change because of tax implications. Talk to your cpa. Talk to the person that has been preparing your taxes and ask them if shifting your business legal structure would be an advantage or staying on the same course that you're on. But talk to your cpa. It's really important that you get feedback and opinion from someone who is an expert in that field. Another thing to consider when you're choosing legal structure is cost and complexity. Evaluate the cost and legal requirements for each of those forming entities and how much it's going to cost to maintain those structures. Capital Needs how much money do you need to keep your business going? If you need to raise significant capital, a corporation might be better because it can issue shares stockholder distributions. So think about what the capital needs are. Management flexibility is another thing to consider. Think about how much control you want to have over your business operations. Sole proprietors allow total complete control, whereas corporations do involve a board of directors. And then lastly, think about what your long term goals are. Consider how your business plans might evolve. If you don't have a business plan, my friends get a business plan written out. If you need a resource for that, send me an email@pamela jean.anew lifemail.com and I will send you a link to a business plan template so you're not having to invent a wheel here. You can use a template so you know how to to get guided and start working through that. But consider how your business plans might evolve. How it's going to change. For example, corporations provide continuity while sole proprietors may end with the owner's departure. So think about the long term goals of your business. There's really three ways your business is going to end. The life of your business will end by number one, generational transfer. If you are giving your business to the next generation or gifting it to family. The second is liquidate and sell. Liquidate and sell everything. The third option is that a larger company comes along and buys you out and gobbles you up. So there's really three endings to the life of a business. Liquidate and close. Well, bankruptcy, but we're not talking about that today. Liquidate and sell. Just close up shop. Generational transfer. And the last one is being bought out by a larger corporation. So there's three options there. Okay. Chapter two is about your bank structure. Establishing the proper structure for your business bank accounts is foundationally step to effectively managing your company's finances. Proper bank account structuring ensures smooth financial operations, enhances credibility and honestly keeps you on track. This chapter will go through various types of business bank accounts, the importance of separating personal and business finances and brings factors to consider when choosing a bank Best account management systems and how to put profits first. I am a firm firm believer of a profit first mentality when it comes to your business. Here's the reality. You business owner are the most important commodity. The most valuable commodity of your business is you. The owner, the operator, the CEO, the cfo. You are the most important. And if you pay yourself last, how long do you think you're going to stay in business by not taking care of your most valuable asset? I think you know the answer to that. So the bank account chapter is number two and we really dive into how to put profits first and how you can align that in a very easy systematic way to reach those levels of success that you hope to reach. Chapter 3 We really dive into the key contacts, the people you need to have in your back pocket to help support execute resource. A lot of the questions that you may have Running a small business requires a network of key contacts who can provide essential support, advice and services. And developing the right relationships with each of those professionals is so important. It's going to help you navigate legal, financial, operational challenges while building a more substantial and resilient long term business. This chapter is going to outline the most important context to establish in your business, their roles and tips on finding them which is really important and how to maintain those relationships. So just real quickly to list some of those key contacts. An accountant or bookkeeper Because I'm not a tax specialist, I don't know about you, but I'm not. Unless you're an accountant, then you already are, but you have other business issues. But make sure you have a good accountant or bookkeeper, a business attorney, banker or a financial agent, insurance agent or broker, marketing consultant, IT specialist. Because who doesn't hate it when their website's not working right? Me. And I'm sure you too. A business coach. That's what I'm here for. A mentor, Human resources consultant. If you have a long list of employees, having an HR consultant is really, really important. A payroll service provider, if that applies. A business developer and a sales agent. So those are some of the key contacts that you may want to consider for your business. And in this chapter we outline the relationship you should developing with each of those contacts and how to find them and how to vet the one that is best for you. Chapter four we are going to dive into insurance policies for your business. You know, running a small business involves various risks, including accidents, natural disasters and legal liabilities. The right insurance policies are essential for you to protect your business and planning for unexpected events. This chapter is going to guide you through the different types of business insurance and