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Retirement and the Small Business Owner · Money In Motion with Klaas Financial

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This is money in Motion with Class Financial, a fun and informative show designed
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to help you get answers to all your retirement questions in one place. And
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our phone lines are open to you right now at six O eight three two
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one thirteen ten. That's three two one thirteen ten if you've got a question
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four hour retirement finding professionals from Class Financial, CJ Class Amilia Quavis love to
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have you join us this week again. The telephone number at station to get
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on the air six O eight three two one thirteen ten. The telephon number
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for Class Financial their office right here in Madison six O eight four four two
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five six three seven. Do not forget no charge for the initial gets no
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employment at Claus Financial. It will be complimentary to you again their number six
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O eight four four two five six three seven. And the website Class financial
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dot com that's Klaas Financial dot com. Great website to learn about Class their
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separate divisions, learn about the team at Class Financial. Also sign up for
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the weekly market paulse newsletter. It's a great weekly email you'll receive in your
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inbox as a link to the most recent podcast. Also a little snapshot of
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what's been going on in the markets recently. Again, just head on over
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to Klaus Financial dot com as mentioned joining us this morning our CJ Klaus and
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Malia Quavis CJ. How you doing this week? Doing great? How are
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you, Sean, I'm doing well. It's great to chat with you.
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Malia. How you liking the cooler temperatures? It feels like fall. We're
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ready for some nice pie and coffee. I think I think you're right on
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with that one for sure, speaking of a nice cup of coffee and some
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great food. Of course, Class Quiz Question Week, we've got one this
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week. Chance for you to win a twenty five dollars gift card to Cracker
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Barrel. You never go wrong at the Cracker Barrel. There's always something tend
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a wattle out of there from time to time, so great chance for you
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to win a great gift card to that with the Class Quiz Question week.
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Tell you a little bit later on the program. How you can win that
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little tip though, is if you listen closer to the show. Mostly every
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single week, the question and answer to the claus Quiz Question of the week
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come up during the show, so you want to pay close attention again lines
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they are open to you this morning at six eight three two one thirteen ten.
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That's six eight three two one thirteen ten. Love to have you joined
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us this morning with your question. The website for Claus Financial claus financial dot
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com and the telephone number six O eight four four two five six three seven.
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This week we're going to be talking to a group of people that I
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know a lot of you listening here to thirteen ten WIBA are these people which
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are small business owners. Will talk about some of the challenges that small business
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owners can face when it comes to retirement and retirement planning, and some of
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the things to keep in mind if you are a small business owner. Before
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we get rolling though on this week's conversation, let's take a look back at
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last week's Claus Quiz question the week, Get the question and the answer there
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as well. Yeah, so last week we had a good conversation about social
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Security benefits and what that means for spouses, current spouses, X spouses,
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and survivors. So take a listen if you didn't catch last week's show,
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But the question of the week was, in order to a survivor benefit with
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Social Security, what is the earliest age you can begin receiving it Donna of
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McFarland. Congratulations to her. She called in first with the correct answer.
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The age is sixty, So good to know that information. But other information
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that pertains to your situation. Listen to last week's show and you might be
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able to learn some more about your future benefits. And I know every time
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we talk social security and get great information from our retirement planning professionals Malia and
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CJ, we always get get a lot of feedback, a lot of calls,
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a lot of questions, and there was so much information. As Malia
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mentioned, that podcast great tool. If you head on over to class financial
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dot com you can listen back to last week's show, this week's show.
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If you miss any part date's program, of course, you can always listen
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back as well. Subscribe at class financial dot com delphin number six to eight
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four four two five, six three seven. So this week we are going
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to talk about income sources when of course on the show generally we talk of
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course about income sources when planning for retirement. But today we're gonna be focusing
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in on those small business owners and some challenges that they face when developing some
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future streams of income. And CJ what can you tell us about business owners
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and their journey into retirement and how it's a little bit different from those of
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us that may be employed by an employee er. Yeah, I'm excited for
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the show today. We often talk kind of to W two employees of some
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sort throughout Illinois and Wisconsin or forever whoever is listening to the show. But
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today we're going to talk about small business owners. Now, often small business
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owners, if they understand entity structure, will set up some sort of s
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corporation or LLC that makes them a W two employee of the business that they
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own. So it's not to say that small business owners aren't W two employees,
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but they also have other considerations, namely reinvesting in the business, hiring
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talent, retention, sales, marketing, YadA, YadA, YadA. So
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this is a show that's somewhat near and dear to my heart because my father
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founded Claus Financial back and seventy six with his brother, and a lot of
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the things we're going to talk about today are real life experiences for both my
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father and then myself as a second generation kind of owner operator of the business.
