Retirement and the Small Business Owner

CJ and Maleeah talk about what small business owners should do to be prepared for THEIR retirement. (Hint: the plan shouldn't be selling the business.)

Episode Transcript

(00:00):
This is money in Motion with ClassFinancial, a fun and informative show designed
to help you get answers to allyour retirement questions in one place. And
our phone lines are open to youright now at six O eight three two
one thirteen ten. That's three twoone thirteen ten if you've got a question
four hour retirement finding professionals from ClassFinancial, CJ Class Amilia Quavis love to

(00:23):
have you join us this week again. The telephone number at station to get
on the air six O eight threetwo one thirteen ten. The telephon number
for Class Financial their office right herein Madison six O eight four four two
five six three seven. Do notforget no charge for the initial gets no
employment at Claus Financial. It willbe complimentary to you again their number six
O eight four four two five sixthree seven. And the website Class financial

(00:46):
dot com that's Klaas Financial dot com. Great website to learn about Class their
separate divisions, learn about the teamat Class Financial. Also sign up for
the weekly market paulse newsletter. It'sa great weekly email you'll receive in your
inbox as a link to the mostrecent podcast. Also a little snapshot of
what's been going on in the marketsrecently. Again, just head on over

(01:06):
to Klaus Financial dot com as mentionedjoining us this morning our CJ Klaus and
Malia Quavis CJ. How you doingthis week? Doing great? How are
you, Sean, I'm doing well. It's great to chat with you.
Malia. How you liking the coolertemperatures? It feels like fall. We're
ready for some nice pie and coffee. I think I think you're right on
with that one for sure, speakingof a nice cup of coffee and some

(01:29):
great food. Of course, ClassQuiz Question Week, we've got one this
week. Chance for you to wina twenty five dollars gift card to Cracker
Barrel. You never go wrong atthe Cracker Barrel. There's always something tend
a wattle out of there from timeto time, so great chance for you
to win a great gift card tothat with the Class Quiz Question week.
Tell you a little bit later onthe program. How you can win that
little tip though, is if youlisten closer to the show. Mostly every

(01:52):
single week, the question and answerto the claus Quiz Question of the week
come up during the show, soyou want to pay close attention again lines
they are open to you this morningat six eight three two one thirteen ten.
That's six eight three two one thirteenten. Love to have you joined
us this morning with your question.The website for Claus Financial claus financial dot
com and the telephone number six Oeight four four two five six three seven.

(02:15):
This week we're going to be talkingto a group of people that I
know a lot of you listening hereto thirteen ten WIBA are these people which
are small business owners. Will talkabout some of the challenges that small business
owners can face when it comes toretirement and retirement planning, and some of
the things to keep in mind ifyou are a small business owner. Before
we get rolling though on this week'sconversation, let's take a look back at

(02:37):
last week's Claus Quiz question the week, Get the question and the answer there
as well. Yeah, so lastweek we had a good conversation about social
Security benefits and what that means forspouses, current spouses, X spouses,
and survivors. So take a listenif you didn't catch last week's show,

(02:57):
But the question of the week was, in order to a survivor benefit with
Social Security, what is the earliestage you can begin receiving it Donna of
McFarland. Congratulations to her. Shecalled in first with the correct answer.
The age is sixty, So goodto know that information. But other information
that pertains to your situation. Listento last week's show and you might be

(03:20):
able to learn some more about yourfuture benefits. And I know every time
we talk social security and get greatinformation from our retirement planning professionals Malia and
CJ, we always get get alot of feedback, a lot of calls,
a lot of questions, and therewas so much information. As Malia
mentioned, that podcast great tool.If you head on over to class financial
dot com you can listen back tolast week's show, this week's show.
If you miss any part date's program, of course, you can always listen

(03:43):
back as well. Subscribe at classfinancial dot com delphin number six to eight
four four two five, six threeseven. So this week we are going
to talk about income sources when ofcourse on the show generally we talk of
course about income sources when planning forretirement. But today we're gonna be focusing
in on those small business owners andsome challenges that they face when developing some
future streams of income. And CJwhat can you tell us about business owners

