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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. 

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