Today we’re going to talk about financial freedom from your business. If you are worried about whether you’ll ever be able to retire, you don’t sleep well at night because of worrying or you always feel like you’re short on cash, this program might just the be the ticket for you.

Unfortunately, or maybe fortunately, I’ve been in the position more than once in my life where I’ve been chronically short on cash, both personally and in my business. It’s no fun to field calls from your suppliers angrily demanding payment on past due amounts. It’s not even fun juggling bills when your suppliers aren’t calling. It’s even less fun to get to the end of your business career and realize that you can’t afford to leave your business.

In the financial freedom project, we help you understand where your bottleneck is and what you can do to achieve financial freedom from your business.

Transcript

Today we’re gonna talk about financial freedom from your business. If you are worried about whether you’ll ever be able to retire, you don’t sleep well at night because of worrying, you always feel like you’re short on cash then this program might just the be the ticket for you.

Unfortunately, or maybe fortunately, I’ve been in the position more than once in my life where I’ve been chronically short on cash, both personally and in my business. It’s no fun to field calls from your suppliers angrily demanding payment on past due amounts. It’s not even fun juggling bills when your suppliers aren’t calling. It’s even less fun to get to the end of your business career and realize that you can’t afford to leave your business.

In the Financial Freedom project we help you understand where your bottleneck is and what you can do to achieve financial freedom from your business.

When you do become financially free here are some of the things that will happen.

  1. Number one, you’ll know that you can afford to retire and leave your business on your terms. Without proof or without having done some analysis, you don’t really know whether you can afford to leave or not. Unless you talk with somebody outside your business about what the real value of your business to other people is, there’s a pretty good chance you’re significantly over valuing what your business is actually worth. So you need to be thinking about other things that can help you get there.
  2. Number two, you’ll be able to enjoy the excess cash that your business creates. When you become financially free from your business, you’re gonna have redone your business in a way that creates enough excess cash that makes you happy, and allows you to have a lifestyle that’s a really nice one. One way you’re not worried about where your paycheck is, or if you’re gonna pay suppliers, or if your business is gonna be able to stay open, even if we have a really big disaster that happens.
  3. Number three, you’re gonna find that others will want to own your business. It’s because you have a sell ready company. Now, a sell ready company doesn’t mean you’re going to sell your company. It only means you have a company that is in shape that does things that other people really wanna own, and primarily, that’s because it’s financially successful.
  4. Number four, you’ll have organized how you spend your time at work, allows you to take all the time off you want. So this is something that’s really important, become financially free from your business, you’re probably gonna have to make yourself operationally irrelevant. That’s not 100% true but it’s something that I really like people to think about. Even if you’re not going to become operationally irrelevant, it starts helping you think about how can I get rid of stuff that’s not high value work that I’m doing.

So, now that you know what financial freedom means, let’s talk about the three steps that you’re gonna take to get there.

  1. Number one, you have to clearly understand what financial freedom means for you. And that typically is a business owner, financial plan, so you know where you are, where you’re likely to be in the future and if you’re on the road, or you’re not on the road, but the first step you need to do is you need to know where you are today, and where you wanna be in the future. If you don’t, you’re likely not gonna end up there.
  2. Number two, you’re gonna have develop strategies that allow you to become financially free from your business. So after we know where you are, and we know what the shortfalls, we know all we need to work on and how much we need to work on it to get you to financial freedom. Sometimes these are major issues and sometimes it’s just minor tweaks here and there. But the truth is, if you make 1% changes, and you keep making 1% changes over and over and over again, you’re gonna get to financial freedom from your business.
  3. Number three, you’ll have successfully implemented the strategies that get you to financial freedom. Now, this is where the sticky wicket is, this is the hard part. This is where I see people fall down on a regular basis. Why? Because it’s really easy to come up with the ideas. It’s a lot harder to implement those ideas.

So when you’re thinking about these three steps, I bet you might be saying, “Gee, I wonder how long it’s gonna take for me to do this stuff.” So here’s the breakdown.

  1. Number one, clearly understanding what you need take somewhere between two and four weeks. It all depends on how fast you get information out to us. So if you clearly understand that the first month that we’re working together, it gives you some sense of the direction that will be going on for the rest of the time we work together.
  2. Number two, is we’re gonna develop a strategy to get you there and that will take you from, I don’t know, two weeks to two months, again, depending on how much work you wanna put in, and how much time you want to put in to do this. And those are what I consider the two easy steps, understanding where you are and developing the strategy to get you where you wanna go, we can help you do that very easily, we usually can do that minutes. But again, it depends how much time we can have from you to focus on this.
  3. And number three is successfully implementing the strategies that will depend on you and how aggressive you wanna be, the implementing the strategies, again, is the hard part, is to doing stuff. We’ve seen it happen in as little as six months and I’ve seen it taken as long as seven or eight years, or even never. So the truth is, the implementation is around you. Now, my experience is, implementation is a lot easier if you have some level of accountability from an outsider. You’re not gonna get accountability from people in your company, and you’re likely not gonna get accountability from your spouse. That outside person can really help you focus and stay focused on the activities that you need to do to become financially free from your business and have financial freedom. The key here is have someone who will help you stay focused and on track, and focused on the project you’re doing. And speaking of projects, you don’t wanna be doing seven or eight things at one, you wanna do one thing at a time, complete it, do the most important thing that will create the most amount of cash and then move on.

You know, being financially free from your business is a requirement if you wanna be able to leave your business on your terms. You don’t wanna leave your business and go to work for somebody else. I would love to have a short conversation with you about what financial freedom means in your life.

So why don’t you click on the button below and schedule a time for us to talk and while you’re at it, download our free eBook on The Four Boxes of Financial Independence. You’ll learn about how to think about the different between the assets you have and which one will provide the most value for you in retirement.

Hey, this is Josh Patrick, here at the Sustainable Business. Thanks a lot for stopping by. I hope to see you back here really soon.

Topics: financial freedom, Video, Sustainable Business, financial freedom project, financial independence, excess cash, right way to retire, having time off

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