how to choose the right coverage, considering factors when assessing your insurance needs, and best practices for managing your insurance policies. So here's just a list of a few different types of policies. There's general liability, property insurance, workman's compensation, personal liability, cyber liability, business ownership, and commercial liability. Those are just several that you should be considered about. So you know. Insurance Needs Assessment List here's just a couple of tips on how to decide what type of insurance you should be getting. List all the potential risks facing your business. Match each risk with the appropriate type of insurance needed, and then do a policy review Checklist Create a checklist for reviewing your insurance policies annually. No one knows how great their insurance is until you need it. Have you ever had a car, a fender bender and you didn't realize that certain things weren't covered and you thought they were? You never know how good your insurance is until you need it. So make sure that you have on your calendar, whether it be January 1st or, you know, December 31st, once a year to just do a review of your policies and make sure that everything is lining up with your needs. Identify key areas where the coverage could be increased or decreased or adjusted because sometimes you might be overinsured. That can happen, but you definitely don't want to be under insured. So make sure that you have a good relationship with your insurance agent. One that you can pick up the phone and call or send a text and they respond. But always prepare a list of questions to ask, such as policy limits, exclusions, the available discounts. Because sometimes there's discounts out there that you don't even know exist and they may not tell you unless you ask. So just make sure you're doing your due diligence because it's just up to you. It's your responsibility as a business owner to make sure that you're insured properly. It's nobody else's responsibility except for yours. It's absolutely all on you. When you get in contact with your insurance agent, write out a step by step guide for filing a claim for a hypothetical incident. Include all the details on the document, document needed, and follow up the process. Talk to your agent and say, okay, look, if I have to follow or file a complaint or a claim, is this right? Am I doing it right? This is going to point towards creating systems for your business. If you are looking at selling your business to a company or to an individual, you want to have all of these systems in place, all the way down to your insurance systems, how you file claims, how you follow up who your contact person is. So make sure that you are creating this system as you are going through this entire process. Develop a system for organizing your insurance documents, including policy records, incident reports, and communication logs. There's nothing worse than when you need to get a hold of your insurance company to make a claim and you can't remember your password, you don't know where the login is, you're not sure of the username, and you are just losing very, very important time. It's delicate time. You don't want to waste precious time when you're having to make an insurance claim, because if it's a natural disaster such as hail or tornado, you need results fast and so do a lot of other people. So make sure you are prepared for all of those things. Moving on to chapter five, we're going to talk about business taxes. You know, I can honestly say I've been a business owner for over 30 years. The two things I dislike the most is hiring and firing and taxes. I think many of you might feel the same thing, but those are my two least favorite things in the world when it comes to running my business. But they're necessary and you have to be good at it. So navigating the world of taxes can be daunting for a small business owner. My goodness, it absolutely is. Understanding your tax obligations, keeping accurate record and taking advantage of available deductions and credits are really essential for maintaining your business is financial health and ensuring compliance with the law, the laws, tax laws change so much for personal and for business. They really, really do. You have to have a good CPA or someone in your sphere that really understands business taxes. So important. So I'm going to just highlight a few of the different types of taxes that you'll need to be aware of and have an understanding for and potentially need to document and provide reports to the state and to the federal government as well. Income tax obviously paid on the net profit of the business. The rate and filing requirements are based on the business structure. You remember when we talked about business structure in chapter one? This is based on your business structure. Self employment tax applies to sole proprietors, partners in a partnership, members of an llc, treat it as a partnership. It covers Social Security and Medicare taxes as well. Then you have employee meant taxes. So if you have an employee, you will have employment taxes. These include Social Security, Medicare and unemployment taxes that employers must withhold and pay on behalf of their employees. So you will pay that into the government so you are in compliance and you are taking care of those for your employees. Sales tax calculated on the sale of a specific good and service. This rate is applicable. The applicable. The rate of this sales tax depends on state and local regulations. So for instance, you might live in a state where you have 7% sales tax on all goods. Then you might also have a city tax of 1% and then you might have a county tax of 0.5%. So that