Gary Holt Blog

Work Until You’re 80? Business Owner or Not, You Might Have To…

Posted by gary holt on Fri, Jun, 17, 2016 @ 11:06 AM

It’s not financially possible to retire at 65!

Longevity experts are reporting more and more people are living to 100 years of age. If a person retires even at age 62, that would mean you would need a reliable income without working for 38 years. If you max out social security at $20,000 per year but you require $50,000 per year, that means you would need to draw down on savings at $30,000 per year. You would need over $1,400,000 in cash savings in after tax dollars to retire. If you sell your business capital, your tax is 25% Federal plus State Tax of another 7% or 32% total. So you would need to sell the business (which includes paying off all liabilities) for $2,000,000 cash, paying $640,000 in taxes to end up with $1,160,000 for retirement. Or you could keep the business going until you reach your late 70’s or early 80’s.

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Topics: customer satisfaction strategies, systems, recruiting, business systems, Process Mapping, system, retirement, hiring

Can you predict the future?

Posted by gary holt on Wed, Jan, 01, 2014 @ 15:01 PM

Organizations succeed because of good planning. When your organization started years ago, someone had a plan to present to those who would invest their time and/or money into this new venture. That planning allowed the organization to get up and running. It was the basis from which people began working towards the future, to get your organization to the point it's at today- preparing to transition the organization to another set of hands or to ensure that the organization will continue on requires a new type of planning process.

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Topics: sales, branding, marketing strategies, profits, strategies, optimization, Investing for retirement, successful strategies, clients, new business, business systems, retirement

What will I Gain with Process Mapping and Measuable Results?

Posted by gary holt on Mon, Nov, 26, 2012 @ 11:11 AM
Now you are ready to process map your business and gather data on how the processes are performing. What will you attain by doing this? Well, it depends on where you are at in the transitioning out of your business’ operations. If you are in the early stages or just thinking about selling or handing over the reins then this work can give you:
 
  • Increased profits

  • Having more time off (how often do you hear that getting ready to retire gives you more time off?)

  • Being debt-free

  • Having others run the business for you (exactly what you were wanting)

  • Creating a world-class, international company

  • Having total security and freedom

  • Increasing your income and net worth

  • Building residual income

If you are further along, then you may want to hold on to the business a little longer to reap your new efficiency profits. Or you may want to use the new documentation and examples of new growth to increase the value of your business to the new prospective owners. Either way, it can be quite the ‘WIN-WIN’ for you!

By being able to look at data on how your business processes are operating, you or the new owners can look at the questions below and know that no one may ever have to face these issues again or that there will be data at hand to make an informed decision when they do appear. Questions such as: 

  • Are you frustrated because your sales aren’t growing like you know they could be?

  • Are you disappointed because your people didn’t get the job done on time, and you lost a customer because of it?

  • Are you wondering why your profit margins aren’t growing like you want (and need) them to?

  • Are you wondering why your employees don’t do what you ask?

  • Where the cash is at year-end after taxes?

So by process mapping and collecting data to make decisions to improve operations, you have made your business more valuable, enabling you ask more for your company. This also gives valid working documentation to the new owner or prospective owners on how to run the business. They can use this information tomake successful decisions just like you have all these years; decisions that have allowed you to be in the top 4% of all businesses.

Of course, we at Holt Marketing and Management Services would be happy to work with you and discuss helping you process map your business functions to help capture data to make better decisions, bring in more sales, and harness the Synergy Factor. Contact us today.

 

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Topics: profits, increasing sales, make more money, more business, business success, increase profits, Gary Holt, information value, Investing for retirement, market share, successful strategies, business systems, Process Mapping, analysis, increase sales, retirement, information