Birmingham Small Business.com

Courtesy of Entrepreneurs.About.com:

If you are an owner of a business and are stuck trying to figure out how to convert your business’ value into personal gain for yourself, the following are five steps that will help lead you to this goal.

Accept a paradigm shift.

Relinquish the 24/7 work model and shift to work being an alternative investment model. The paradigm shift then leads you to look for a planning process that will allow you to successfully integrate all the specialties… an integrated specialization model.

Realize personal wealth is the core of all planning.

Work on your business and not in it. Move away from a co-dependent relationship with the business…start to view it as a job. Your job is to run the business so that you can have both more money, and more time.

Get your own valuation.

Get a valuation and develop a true understanding and appreciation for the value of your business. Don’t just hire a valuation consultant; hire someone who can provide a multi-layered view of the business with scenario forecasting capabilities.

Engage in “vortical” planning

Vortical planning is a unique forecasting process that ties all business activities to personal and family wealth. The expertise best able to identify these roles include: tax, legal, financial, insurance investment, valuation, entrepreneurial expertise, governance and visionary/business consultants. Your goal is to forever retool business planning in order to continue to build your personal wealth.

Reward: More “Funded” Personal Time

We can all agree that the last place you wish you spent more time is at work. Look for a planning group that can help you construct a bridge and retool the business to help you do what you wanted it to do in the first place: build your personal wealth and reclaim your personal time. Expert help, a little time and a lot of perspective will go far in helping you be more in control of your business and to reap the benefits in your personal life.