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Business Planning: Crucial Question for Every Family Business Owner

Author: Brandon Jordan, CFP®, CHFC®, CEPA®, CVGA®, CLU®, MSA, EA | CEO of Impact Advisors Group

Thomas Deans, the author of Every Family’s Business (the best-selling family business book of all time), often asks business owners a question that they find quite polarizing and IMPACTful. 

What’s more important to you as a business owner?

1. Preserving your family’s business
2. Preserving your family’s wealth

It’s an important question because it SHOULD remind business owners that their business is an instrument of wealth creation BUT it is NOT the result of wealth creation.  Being unaware of this distinction can have a profoundly negative impact on the family, the employees, as well as the community(ies) that the business serves. 

Approximately 93% of all businesses in the US make less than $5mm in annual revenue.  They also employ about 40% of the workforce. Additionally, according to the US Chamber of Commerce, small business accounts for roughly 50% of the US GDP.  Small business is an important value creator for the US and those of that are blessed to live here. If they thrive, the US will thrive. If they don’t, the US won’t. 

Because of this, IAG will be commencing an awareness campaign on our website and social media to equip and empower our small business community with the awareness, knowledge, and tools to help your business thrive.  

Should you choose, you too can make a difference… by sharing and/or engaging with the posts during the campaign. A small effort can have a meaningful IMPACT on many others. IAG has created/adopted several tools that will help improve the odds of success for business owners, their families, their employees, and their communities. 

Impact Advisors Group LLC (“[IAG]”) is a registered investment advisor offering advisory services in the State of Massachusetts and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. The information on this site is not intended as tax, accounting or legal advice, as an offer or solicitation of an offer to buy or sell, or as an endorsement of any company, security, fund, or other securities or non-securities offering. This information should not be relied upon as the sole factor in an investment making decision. Past performance is no indication of future results. Investment in securities involves significant risk and has the potential for partial or complete loss of funds invested. It should not be assumed that any recommendations made will be profitable or equal any performance noted on this site. The information on this site is provided “AS IS” and without warranties of any kind either express or implied. To the fullest extent permissible pursuant to applicable laws, Impact Advisors Group disclaims all warranties, express or implied, including, but not limited to, implied warranties of merchantability, non-infringement, and suitability for a particular purpose. IAG does not warrant that the information on this site will be free from error. Your use of the information is at your sole risk. Under no circumstances shall IAG be liable for any direct, indirect, special or consequential damages that result from the use of, or the inability to use, the information provided on this site, even if IAG or a IAG authorized representative has been advised of the possibility of such damages. Information contained on this site should not be considered a solicitation to buy, an offer to sell, or a recommendation of any security in any jurisdiction where such offer, solicitation, or recommendation would be unlawful or unauthorized.
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