(04:08):
and their journey into retirement and howit's a little bit different from those of
us that may be employed by anemployee er. Yeah, I'm excited for
the show today. We often talkkind of to W two employees of some
sort throughout Illinois and Wisconsin or foreverwhoever is listening to the show. But
today we're going to talk about smallbusiness owners. Now, often small business

(04:30):
owners, if they understand entity structure, will set up some sort of s
corporation or LLC that makes them aW two employee of the business that they
own. So it's not to saythat small business owners aren't W two employees,
but they also have other considerations,namely reinvesting in the business, hiring
talent, retention, sales, marketing, YadA, YadA, YadA. So

(04:55):
this is a show that's somewhat nearand dear to my heart because my father
founded Claus Financial back and seventy sixwith his brother, and a lot of
the things we're going to talk abouttoday are real life experiences for both my
father and then myself as a secondgeneration kind of owner operator of the business.
Full disclosure, I'm not the onlyowner of the business that is not

(05:15):
a family owned business. But alot of what we're going to talk about
was very emotional and difficult for himand was very true for him and my
mother. So again a show that'snear and dear to my heart. But
for those who are listening. Asretirement planners, we work with the people
with people of course, for manydifferent types of occupations, including small business
owners. So this type of retirementplanning is a different conversation than say the

(05:41):
person who is maybe collecting Social Securityat pension and distributions from their four O
one K. In the case ofbusiness owners, future retirement income is typically
all bottled up in their business,or at least mostly. Many small business
owners invest their blood, sweat andtears in every penny into building business,
but they maybe don't set aside muchfor themselves. A huge number of entrepreneurs

(06:06):
have reported putting aside no retirement savingsat all. For some selling the business
is their only retirement plan. Andif this is the business owners plan,
there are of course risks for theirfuture retirement. There could be health issues
in the future, shifting market conditionscould wipe out their business, or perhaps

(06:26):
the business is no longer profitable allof these situations can make it difficult to
fully retire with the nest egg thatwas thought to be there. As a
business owner, assuming you do wantto retire at some point in the future,
you will have to fund your ownretirement plan and decide what to do
with your business before you retire.So again to personal experience, I have

(06:47):
seen small business owners who, whilethey're saying their forties and fifties and making
good income and kind of dealing witha thriving business, will actually both do
well and at times of high onthe hog, they'll they'll be broke,
and then a few years later they'llbe buying a new four D F one
fifteen. You know what's happening.And it's this very kind of all over

(07:08):
the place because they're having to reinvestand then they're getting to take some money
off the table and then reinvest andtake some money off the table, and
so it can be hard to almostdifferentiate them from anybody else. But often
when they get to the end,they have little to nothing set aside because
there was no forced or consistent savingsmechanism. Talking this week with CJ.

(07:29):
Claus and Malia Quaevis of Class Financial, they are our retirement planning professionals love
to get you on the air withyour question this week six O eight three
two one thirteen ten. That's sixO eight three two one thirteen ten.
You can learn more about Class Financialon their website class financial dot com.
That's klaas Financial dot com and thetelephone number six so eight four four two
five six three seven No charge forthat finitial get to know you appointment at

(07:53):
Class Financial. It will be complimentaryto you. So CJ. What are
some of those things that folks shouldbe then thinking about? Yeah? So
many many retiring small business owners decideto sell the business, and of course
the proceeds from the sale can helpto fund their retirement. This might be
a situation where you will create saymonthly income from the sale of the business

(08:13):
for a period of time or geta lump sum what we often call a
liquidity event that you have to setaside and then generate income for yourself.
But the process of selling a businesscan be difficult based on either the type
or location of a business and ultimatelythe marketability of the business. The question
for your business is are you creatinga legacy or are you going to run

(08:37):
the business into the ground, soto speak, where there is no residual
value to you or anyone else.So again a topic near and dear to
my heart. What I would sayis, often, because we work with
a lot of small business owners,often there is some sort of residual enterprise
value. Now, when you getinto buying and selling businesses, you have

(08:58):
to understand what's called tax allocation.You have to understand are you selling.
Is it an asset sale? Isit an equity sale? Those have different
tax treatments. Am I selling goodwill? Am I selling a client list?
What is it that I'm actually selling? Am I selling inventory? You have
to know your business. But agood CPA, a good kind of expert