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Full disclosure, I'm not the only owner of the business that is not
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a family owned business. But a lot of what we're going to talk about
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was very emotional and difficult for him and was very true for him and my
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mother. So again a show that's near and dear to my heart. But
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for those who are listening. As retirement planners, we work with the people
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with people of course, for many different types of occupations, including small business
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owners. So this type of retirement planning is a different conversation than say the
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person who is maybe collecting Social Security at pension and distributions from their four O
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one K. In the case of business owners, future retirement income is typically
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all bottled up in their business, or at least mostly. Many small business
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owners invest their blood, sweat and tears in every penny into building business,
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but they maybe don't set aside much for themselves. A huge number of entrepreneurs
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have reported putting aside no retirement savings at all. For some selling the business
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is their only retirement plan. And if this is the business owners plan,
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there are of course risks for their future retirement. There could be health issues
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in the future, shifting market conditions could wipe out their business, or perhaps
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the business is no longer profitable all of these situations can make it difficult to
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fully retire with the nest egg that was thought to be there. As a
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business owner, assuming you do want to retire at some point in the future,
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you will have to fund your own retirement plan and decide what to do
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with your business before you retire. So again to personal experience, I have
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seen small business owners who, while they're saying their forties and fifties and making
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good income and kind of dealing with a thriving business, will actually both do
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well and at times of high on the hog, they'll they'll be broke,
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and then a few years later they'll be buying a new four D F one
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fifteen. You know what's happening. And it's this very kind of all over
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the place because they're having to reinvest and then they're getting to take some money
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off the table and then reinvest and take some money off the table, and
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so it can be hard to almost differentiate them from anybody else. But often
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when they get to the end, they have little to nothing set aside because
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there was no forced or consistent savings mechanism. Talking this week with CJ.
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Claus and Malia Quaevis of Class Financial, they are our retirement planning professionals love
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to get you on the air with your question this week six O eight three
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two one thirteen ten. That's six O eight three two one thirteen ten.
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You can learn more about Class Financial on their website class financial dot com.
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That's klaas Financial dot com and the telephone number six so eight four four two
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five six three seven No charge for that finitial get to know you appointment at
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Class Financial. It will be complimentary to you. So CJ. What are
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some of those things that folks should be then thinking about? Yeah? So
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many many retiring small business owners decide to sell the business, and of course
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the proceeds from the sale can help to fund their retirement. This might be
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a situation where you will create say monthly income from the sale of the business
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for a period of time or get a lump sum what we often call a
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liquidity event that you have to set aside and then generate income for yourself.
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But the process of selling a business can be difficult based on either the type
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or location of a business and ultimately the marketability of the business. The question
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for your business is are you creating a legacy or are you going to run
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the business into the ground, so to speak, where there is no residual
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value to you or anyone else. So again a topic near and dear to
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my heart. What I would say is, often, because we work with
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a lot of small business owners, often there is some sort of residual enterprise
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value. Now, when you get into buying and selling businesses, you have
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to understand what's called tax allocation. You have to understand are you selling.
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Is it an asset sale? Is it an equity sale? Those have different
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tax treatments. Am I selling goodwill? Am I selling a client list?
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What is it that I'm actually selling? Am I selling inventory? You have
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to know your business. But a good CPA, a good kind of expert
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investment banker, somebody in the space of helping to market and sell businesses can
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go a long ways to help these small business owners just understand the enterprise value
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of what they have. Often people say, no, the business is me
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and if I'm not here, the business has no value. Truth be told
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that you're probably puffing yourself up too much. That could be true in certain
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circumstances, but often businesses can continue if there is a continuity plan to them.