would put you at 8.5% of what you need to turn in and report to your state for sales tax. So make sure that you know what your state sales tax rate is. If you have a city tax. A lot of times if the city is going to build a new pool or a new park, they may do a 1% tax to go towards the build of this new thing for the community. And same thing with the county. You may have something that you know the county is building a new animal shelter, so they're asking for 0.5% sales tax. Go back to the county. So make sure that you're in compliance and you know exactly which percentages go for you based on where you live. And a quick Google search will get that for you. Excise tax applies to specific goods like fuel, tobacco, alcohol and other things such as manufacturing, environmental compliances. So excise tax is something that you'll just need to look into if that is something that applies to your business. Property tax, of course, based on the value of your business's real estate or personal property. And estimated taxes. These are quarterly Tax payments made to cover income, self employment and other taxes not withheld during the year. Again, friends, talk to your cpa. Get an accountant if you need a CPA referral. I have a phenomenal CPA that I would be more than happy to share her name with you. Reach out to me through an email. Pamela Jean, a new lifemail.com and I'm happy to share that with you. So I want to talk real quickly before we get on to chapter six about the tax obligations by business structure. So your business structure significantly influences your tax obligations and here's a little bit of a breakdown. Now all of this is in the business suite. So you can take notes or you can contact me and I'll get you the business suite. It's like 208 pages. So friends, there's a lot of meat in this business week. The sole proprietorship. You will report business income and expenses on a schedule C of the owner's tax return and you are subject to a self employment tax. Partnerships file an annual information report to report income deductions and credits. Partners receive a stage schedule K1 form to report their share of the partnership's income on their tax liabilities. LLC is a tax is taxed on sole proprietorship, single member LLC or partnerships multi member LLC by default. And you can elect to be taxed as a corporation by filing a form which is the 8832form. And there's an S Corp and then there's also the C Corp and friends. I started chapter one out with the proper legal business structure because that decision impacts so much about your business. How you file taxes, how you report certain things, how you pay wages, your liability for your insurance. That's why number one, Chapter one is all about your business structure. Don't glance past that even if you have been in business for a while and you've already settled on something that may have been the right categorization when you first started, but it might not be what's right for you today. So consider making a shift. Talk to your cpa, talk to your business attorney and make sure that you're doing what's the most advantageous for you to grow into the future with your business. Okay, shifting gears just a little bit. Chapter six, we're going to talk about the core values for your company. I know we went from something that was really logical to now something that might be a little bit emotional, but it's important and I'll tell you why. Core values are the guiding principles that shape a business culture and it helps you inform decision making and influences behavior in your office environment and space. They define you as a company and set the standard for how you lead and serve as a roadmap for where you want to go. So establishing those core values really helps create a sense of purpose. It aligns your team and ensures a consistency of achieving your business goals. So core values really are kind of a right and left brain thinking melded into one. Because having those core values are going to be like a partner in getting your business to reach the goals that you've set for it. This chapter will guide you through developing meaningful core values that reflect your business's identity and vision. How can you know where you're going if you don't have the vision to get there? And that's where your core values come from. Core values really shape four different things. They shape the company culture. They set the tone for how employees interact, collaborate and approach their work. They guide decision making, offering a framework for choices that align with a business's long term vision. They attract and retain talent, create a sense of belonging and motivation among employees with similar values, and enhance brand identity communication of what your business stands for to the customers, partners and the community. You know, I don't know if you guys can remember this, how old you are that are listening, but remember when Google first opened their offices and they created such a chill vibe that's part of their core values. You know, they had beanbags in the offices, they had nap spaces. You know, if that's what works for your business, then man, how many people didn't want to live at work at Google because I have a beanbag to work on, I can go nap for 15 minutes in the afternoon. You know, they added things that were added value that really pointed to the culture of their business. So what is the culture of your business? It can't be just, you know, nose to the grindstone every day. There has to be a culture that you can bring your employees into the fold that will ultimately impact your client base. So why are core values important? Are you wondering why is this even important? Why