Owning a business (or working in one) is one thing, but accumulating the earnings from it over time to generate wealth is another. Many business owners (including solopreneurs) work in their business and manage it (balance sheet, income statement, etc.) but fail to focus on accumulating and managing wealth for themselves - the INDIVIDUAL. Most of them do not plan to methodically build wealth for themselves.
Many business owners simply see the business as their 'retirement plan' and trust they will be able to 'cash out' when they decide to exit the business - voluntarily or involuntarily. Cashing out of a business is usually the major source of wealth, whether it is selling your ownership in the company, a merger or simply handing it to the next generation (wealth transfer).
When it comes time to exit the business, they often have to take what is given, shutter the place or liquidate the assets. The only time most business owners sell their business is when they retire. They neglect an obvious truth - the person buying the business has done it dozens or hundreds of times.
Some business people accumulate wealth but fail to manage it. This requires planning and consistent execution.
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