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So it's important to understand that Selling a business can be emotional. You
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probably have spent years or even decades building up your business products or services,
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and you may you may know your employees well and want to make sure that
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they're cared for. So you need to start kind of moving towards these first
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steps to consider selling your business. So here's a fun fact. Seventy eight
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percent of small business owners plan to sell their company to fund sixty to one
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hundred percent of their retirement income needs. This is according to CNBC and Financial
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Planning Association. Seventy eight percent of small business owners plan on selling their business
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to fund sixty to one hundred percent. Now you may not understand why that's
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such a significant step, but here's what I'd say to you. A lot,
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and I'm talking a lot, a lot, a lot of small business
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owners plan on selling their businesses and they never do. So I just cannot
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encourage you small business owners out there. If what we're saying today is resonating
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with you, try to find a good CPA, try to find a good
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financial advisor to begin that discussion so that when your health fails or you're just
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not able or willing or wanting to continue to run the business, that you
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have a plan ahead. It's funny when you look at sometimes if you go
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to like the Wisconsin Historical Society and they've got a bunch of photo collections of
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like old main streets and stuff, or even if you drive around old main
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streets in any community, you'll see like old buildings it'll say blankety blanket and
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suns and you know, like the paints all fading. You're going, well,
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what happened with the Suns? Well, the Suns decided we're moving to
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Chicago. We're going to do something a little bit different. So very interesting
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stuff. It's a fantastic conversation, such great information from our retirement planning professionals
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C. J. Claus and Malia Quavis. Don't forget. If you've got
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a question, we would love to have you join us this morning. Telephone
11:37
number to get on the air six eight three two one thirteen ten. That's
11:39
six so eight three two one thirteen ten to get on the radio show this
11:43
morning, Don't forget. You can learn more about Class Financial on their website
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class financial dot com that's Klaas Financial dot com. Great website, great resource.
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And the telephone number for Class Financial six O eight four four two five
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six three seven. No charge for the initial get to know you appointment Tech
12:00
Class Financial. It will be complimentary to you again. They're number six O
12:03
eight four four two five six three seven. We'll talk about business owners and
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what we know about plans for selling businesses with those details from Malia and we'll
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take your call next as Money in Motion with Class Financial continues right here on
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thirteen ten w IBA. This is Money in Motion with Class Financial, a
12:26
fun and informative show designed to help you get answers to all your retirement questions
12:30
in one place. Chatting with our retirement planning for professionals from Class Financial,
12:35
C J. Class and Malia Quavis. The website Class Financial dot com.
12:39
That's klaas Financial dot com. They're telephone number six O eight four four two
12:45
five six three seven. No charge for that ininitial get to know you appointment
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Tech Class Financial. It will be complimentary to you again. They're telephone number
12:52
six O eight four four two five six three seven and the number to get
12:56
on the air with your question this morning six O eight three two one thirteen
12:58
ten at six eight three two one thirteen ten talking to small business owners this
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morning and understanding what considerations need to be made, things need to be thinking
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about when it comes to planning for retirement and Malia, do many business owners
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make plans for in advance for selling their businesses or what are some of the
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details on that front. Yeah, And I think it's important to first understand
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that we really are talking about select group of individuals who've decided, hey,
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I want to have my own enterprise and lead it well and grow it like
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nobody else has. So there's a totally different type of personality, perhaps than
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the person that goes to work for one of these organizations. So it's a
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specific kind of person and when we meet with these business owners who are trying
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to build the next greatest entity, we find that oftentimes they say to us,
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you know, I just never really thought about retirement, and suddenly they're
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looking at themselves or their friends and going, you know, maybe I'd like
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to consider retirement at some point, but I just don't know how to get
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there. So this comes up quite often, and really it has more to
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do with the fact that people are engaged on a minute by minute, day
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by day basis with their own businesses and they simply don't take the time to
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kind of look at their own situation and make some plans. So back in
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twenty nineteen, Score the group that mentors small businesses across the US, they
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found that thirty four percent small business owners first of all, don't have the
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retirement savings plan usually for themselves. And also they confirmed forty percent of respondents
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don't feel confident about their ability to retire before the age of sixty five.
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So again, retirement does sneak up on them, so to speak. But
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I think more than anything, it's really a situation where they and have given
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everything to their business. They consider themselves probably a person that can just work
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forever, because, like I said, is their baby, so to speak.