does it matter? Well, core values influence every aspect of your business, including the leadership, the operations, and the strategy. So here's why it matters. If you establish a strong culture, values provide the foundation of a consistent company culture influencing how people work together, how they resolve conflict, and how challenges are handled. Core values are going to set expectations for behavior. They help generate employees, you know, willing and able and excited about what's expected for them. And there's no gray area. I don't know if you've ever been in a workplace environment where you just didn't really know what was expected of you. So you're kind of tiptoeing here and there and working kind of unassured because no one's really told you what was expected from you. So it's important that you have expectations for behavior. It creates alignment and focus. It helps the values that you've instilled in your culture to align with your team's efforts, ultimately impacting your client base and your business's vision and goals. It helps guide strategy, guide strategic decision making. And honestly, this is Crazy enhances customer loyalty and trust. When core values are lived authentically, that resonates with your customer base. They will share those similar beliefs with you and helps you build long and strong relationships that are completely wrapped with loyalty. Because loyalty is so key. I'm going to move on to chapter seven, which is a mission statement. So a mission statement is equally as important as core values because that mission statement is a concise declaration of your business core purposes and the value it seeks to provide. It articulates what the organization does, who it serves, and why it exists. A well written mission statement provides foundation for decision making, inspires employees, and communicates your business goals and values to your customers. This chapter number seven will explore how to create an effective mission statement that serves your organization's driving purpose. So just real quickly, what is a mission statement? Well, a mission statement briefly describes the business's fundamental purposes. What does the organization do? Who does it serve? Why does it exist? It's very simple. And why is that mission statement so important? Well, here's why it's important. It clarifies purpose and direction. It helps everyone under the umbrella understand the company's main focus and priorities. It helps inform decision making. It acts as a guide for making choices that align with the company's goals and values, motivates employees, provides a sense of purpose and connection to the organization's goals. It also communicates brand identity, helping customers and stakeholders understand what the business stands for and why it exists. And lastly, it establishes consistency, ensures that efforts across the organization are aligned towards a common goal. So there's so many elements that will go into developing that effective mission statement, from the purpose to the target audience to products that are offered, and reflection of the business's purposes. There's just so many things that go into creating that mission statement and everything that you need to create. That is all in the business suite. So in chapter eight we are going to talk about a board of Advisors. Now, not all business structures require a board of advisors. It's really, really important that you do some research and speak to others. That if you have a nonprofit, speak to other nonprofits about the pros and cons of their board of advisors. You have to have one when you have a nonprofit. But choosing a board of directors or board of advisors is so, so important. I can't stress that enough. So some of their roles, just to give you some idea of what their role is, is to offer expertise in specific areas such as marketing, finance, operations and legal. Provide objective advice on strategic decisions and challenges. Helps identify new opportunities for growth and partnership. Expands your network by connecting you with valuable contacts and challenge your ideas and bring a fresh perspective. While a business board of directors or board of directors advisors will offer advice and recommendations, they don't have financial duties or the power to make binding decisions for the company. This makes a board of advisors flexible and low risk from external expertise. So there's a lot to consider when putting together your board of directors and board of advisors. Please do your due diligence, speak to your business attorney, consult others that are in the same business structure as you, such as a nonprofit, and get their feedback before assembling your group of advisors. This is a make or break for many nonprofits and I want you to go into that with your eyes wide, wide open. Okay, so chapter nine is really simple actually. But maybe not. It's key financial terms that every business owner should know and understand. You know, as I stated earlier in the podcast, a lot of people find themselves as a business owner that know nothing about running a business, right? I mean, my gosh, when I started a zillion years ago, it seems like I didn't know anything about anything, to be honest with you. I just know I loved photography and taking portraits that that's all I wanted to do. But I've had to learn how to run a business, otherwise I wouldn't still be in business after 30 years. Let's just call a spade a spade there. If I didn't have some business sense, I would not be able to be a business owner 30 years later. So here's just a few terms that I cover in the business suite. The first one is revenue, the second is expenses. Those are pretty