It's crucial to shift your focus from taking money home to (instead) increasing the value of the business. Here are two ways to do that.
Some things have to be said repeatedly for them to sink in. So, let’s go over one important item, again — actions that owner advisors need to avoid to run their business as a successful and growing business. Specifically, let’s look at the practice of treating your firm like a personal ATM/loan department.
If you have never tinkered with the amount of money that you take out of the business to cover some personal expenditures, you can move on. But I’m betting that’s not the case for most advisors.
It may not seem like “a big deal,” but it is. How do you think Microsoft shareholders would have felt if quarterly profits tanked because Bill Gates took out a bit of cash to buy, say, Hawaii?