Have you had a major life event such as an illness or a divorce that has made you stop to think about your financial future? If something were to happen today, do you have a plan in place to make sure your business can operate with or without you? If it is necessary to completely exit real estate, have you tracked your business so you can prove the value?
The value of your business will change over the years, but what do you have of value you ask? You have what we call "Intellectual Property," which is now considered an "asset," equipment we never had before, software, expertise and people. In the beginning, any individual agent's business is little more than the sum of the agent's collective vision and specific talents. Should they leave, not much else of value will remain.
Over the years, however, there are clients who have come to depend on your services, and there is a revenue stream -- tangible income that makes it easier for an investor or buyer to put a price tag on it. Knowing your business' price tag becomes essential if its full value is to be realized
Make A Commitment: I will do what is right for me!
Deadline: ________
This week's document: What is Your Exit Strategy
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