simple, right? Number three is profit, which is your net income, gross profit, cash flow. Let me get my page turned here. Cash flow, assets, liabilities, equity, accounts receivable, accounts payable, break even, point depreciation, working capital, return on investment, budget and edit, which stands for earnings before interest Taxes, depreciation, and amortization. So there's many things in this chapter that helps you understand exactly, exactly what you need to know, what definitions are. It's going to give you all of those definitions and share with you how, how and what you need to know as far as the definitions for your company. Now, my next chapter is chapter 10. And chapter 10 talks about the key numbers. Running a successful business requires more than just a great product or service. It also involves keeping track of essential financial numbers. And understanding these numbers and metrics can help you monitor your company's performance and make informed decisions and plan for growth. So this chapter 10 is going to cover all of those important numbers every small business owner should know, along with explanations and examples to illustrate their significance. So number one is revenue, which also equals sales. Revenue is the total amount of money your business earns from selling goods or services over a specific period. Very simple revenue cash flow. Cash flow measures the net amount of cash moving in and out of your business. That's an area that people get a little bit confused by. I have many of my coaching clients that come in and say, oh my gosh, there's so much money running through my business. I have great cash flow, but at the end of the year, I don't have anything left. I don't know where it's going. That's a very common mistake that a lot of business owners make. And it all goes back to your gross profit margin, your cost of running your business, your revenue and sales. So those are all things that we get into in chapter 10. The next definition you need to know is your break even point. The break even point is when total revenue equals total expenses, meaning the business is not making a profit or a loss. Gross profit margin, net profit margin, working capital, inventory turnover. If you're in a business that has shelves stocked with inventory, inventory turnover, debt to equity ratio, customer acquisition costs. Like how much does it cost you to acquire a new customer? You need to know that number. Lifetime value represents the total revenue a business expects to earn from a customer through their relationship. What is your burn rate? Is how it spends your cash reserves. How much are you burning through before generating a positive cash flow? Return on investment is another thing in roi, which basically means if you are investing something, what is the type of return on your investment that you can expect? So there's a lot of really good financial terms and numbers that you key numbers that you need to know. All of those will be covered in chapter 10. Gosh, here we go. Chapter 11, the final stretch. Here chapter 11, we talk about planning your dream team. This is so important. A small business is only as strong as the team behind it. Whether you're just starting or looking to grow, having the right people in place can make all the difference in the world. This chapter will guide you through planning and building your dream team, aligning your employees with the company's strategies, and creating a workforce that drives the business forward. Now, as a small business owner, you wear all the hats from time to time. I get that. I know that. I've been there myself. I know how that feels. But this chapter is going to help you align your team with your business strategy and knowing what hat you can take off so you can be more valuable in other areas. It will help you define key roles and responsibilities, identify the skills and traits that you need. Sometimes we are desperate to hire and anytime you make a decision out of desperation, it's never a good decision. So we want to make sure that we identify the skills and traits you need and restructure your team in a way that is not just filling space out of desperation. If you are a business owner, you probably have done this before. I have and it always ends badly. It never goes well. Recruitment and hiring strategies to onboarding and training, retaining and motivating your team and adapting your team as your business grows. And that can be a little bit, a little bit tricky because your business two years ago is not the same business that it is today. So the needs are going to be different. The culture may have shifted a little bit because of the growth that you've experienced. So there's a lot of things that go into planning your dream team. It's more about that planning instead of just filling positions. Finding the right people who share your vision and can help execute your strategy is so important. So we need to define those roles and responsibilities, those job descriptions, talk about how to recruit top talent. There's a lot that goes into it, but you can build a really successful workforce that supports the success of your small business. It's absolutely possible and chapter 11 is going to help you do that. It's just really, really a good, solid chapter. So lastly, in chapter 12, we talk about identifying your client avatar. Understanding who your clients are, who your customers are, is so crucial to your business's success. Every marketing decision that you will make will be made with your ideal client in mind, your ICA in mind. When we talk about how much it costs you to generate a client that involves involvement of marketing goes into that figuring of that