Wealth brings both opportunities and challenges. For business owners practical money related questions that are not directly linked to the business operations, often get ignored or end up at the bottom of the list. Yes, life can get extremely busy and this is the very reason why we need to start by ‘putting the oxygen mask on ourselves before helping others’. Once we have a plan for ourselves and have prepared for the unexpected, we can focus our energy on our business. Here are 5 essential conversations every successful business owner should prioritize:

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1. The "What Truly Matters" Conversation

You have started your own business. This might be your life’s work or it may only be a way for you to pay the bills. In both cases, the one question that really matters is, WHY am I doing this? If you are running your business to fulfil your dreams then you are fortunate enough to be on the right track. If you are running your business to make money to support the life you live.. you need to keep asking WHY. Why are you supporting the lifestyle you live, what is important to you? What is it that really matters to you? Is running your business allowing you to do just that? In the end, we all want enough money to be able to be free, to be free to decide how we live.

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Wealth can amplify what you value most, but only if you’re clear on what that is. Too often, business owners accumulate wealth without defining its purpose.

Key Questions

• What are the non-negotiables in my life and work?
• How can my wealth align with my values?

A roadmap that ensures your financial and money matters support your deepest priorities and aspirations.

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2. The "What If" Conversation

The statistics are quite shocking, 50% of people don’t have a will in place. What is the worst thing that can happen in a situation where ‘the worst thing has already happened’ i.e. you have unexpectedly passed away… and now your family has to guess their way through your personal and financial affairs. To avoid this situation, take the first steps to start making a will today. Think about how you want your affairs to be dealt with if you are no longer here.

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Life is unpredictable, and preparation is key to protecting your loved ones and business.

Key Questions:

• Who is willing and able to manage my finances if I’m no longer here?
• What’s my plan for safeguarding my family and business in the event of the unexpected?
• What are the key components of my will ? (asset inventory, beneficiaries, dependents’ needs, tax implications, debts and liabilities, other instructions.. )

Peace of mind knowing you have a comprehensive plan for contingencies like incapacity or death.

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3. The Long-Term wealth strategy Conversation

I know how much money I make today and I know approximately how much I have saved up. Now the question is, how much money do I need to be able to finance the rest of my life? In order to answer this question you also need to have thought about what you want to spend the rest of your life doing. You may also need to think about how much that kind of lifestyle will cost you. How long do you plan on living and for how long do you plan on working? If you can make an estimate of your future annual cost of living, you can plan your investment strategy to support that specific goal.

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For most of us the Covid Pandemic or the steep rise in interest rates after the pandemic took us by surprise and affected us in ways we wish we would have been better prepared for. Planning for long-term wealth ensures financial security and independence even during times of crisis. It provides clarity on your financial goals and helps align your current savings and income with your future needs. Without a plan, you risk running out of money or not being able to maintain your desired lifestyle. It allows you to prepare for uncertainties, such as inflation, healthcare costs, or unexpected expenses.

Key Questions:

• How much do I have in savings?
• What are my annual earnings?
• What kind of lifestyle do I want for the rest of my life?
• How much will that lifestyle cost on an annual basis?
• How long do I expect to live, and how long do I plan to continue working?
• What is my expected future annual cost of living, considering inflation and other factors?
• What investment strategy will support these goals and sustain my desired lifestyle?

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A clear understanding of how much money is needed to sustain your desired lifestyle for the rest of your life.

An actionable financial plan, including savings goals, investment strategies, and timelines.

Peace of mind knowing your long-term financial needs are accounted for.

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4. The "What’s Next" Conversation

Maybe you know someone who has just retired or sold their business, spent the last several months traveling, and now sitting with this deep, slightly lonely feeling of ‘what’s next’? Whether you are thinking about your future plans in the context of the ‘Long-term wealth strategy’ conversation in the previous point or slowly feeling ready for the next chapter in your life, the transition deserves some deep thinking and planning.

Selling a business, transitioning to retirement, or passing the torch to the next generation can leave you asking, "What now?" The key is to be prepared for these types of transitions that can be highly complex and emotionally charged. With a plan we can avoid confusion during the transition, reducing conflict and misunderstandings, identifying necessary resources on time, and avoiding emotional surprises and giving people time to adjust.

Key Questions:

• What does fulfilment look like in the next phase of my life?
• Am I content with my current lifestyle, or do I feel the need for change?
• How can I repurpose my time, energy, and resources post-business?
• Where do I see myself in the next 10 years?
• What would I like to learn?
• Who are the people I want to involve in my journey?

Clarity and excitement about the next chapter, with a plan that blends purpose and financial security. Intentional decision making is the fastest way towards your goals.

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5. The Legacy Conversation

‘We are visitors on this planet..’ – Dalai Lama

What do we want to leave behind when our journey comes to an end? What kind of impact do we want to have made, to make our struggles feel worthwhile? For someone its all about the family traditions that have kept going for generations and for others a legacy is more concrete like creating an entity to support meaningful work. What does your legacy look like?

Legacy isn’t just about money—it’s about the values, impact, and memories you leave behind. Planning for your legacy is essential because it ensures that the values, assets, and impact align with your intentions and is not left for ‘others’ to decide.  A thoughtfully planned legacy can provide stability for loved ones,  contribute meaningfully to society and positively impact future generations. For business owners, planning ensures a smooth transition of leadership, safeguarding the company’s future and employees' livelihoods.

Key Questions:

• How do I want to be remembered?
• What values or principles are most important to me, and how can I ensure they are passed on?
• What’s the right balance between supporting my children financially and empowering them to build their own success?
• How can I support my family and loved ones after I’m gone?
• Have I communicated my intentions clearly to those who matter?
• Am I leaving behind any unresolved issues or relationships that I need to address?
• How can philanthropy play a role in my legacy?
• What will make my legacy endure generations?
• Have I accounted for potential taxes, legal fees, or disputes that might affect my estate?
• If I own a business, how do I ensure its continuity or transition after I step away?
• What measures can I take to ensure my legacy remains relevant and impactful?
• Have I documented my wishes through a will, trust, or similar legal instruments?
• Are the executors of my legacy fully informed and capable of carrying out my plans?

A thoughtful plan that ensures your wealth creates the kind of impact that you want to leave behind.  

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Let’s be honest—when it comes to money, we all have questions we tend to push aside. But here’s the thing: you wouldn’t dream of going without insurance for your home or health, right? So why wait when it comes to something just as important—your freedom, your future peace of mind, and long-term financial security? Whether it’s drafting a will or fine-tuning your wealth strategy, taking action now means you can stop worrying and start feeling confident about the future.

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I’m here to help you make it happen. Let’s have that first conversation and get things moving!

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