Description

In episode 71 of Building Wealthy habits, Randy, Laura and Jeremiah discuss essential strategies for entrepreneurs to build and preserve wealth while navigating the complexities of business ownership. They emphasize the importance of diversification, retirement planning, and cash flow management, as well as the need for clear business structures and exit strategies. The discussion also touches on the challenges faced by family businesses and the significance of adapting to generational changes in business management.

In this episode:

• Entrepreneurs often focus solely on their business, neglecting personal finance.
• Diversification is crucial for long-term financial stability.
• Real estate can be a valuable asset for entrepreneurs.
• Retirement plans can provide tax benefits and financial security.
• Cash flow management is essential for seizing new opportunities.
• Structuring a business with clear exit strategies is vital.
• Family businesses face unique challenges that require open communication.
• Entrepreneurs should seek advice from experienced peers.
• Planning for retirement should start early in the entrepreneurial journey.
• Listening to the next generation's vision is key for family business success.
  

Reach out at contact@tricordadvisors.com

Connect with Jeremiah:

LinkedIn: https://www.linkedin.com/in/jeremiahjlee/
Email: Jeremiah@tricordadvisors.com

Connect with Laura:

LinkedIn: https://www.linkedin.com/in/laura-lee-59a83610/
Email: Laura@tricordadv.com

Connect with Randy:

LinkedIn: https://www.linkedin.com/in/rkbarkley/
Email: Randy@tricordadv.com