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And then finally when they do go to look to sell their business,
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there's not always buyers. And we deal with some of those clients right now
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who have small businesses and truly they're ready to now retire and there's not necessarily
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a buyer that's ready to buy out their business. So so when we talk
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to business owners who lack retirement savings, they cite the following reasons that they
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don't have retirement savings. First of all, thirty seven percent of them say
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that they lack the profits to say for retirement, which may or may not
15:41
be true. Twenty one percent use their previous retirement savings to invest in their
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own business. Now we see this a lot because people want to start a
15:50
new entity and they just literally drained some of their previous retirement accounts to in
15:56
order to fund that new business. Eighteen percent and then plan to sell their
16:00
business to fund their retirement. We spoke about that at twelve percent do not
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have any plans to retire. We hear that daily. And then twelve percent
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do not see the need to save for retirements. So we see this across
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all different types of small businesses. You know, we work with medical professionals
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who say, you know what, I'm just going to keep on working,
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putting every dollar into my practice and someday there'll be a buyer. And so
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that's a great hope unless things change and you want to retire sooner and the
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situation doesn't afford for your business to be sold at that exact time. So,
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you know, everyone, like I said, this is a special group
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of individuals, and I'm so happy we have those entrepreneurs out there, but
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we need to protect you as well so you can retire. And the importance
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takeaway from this and every show is about the importance of planning, and that's
16:51
one of the great things about getting to know the folks at Class Financial CJ.
16:55
Clausomleequave us our retirement planning professionals this morning. You can learn more about
16:57
Class Financial and the team all on their website Class financial dot com. That's
17:03
Class klaas Financial dot com. How they can help you if you're an individual,
17:07
if you're a business owner on other areas as well, at Class Financially
17:11
can learn about their separate divisions all at Class financial dot com. They're telephone
17:15
number six O eight four four two five six three seven. No charge for
17:18
that initial get to know you employment Tech Class Financially. It will be complementary
17:22
to you again their number six O eight four four two five six three seven
17:26
and the phone lines are open this morning six eight three two one thirteen ten.
17:29
That's six O eight three two one thirteen ten left to get you on
17:32
the air with c J Class and Malia Quavis this morning. So as we
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talk about about kind of putting that plan together, what are some of the
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steps then that business owners can take to be putting aside retirement funds? Yeah,
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good, questions. So, if you're five to ten years away from
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retirement and have not already done, you know, a bunch of retirement savings,
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you know, due to having to reinvest in the business or anything else
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like that. Here's some options for you to consider in order to get started
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again. These would be for the small business owners. And we're going to
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go in terms of like almost like lowest hanging fruit to kind of some of
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the more complex items. But lowest hanging fruit here would be considered just establishing
18:15
a traditional ira or roth ira. So these individual retirement accounts are easy to
18:21
open and available to virtually anyone. You can contribute up to sixty five hundred
18:25
dollars in twenty twenty three, with an additional thousand dollars if you're over the
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age of fifty, for a total of seventy five hundred and Again, the
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main difference between a traditional IRA or roth ira is whether you want tax savings
18:38
now or tax savings in the future. So we've done entire shows, we've
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done entire years. It feels like focused on these topics by all means.
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Go to our website and just jump into our search feature there and look for
18:49
shows on traditional iraise and roth irais we have boatloads of them. Another option
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would be something starting to get a little bit more complicated, called a sep
19:00
IRA. This is a simplified employee pension i RA. Sep IRA operates much
19:04
like a traditional IRA, except you can contribute a lot more annual contributions.
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Instead of being capped at sixty five hundred or seventy five hundred, they're capped
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at closer to sixty six thousand in twenty twenty three, which is again a
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lot more, and if you are over the age of fifty, there's even
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catchups on top of that. Now I'm simplifying here because you can only contribute
19:27
twenty five percent of your kind of net compensation, So it is there are
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various limitations. You would want to talk to your accountant and make sure you
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run this thing accurately. And if you have employees, it starts to get
19:40
even more complicated because then you have to put in the same percentage for them
19:45
that you're putting in for you, So you'll want to talk to your accountant.
