CHAPTER SEVEN | MONEY VERSUS WEALTH
Money is an idea backed by confidence. - L Ron Hubbard
Wealth is the ability to survive a certain number of days forward. - Robert kiyosaki
Wealth is a monetary measure which includes the sum of natural, human and physical assets. Wealth is all your assets while money is just one kind of asset.
It is very unfortunate that money and wealth are not taught in schools.
In a healthy economy, the money system serves as the dutiful servant of wealth creation, allocating real capital to productive investment and rewarding those who do productive work in relation to their contribution.
Building generational businesses
A successful business is not only one that rakes in a sizable profit regularly, but one that has survived the founder.
Aspects to ensuring smooth transition of a business from one generation to another includes:
1. Ensure the people to whom the business is passed on to, are ready.
2. Ensure the business will make it through the generation it is being passed on to and make it successfully to the next generation.
1. Ensure the people to whom the business is passed on to, are ready.
2. Ensure the business will make it through the generation it is being passed on to and make it successfully to the next generation.
Succession planning is about the people most of all.
Take the time to carefully plan for what growth will look like so the next generation can exit the business to make room for successors.
Family Business Succession Steps
1. Determine what's important to you.
2. Create your family's vision statement
3. Hold a family meeting
4. Create a family council
5. Get your team involved.
1. Determine what's important to you.
2. Create your family's vision statement
3. Hold a family meeting
4. Create a family council
5. Get your team involved.
All Summary Attempts | More Resources | Connect with Bayor
Disclaimer - Misrepresentation of the author's perspective is unintentional. Contents of this post and all other post in the "Summary Attempt" series (and all posts by other authors) are in no way intended to be an infringement on the rights/copyrights of the author/publisher/representative. Neither are they provided as a substitute to the book(s)/resource(s) but an invitation to buy the books wherever they are sold. Liability for this blogpost or any other information (or the use of such information) provided on this blog is not accepted from any source.
No comments:
Post a Comment