Family business owners are notorious for focusing on the business, and in many cases are so entrenched in working day to day that they don't find sufficient time to work on the strategic plan for the business.
And when it comes to their own wealth and financial planning, there is often not enough time in the day either. What is more, family business owners often talk about the need for financial independence away for the business which becomes increasingly important as they become older and plan their later life, which inevitably involves time away from the business.
Family business owners do express their concerns about having too much wealth tied up in the business but whilst it is OK to recognise the issue, nothing is going to change unless action is taken, and until such time, there will still be a degree of angst, worry and the inevitable sleepless night too!
You’re the owner of your own business, and things are fine. The company you founded is running smoothly. So why do you keep waking up in the middle of the night? Because you know that with so much of your own assets tied up in your company, you’re managing not only your business affairs, but your personal wealth as well. And that’s not always a simple task.