Darryl Smith shares how for more than 30 years, the Canada Revenue Agency (CRA) has allowed business owners the ability to pay for their family’s health and their employees’ health using pre-tax corporate dollars. However, many business owners still pay for health care using after tax dollars and losing approximately 35% by doing so. Learn more about the Health Spending Account (HAS) and how to start saving your money in this podcast.
Darryl Smith shares how succession planning can be a very straightforward process; however many Blue-Collar Business Owners may not a have a full understanding of everything involved to properly plan a successful succession plan and sell their company for its full value. It’s a matter of knowing the right questions to ask and having the right people to help prepare the plan. Darryl and a team of other experts will provide guidance, assistance, and the education needed throughout the process. Learn more about the 8 Step Succession Plan for Blue Collar Workers and how to help get the planning started in this podcast.
In this podcast Darryl Smith shares his insight on understanding the importance of being truly relaxed and getting the necessary mental and physical rest you need you will be on your way to the first phase of achieving “Blue Wealth”. He shares the term Chronic Work Brain that has a very negative affect on Personal Leisure Productivity meaning the time you have for your own personal leisure. Many business owners today, have a hard time leaving work at the office, and continue to think about it long after they have left for the day.
The Blue Wealth Blueprint is a holistic program that deals with both the state of the business owner’s financial life as well as their personal life. It’s about transitioning business equity to personal equity. For many business owners, thinking about retiring and selling their business is very difficult. It’s hard to let go of something that has been part of your life for a long time. However, a lot of business owners may not realize that where they’re going is potentially better than where they are right now.
This podcast gives you an overview on The Blue Wealth Blueprint and How to Achieve Blue Wealth:
In an earlier post, we talked about the first 4 tips/questions on maximizing blue collar wealth. Here is a recap:
The first is, my business is going well, why should I stop now? This is the time we start to ask ourselves our core values and what we really enjoy doing with our lives. The second one is, what am I going to do now? It talks about doing some self-discovery, now having the money and time to do things you wanted to do when you were younger. The third one is, what’s my business really worth? This is where we consider the many aspects of the business that can potentially increase the value of the business once it is sold. The fourth tip is, who will buy my business? This can range from family members, employees, competitors, and even other expanding businesses.
This podcast continues from the first part, now discussing the remaining 6 tips to maximize blue collar wealth.
Today’s Blue-Collar Business Owner’s (BCBO) are finding their employees are getting more respect from banks then they do!
When applying for a loan or mortgage, banks tend to financially underwrite the self-employed as a higher risk then they should. Considering most businesses receive income from a large number of customers who are in effect quasi employers of the business. However, unlike an employee, business owners are in a better position to handle the loss of one of these “employers” by simply adding a new customers (employers) or doing more work for existing customers (employers).
If an employee losses their sole source of income from an individual employer, it may take them months to find new employment. Unfortunately, many employees are not financially prepared for months without an income. Once they’ve gone through whatever savings they may have then it’s highly likely they will then default on their increasing debt yet banks still tend to favor them over business owners.
Blue-Collar Business Owners are the backbone of our economy and our country, without the drive and determination of these brave people to start a business of their own there would be a lot fewer opportunities for employment which would increase the need for government support and significantly increase the Canadian deficit.
In this podcast, we discuss the first 4 tips to Maximize Blue Collar Wealth, helping business owners prepare for the eventual retirement.