Tag Archives: business owner
In life we are blessed to meet people who are true “Gurus”. A guru in my book has always been someone who has mastered one particular area
in life.Yes, you could be a guru of
brushing your teeth.In addition to
mastering this one area, a guru freely shares their knowledge with others who
are seeking information.
For over 15 years, I have known Todd Rustman.He is truly a guru when it comes to financial
matters.In addition, to being a
business owner in 5 totally different successful businesses, he has made a point to get the best training and credentials.
He has an MBA and is a CFA, certified financial analyst, a CFP, a
chartered financial planner, a CSA, a certified senior analyst and a whole
other list of amazing titles.Yes, he actually carries 3 business cards just to list all of his credentials.In 2008 and 2009, Worth’s Magazine listed
Todd as one of the top 100 Wealth Advisors.
I had to ask him about what is happening right now.Here is what Todd has to say for 2009.
What are 3 tips you
would like to share for 2009 with small business owners?
Look at all ways to reduce costs, shore up balance sheets, lending will be coming back but restricted and cautious lending…
- Look to reduce/eliminate matches on 401k or other employee
benefits to lean out costs
- Examine balance sheet for ways to increase assets.Take a life insurance appraisal on any key man insurance policies or Buy/Sell term polices—YES- even term polices
can be valued now and sold.
- Any charitable remainder trusts can be bought now too (for a
premium); and charities can collect early on money owed to them by donors by having our groups buy them out now (instead of waiting for an event to happen with a donor sometime in the future)
What is the biggest lesson you gained from 2008?
Leverage kills; as strange as it sounds. VERY RARELY should someone spend more than they make.It is a simple rule, but still people break
it all the time.
What are resources
you suggest for small business owners?
Perspective is key.
Business cycles come and go. Look at the chart of growth for any business,
stock, investment, real estate, commodity, etc. It is never, ever a straight
line! Bumps and wiggles occur! This is a BIG bump down across all assets,
investments and business- but life goes on while we plan for other things.
Cash Flow is king- protect it. There is value on your balance sheet, all is not lost. Those that come out on the other side of this recession (NOT Depression), shall be so much stronger- be part of that group.
Hope is not a strategy.
Some places you can look to for additional support:
– Gain a voice/relevance as a business owner with the government through this organization.Be in the “know” and help shape the future and have an impact.
http://www.SettlementPlus.comMention Todd Rustman to get a free appraisal on your life insurance policies.
What is one thing you
would like to learn this year?
Wisdom to know what things I can change. Learn what I must embrace and then “release” it.
Do you have a free
resource of your own that you would like to give people?
Free, in the end, is worth what you pay for it. 2009 will be the year of collaboration- but everyone must win/win to have scalability and growth. The free resources above look good and give you a 10k foot overview…but in the end, there are costs—which, in perspective, and the net overview- are nothing if value can be achieved. And, if no value is achieved/forecasted, then why go forward? Unless you are the government, a Union , car manufacturer, etc.! LOL
What would you like to learn for 2009?How are you being
impacted by the new economy?Please share your comments.
For 2009, working on flexible, collaborative relationships.
A team approach versus a top-down approach to success. Finding ways to lead by serving others- rather than leading and hoping people will follow. Operation
Simplify is our mantra!
If you want to continue to learn from Guru, Todd Rustman,
please connect with him at http://www.GR-Cam.com
or call him at 800-805-PLAN.
What challenges are you experiencing with the new economy?What are you wanting to learn for 2009?
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