{"id":560775,"date":"2019-07-20T03:02:42","date_gmt":"2019-07-20T07:02:42","guid":{"rendered":"https:\/\/vrbbd.wpengine.com\/vrbbgreenbay\/do-you-know-what-kind-of-business-owner-you-really-are\/"},"modified":"2022-01-31T12:42:41","modified_gmt":"2022-01-31T17:42:41","slug":"do-you-know-what-kind-of-business-owner-you-really-are","status":"publish","type":"post","link":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/do-you-know-what-kind-of-business-owner-you-really-are\/","title":{"rendered":"Do You Know What Kind of Business Owner You Really Are?"},"content":{"rendered":"
\"\"<\/p>\n

Does your business have real, long-lasting longevity or is your business a temporary entity that will vanish the second you stop working on it?\u00a0 In his insightful article in The Business Journals entitled, \u201c<\/span>Are You Living for Today as a Business Owner or Building Value?<\/span><\/a>\u201d author Kent Bernhard asks a very important question of readers, \u201cAre you a lifestyle business owner or a value accelerator?\u201d\u00a0<\/span><\/p>\n

Many business owners have never stopped to ask this very important, yet basic, question regarding their businesses.\u00a0 So, let\u2019s turn our attention to this key question that all business owners must stop and ask at some point.<\/span><\/p>\n

As Bernhard points out the core issue here is how a given business owner defines the idea of success for him or herself.\u00a0 As Chuck Richards, the CEO of CoreValue Software notes, \u201cAt the end of the day, a lifestyle business is just a job.\u201d\u00a0<\/span><\/p>\n

Richards goes on to note that this is fine for many people.\u00a0 But if this is the case, it is a choice that one is making.\u00a0 Therefore, lifestyle business owners should be aware that they are, in fact, clearly making a choice.<\/span><\/p>\n

Business owners who are lawyers, consultants and accountants often fall into the category of those with a \u201cbusiness as a job.\u201d\u00a0 They fail to accumulate enough assets for their business to really be more than a job.\u00a0 Summed up in another fashion, the business generates enough revenue to provide a comfortable lifestyle.\u00a0 However, it does not have the infrastructure or equity to remain profitable, or even in existence, once they walk away.\u00a0 As the owner and operator of the business, they are vital to its very existence.\u00a0 This means that the business only has value so long as the owner is working in the business on a regular basis.\u00a0 As a result, the owner may never really be able to exit the business.<\/span><\/p>\n

As Bernhard points out, \u201cTo build a business as an asset, you have to become a value accelerator who looks beyond whether the business\u2019 profits are sufficient to maintain your lifestyle.\u00a0 It means looking at the business as an entity outside yourself.\u201d\u00a0 Those who fall into the value accelerator category, focus on figuring out creating value for the business as a financial asset that can operate independently.\u00a0<\/span><\/p>\n

Making sure that your business can continue on without you means that you have to build it, and that involves having a coherent and focused plan.\u00a0 Plan in advance and know how you will exit your business.\u00a0 To ultimately create value for the business entity itself, a plan must be in place that allows for your successful exit.<\/span><\/p>\n

Copyright: Business Brokerage Press, Inc.<\/a><\/p>\n

Natee Meeplan\/BigStock.com<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Does your business have real, long-lasting longevity or is your business a temporary entity that will vanish the second you stop working on it?\u00a0 In his insightful article in The Business Journals entitled, \u201cAre You Living for Today as a Business Owner or Building Value?\u201d author Kent Bernhard asks a very important question of readers, […]<\/p>\n","protected":false},"author":2,"featured_media":560777,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[5,3],"tags":[],"class_list":["post-560775","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buyer-articles","category-seller-articles"],"blocksy_meta":[],"_links":{"self":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts\/560775","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/comments?post=560775"}],"version-history":[{"count":0,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/posts\/560775\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/media\/560777"}],"wp:attachment":[{"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/media?parent=560775"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/categories?post=560775"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.vrbusinessbrokers.com\/vrbbgreenbay\/wp-json\/wp\/v2\/tags?post=560775"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}