Monday, December 01, 2008

Every business owner should have an exit strategy. Even if you are not planning to retire for 10, 15, 20 or more years- it just makes good sense to have a good sound strategy.

So many times, business owners are so wrapped up in the every day details that long range plans are put on a back burner. Before you know it, the revenue has all been eaten up in the cost of doing business, taxes and payroll.

My dad, a sharp business man always said, "Pay Yourself First!"

To be honest, I never really understood what he meant until one day I realized that for everything I had worked so hard for, I had very little to show. Oh sure I had more equipment, supplies, and more STUFF than I would ever need... but I didn't have any real financial security because I had failed to understand the true essence of paying yourself first.

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