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But then you get in two things like a SOLO four one K.
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A Solo four one K is available to bus business owners with no employees.
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Now there is an exception for a spouse, so it could just be say
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you and a spouse. We have some like real estate agents we work with
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who are a husband and wife duo, and they can do a solo four
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one K. They're both technically employees of their own business. But if they
20:12
go outside of them in their spouse, then suddenly the solo four O one
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K doesn't work. But again similar to that sep I ray, the limitations
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are upwards of sixty six thousand dollars a year or more. If you're over
20:26
the age of fifty, you can do roth solo four o one ks or
20:30
pre tax solo four o one ks. So some really cool things that you
20:33
can do there. And then finally, when you start to get into the
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world where you say, I just I want to dip my toe into a
20:37
retirement plan, but I have some employees and everything you've told me so far
20:41
cj OR is only for me. That's when we start getting into simple iras
20:45
and just kind of traditional four oh one K plans. So a simple IRA
20:51
this option has a lower contribution limit of up to fifteen thousand, five hundred
20:56
in the age of twenty three, and then if you're over the age of
20:59
fifty, there's a thirty five hundred dollars catchup for a total of nineteen thousand,
21:03
So certainly a lower overall contribution limit to a simple array. But here's
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one of the kind of catches. You must offer a three percent match or
21:11
a blanket two percent contribution to all of your employees. Now you can deduct
21:18
contributions made to your account and those made on behalf of your employees, but
21:22
you start to get into thinking more corporately about yourself and all the employees in
21:27
terms of how they can save and how much you must save on their behalf.
21:32
Again, when you start getting into the traditional four oh one K or
21:34
four oh three B or four O one A world, then you're getting into
21:38
more flexibility but also more complexity as it relates to how much you must save.
21:45
And there's things called safe harbor rules and ADP testing that comes into it.
21:48
So it's not bad. As a matter of fact. Full Disclosure Cost
21:52
Financial has a four O one K plan and we consult with tons of businesses
21:56
around establishing them. We love four oh one ks. We think they're great,
22:00
a great retention tool, but there's some ideas for the small business owner
22:03
to say, hey, what are some of my first steps? And as
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I just went through, it can be as simple as just setting up a
22:11
traditional IRA or roth ira, and then it can get as complex as setting
22:15
up a full you know, full scale four O n K plan for all
22:21
of your employees. By all means, if you have questions, feel free
22:23
to call our office after the show telephone number six O eight four four two
22:27
five six three seven. That's Class Finances office right here in Madison. No
22:32
charge. That initial conversation that gets to know you appointment at Class Financial will
22:34
be complementary to you. Their telephone number six O eight four four two five
22:38
six three seven. The website class financial dot com. That's klaas Financial dot
22:45
Com. We'll conto you our conversation with CGM Melan. We'll do the Class
22:48
Quiz question week. All of that next as Money in Motion with Class Financial
22:52
continues right here on thirteen ten w IBA. This is Money in Motion with
23:00
Class Financial, a fun and informative show designed to help you get answers to
23:04
all your retirement questions in one place. Telephone number six SO eight three two
23:10
one thirteen ten. That's three two one thirteen ten. You want to get
23:12
on the air with our retirement planning professionals, Malia Quavis and c J.
23:15
Class. Of course, they come to us from Class Financial, the website
23:18
class financial dot com. That's Klaas Financial dot com. The telephone number six
23:23
O eight four four two five six three seven, no charge for then initially
23:27
get to no appotment at claus Financial. It will be complementary to you again
23:32
their number six O eight four four two five six three seven. Talking to
23:36
small business owners this morning when it comes to planning for retirement, a lot
23:40
of great information. Don't forget if you missed any part of the program,
23:41
you can always listen back at class financial dot com and of course subscribe as
23:45
well to the podcast right there, that's class financial dot com. So I've
23:49
got some tips then for folks who are planning to maybe sell their business before
23:55
they retire. Malia, Yeah, so that is the key phrase. Taking
23:59
the STAPs to perhaps sell before you really involves planning so to make this all
24:04
work out perfectly. So some tips for getting ready to sell your business before
24:08
you retire, you know, one of them would be to start with create
24:14
a succession plan. Now this is where you need to plan in advance.