fee. Well, if you are just Willy Nilly throwing spaghetti at the wall. Some might stick, some might not. It's not going to give you the client return and sustainability that you need. So think about this. I could take a net out to a lake and just cast a big wide net and maybe I'll catch a few fish, right? If I take a small net and cast this small net over a saturated area of fish, the very specific fish I'm looking for, I'm going to catch more because I'm targeting the smaller area. So think about that with your small business. Who are you wanting to work with? Who is a good customer for you? Where do they go in the community, in the world? Every marketing decision you make goes the idea of that person accompanies that decision. Because let's just make it really simple. With restaurants, McDonald's is marketing to a very low, low process food. I mean real high processed food actually from a nutrition standpoint, but a very entry level, low price food. And they're looking for someone who's on the go that maybe doesn't have a lot of money to spend on food, but just needs something fast and quick and easy. Okay? That's who McDonald's going to market to. But if you look at a fine restaurant like a Ruth's Chris or think about the nicest steakhouse in town, they're not marketing in the same way that McDonald's is going to market. Because a Ruth's Chris client base is completely different than a McDonald's client base. So just think about that real quickly. Even if you have a really high end department store, they're going to market differently than, you know, like a Walmart clothing section or something like that. And the same goes with so many other things in our world that if it's, let's just go into the car dealership. I love this analogy. Have you ever seen a Lamborghini commercial, a Lamborghini ad during a football game? And if you're pondering, the answer would be no. Why? Because clients, people that buy Lamborghinis, aren't sitting on the couch watching football. So think about that. Think about the car dealerships that advertise during sporting events or during whatever it is on tv. Think about who's advertising on those things. So Lamborghini is not going to advertise during a football game because their clients, the people that buy Lamborghinis, aren't sitting on the sofa watching football on a Sunday afternoon or the super bowl or whatever. So think about where is your client existing in the world? What interests them? Where can you get in front of them. That is a whole other conversation for omnipresent marketing, which is not in the business suite, but is something that's incredibly important. And maybe I'll add it later, but right now we just have the 1212 chapters. But defining your ICA will give you so much insight on what resonates with your client to be able to market to them for property properly, to attract them in a really, really warm, organic, meaningful way. Because the more you connect with them on a very personal level, the more relationship you're going to have and the bigger that is going to grow much, much faster as well. Okay, friends, I just threw so much at you. I feel like I made you drink from a fire hose today. But I wanted to introduce the business suite to you. I think it's just so important whether you are a brand new business or whether you're an established business that needs to do a little bit of backtracking and making sure that you have everything set up the way it needs to be set up. Because I think if we're honest with ourselves, we'll say, you know, I've been flying by the seat of my pants with the business and I'm just. I've been in five years, I've been in 10 years, I've been in 20 years, and I just don't have a solid foundation and I don't even know what I don't know. That's the really tricky part, is that the fake it till you make it thing, you're still faking it. You might have made it, but you're still faking it. And you're just trying to stay one step ahead of this giant curve. So the business suite will help you reassess where you're at. It'll help you build and grow a new business. But it'll also help you retroactively make some changes in your business, along with your business attorney, your cpa, your business coach, your business mentor. Really tap into all of those resources to make sure that you are creating a solid, solid business that will stand the test of of time and take some time to figure out. Do I want this business to be a generational transfer? Do I want to pass it on to my children? Do I want to give it to my niece or my nephew? Do I want to. Number two, do I want to just liquidate all of my assets and sell and close it? That's an option. Or are my goals to create this great idea that a bigger company would come in and buy me out? That's a possibility. Too. But those are the three main options for the end of life of a business. What do you want for yours? The sooner you know that, the sooner you can start building your business structure and foundation and daily actions to support that end game with your business. Friends. Thank you so much for being here. If you know of someone that you think could benefit from this podcast, please send it to them. Send them the link on Spotify or Apple primarily is where my podcast is. Please subscribe to this so you don't miss an episode. Last week's episode was so good about get busy living or get busy dying. But we talk about business, we talk about life, we talk about a lot of things and I have some great, great guests coming up that I can't wait for you to hear from them as well. So friends, make it an amazing day and thank you so much for joining me today. Till next time.

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