24:18
So this is looking at some of your key employees that hopefully you've trained up
24:23
in the business, who may in fact have a goal of becoming an owner
24:27
someday. So making sure that those people have an awareness that you're looking to
24:33
them to potentially, you know, take over the reins, and making sure
24:40
that they're comfortable financially that they could actually make this happen. That really is
24:45
probably the nicest way. As you've mentioned about storefronts and seeing Anderson and Sons
24:48
or whatever it is, it's like ideally, you know, it's not necessarily
24:53
family, it's it's actually some of your your prized employees that really have that
24:59
same type of a spirit that you can quote raise up in the business.
25:03
So I think creating a succession plan is probably the first thing we'd like you
25:07
to look at. But secondly, getting an appropriate valuation. Now, most
25:11
people think their businesses are worth more than they're actually worth. Let's just start
25:15
with that because they gave birth to it. So first you really want to
25:22
take stock of what it's actually worth. You're going to do some research.
25:26
First, You're going to start with looking at your assets and your liabilities,
25:29
just like you do as an individual. Then you're going to look at your
25:32
profits get an idea of what your business is actually worth as you check out
25:36
similar businesses in the same area. Then you're going to probably want to consult
25:42
with an experience, experienced business broker that works in your industry. That's really
25:48
key before you would even contemplate initiating a sale. And again, as we
25:53
mentioned before, if sometimes you're not planning to sell the business, maybe you're
25:57
not planning to retire for five years, but then suddenly a buyer shows up
26:03
with an offer you can't refuse. So it's really important that you understand,
26:07
you know, maybe a valuation earlier than later, so you're prepared for what
26:11
is my business actually worth. And then finally, consider whether you're children and
26:17
I'm not talking little children talking, you know, maybe they've gotten through college
26:19
at least, but consider whether your children want to be involved in the business.
26:25
I have heard this so many times where it's just assumed that the children
26:30
will want to take over the family business. And that's a wonderful thing because
26:34
you've you've worked hard at it and you know, done a great job with
26:38
it. But your kids might have a whole different thought process and what they
26:42
want to do. Maybe they don't want to live in the same area as
26:45
you, whatever that might be. But if in fact they do, you'll
26:51
want to still work with a business contracts attorney to set up perhaps how that
26:56
can happen if in fact they want to buy into the business, not just
27:00
take over a business, and really you know, handle it as if it
27:03
were you know, someone else. I mean, it's a different situation.
27:07
But you also want to make sure that you are properly paid for your business,
27:11
most likely if in fact family is moving into it. Because when there's
27:17
family involved, let's just be honest, it's a little more sticky, and
27:21
there may be siblings involved, right, and so you want to make sure
27:25
that you try to keep business as business as much as possible. Easier said
27:29
than done, So keep those things in mind. There's a great show that
27:33
was on HBO Succession, Yeah, I'm aware of it. Yeah, and
27:38
also a little more family friendly Elemental Disney film if you it also involves handing
27:44
down a business to a chapter. Really good stuff. Yeah. Oh,
27:47
it's such great information. Speaking of being entertained this podcast, we always have
27:51
so much fun and there's always such great information. You can always listen back
27:55
at class Financial dot Com. Of course, listen to this show in previous
27:57
shows as well, that's Class Financial dot Com, I l as Financial dot
28:02
Com and CJ. What if you have an employee that may want to take
28:04
the reins, may be interested in taking over the business. Yeah, great
28:10
point. Keep your eyes and ears open for this and perhaps actively groom those
28:15
people so this would be appreciated by them, It'd be appreciated by all your
28:21
employees and certainly by your customers. So train some of those key leadership employees
28:26
to be prepared for management level duties financial management, marketing, sales, and
28:32
this is this can be natural, right, This doesn't have to be Oh,
28:34
it's I've got to completely stop what I'm doing and think about this.
28:37
Now, you're gonna need as the business grows, You're going to need people
28:41
who are heading up things like operations, things like sales, things like financial
28:45
management, and so you just have to start to let go of some of
28:49
them and then think about the base of your customers and who is best suited
28:55
to serve those customers as you retire. Who do those customers maybe already know
29:00
right inside of your business? Who you say, well, they already know
29:03
Johnny or Susie. But but you know, Johnny and Susie aren't aren't great
29:07
entrepreneurs. Well great, maybe the business doesn't need an entrepreneur anymore, right,
29:14
Or maybe Susie or Jimmy are the ones to own it, but there's
29:17
somebody else to run it and then be ready for the emotional work. So
29:22
we have this kind of visual. And I know we're on a radio show,
29:26
so you can't see what I'm doing with my body, but we have
29:29
this visual, which is we give birth to this, to this business.
29:33
And I say this because again I lived through this with my father. We
29:37
give birth to this business. And it is painful, it is beautiful,
29:42
it is amazing. It requires every ounce of energy from both you, your
29:47
spouse, and even family members at times. Listen, I was cleaning my
29:49
father's office of Class Financial as a child, just to try to help out
29:55
because they couldn't afford cleaners early on. And then you envisioned this child that's
30:00
growing up. And then you envision this father or mother hugging the child.
30:03
And as they get older, that child gets older, and it's kind of
30:07
like the father and mother who when the child is older and bigger, they're
30:10
still hugging and squeezing the child. And if they continue to do this for
30:14
too long, what ends up happening is they squeeze so hard that they end
30:18
up breaking bones. Right, And the idea is, oh, no,
30:22
no, no. As children get older, you need to release the control,
30:27
not clamp down on the control. Now. I say this humbly because
30:33
I fully understand some of you small business owners out there are roll in your
30:36
eyes right now saying, oh, but you know the business needs me.
30:40
I get it, I get it, I get it. This is your
30:42
baby. But just like raising a child, that as they get older,
30:47
you have to start releasing that control because if you don't, then you become
30:52
the problem for the child, not the child. You're the problem. In
30:55
a similar way, if you don't release the reins of control, you will
30:59
be caught. You will be the cause of the death of your business.
31:03
So some food for thought for our small business owners out there. Again,
31:07
if if you want any counseling, we have kind of experts in this area
31:10
that deals with small businesses, be more than willing to sit down and chat
31:12
with you. Such great information and it's really really important stuff to be planning
31:18
for and thinking about and doing that stuff two day. It's also great day
31:22
to start that conversation. I gotta do this morning's pick up phone give a
31:25
call at Class Financial telephone number six O eight four four two five six three
31:27
seven. No charge for that initial get to know you appointment tech Class Financial.
31:30
It will be complementary to you. The website class financial dot com that's
31:36
k l a as Financial dot com. You can learn more about Class Financial.
31:40
You can also listen back to this podcast and previous shows all at class
31:44
financial dot com and the telephone number six eight four four two five six three
31:48
seven. Good time now to remember that number because it's time for the class
31:51
quiz question the week. It works like this and just a moment, I
31:53
will ask you the class quiz question the week. You'll then have thirty minutes
31:56
from the enter day's program to call the Class Financial Offer office right here in
32:00
Madison at six O eight four four two five six three seven. If you
32:04
are the first car with correct answer, you win this week's prize, which
32:07
is a twenty five dollars gift card to Cracker Barrel. This week's class quiz
32:12
question a week is this true or false? A solo four oh one K
32:16
is available to business owners who have employees true or false telephone number six O
32:22
eight four four two five six three seven. If you are the first call
32:25
with correct answer, win this week's prize, which is a twenty five dollars
32:28
gift card to Cracker Barrel. And don't forget as well. That is Claus
32:30
Financial's office here in Madison six eight four four two five six three seven.
32:35
The website Class financial dot com. That's Klaas Financial dot com. CEJ Malia.
32:40
It's always great and informative hanging out with you guys. You enjoy this
32:43
beautiful day. Thanks Shanks, See you guys. News comes your way next
32:46
here on thirteen ten w IBA. This is Money in Motion with Class Financial
32:57
Asset Advisors, LLC, a register investment advisor registered with the SEC. The
33:02
content of this show is for informational purposes only and should not be considered individual
33:07
investment advice. Class Financial does not offer tax or legal advice. Any opinion
33:14
offered during the course of this show is the opinion of that particular investment advisor
33:17
representative, and not necessarily the opinion of Class Financial