(09:20):
investment banker, somebody in the spaceof helping to market and sell businesses can
go a long ways to help thesesmall business owners just understand the enterprise value
of what they have. Often peoplesay, no, the business is me
and if I'm not here, thebusiness has no value. Truth be told
that you're probably puffing yourself up toomuch. That could be true in certain

(09:41):
circumstances, but often businesses can continueif there is a continuity plan to them.
So it's important to understand that Sellinga business can be emotional. You
probably have spent years or even decadesbuilding up your business products or services,
and you may you may know youremployees well and want to make sure that

(10:01):
they're cared for. So you needto start kind of moving towards these first
steps to consider selling your business.So here's a fun fact. Seventy eight
percent of small business owners plan tosell their company to fund sixty to one
hundred percent of their retirement income needs. This is according to CNBC and Financial

(10:22):
Planning Association. Seventy eight percent ofsmall business owners plan on selling their business
to fund sixty to one hundred percent. Now you may not understand why that's
such a significant step, but here'swhat I'd say to you. A lot,
and I'm talking a lot, alot, a lot of small business
owners plan on selling their businesses andthey never do. So I just cannot

(10:46):
encourage you small business owners out there. If what we're saying today is resonating
with you, try to find agood CPA, try to find a good
financial advisor to begin that discussion sothat when your health fails or you're just
not able or willing or wanting tocontinue to run the business, that you
have a plan ahead. It's funnywhen you look at sometimes if you go
to like the Wisconsin Historical Society andthey've got a bunch of photo collections of

(11:07):
like old main streets and stuff,or even if you drive around old main
streets in any community, you'll seelike old buildings it'll say blankety blanket and
suns and you know, like thepaints all fading. You're going, well,
what happened with the Suns? Well, the Suns decided we're moving to
Chicago. We're going to do somethinga little bit different. So very interesting
stuff. It's a fantastic conversation,such great information from our retirement planning professionals

(11:31):
C. J. Claus and MaliaQuavis. Don't forget. If you've got
a question, we would love tohave you join us this morning. Telephone
number to get on the air sixeight three two one thirteen ten. That's
six so eight three two one thirteenten to get on the radio show this
morning, Don't forget. You canlearn more about Class Financial on their website
class financial dot com that's Klaas Financialdot com. Great website, great resource.

(11:54):
And the telephone number for Class Financialsix O eight four four two five
six three seven. No charge forthe initial get to know you appointment Tech
Class Financial. It will be complimentaryto you again. They're number six O
eight four four two five six threeseven. We'll talk about business owners and
what we know about plans for sellingbusinesses with those details from Malia and we'll
take your call next as Money inMotion with Class Financial continues right here on

(12:16):
thirteen ten w IBA. This isMoney in Motion with Class Financial, a
fun and informative show designed to helpyou get answers to all your retirement questions
in one place. Chatting with ourretirement planning for professionals from Class Financial,
C J. Class and Malia Quavis. The website Class Financial dot com.

(12:39):
That's klaas Financial dot com. They'retelephone number six O eight four four two
five six three seven. No chargefor that ininitial get to know you appointment
Tech Class Financial. It will becomplimentary to you again. They're telephone number
six O eight four four two fivesix three seven and the number to get
on the air with your question thismorning six O eight three two one thirteen
ten at six eight three two onethirteen ten talking to small business owners this

(13:03):
morning and understanding what considerations need tobe made, things need to be thinking
about when it comes to planning forretirement and Malia, do many business owners
make plans for in advance for sellingtheir businesses or what are some of the
details on that front. Yeah,And I think it's important to first understand

(13:24):
that we really are talking about selectgroup of individuals who've decided, hey,
I want to have my own enterpriseand lead it well and grow it like
nobody else has. So there's atotally different type of personality, perhaps than
the person that goes to work forone of these organizations. So it's a

(13:45):
specific kind of person and when wemeet with these business owners who are trying
to build the next greatest entity,we find that oftentimes they say to us,
you know, I just never reallythought about retirement, and suddenly they're
looking at themselves or their friends andgoing, you know, maybe I'd like
to consider retirement at some point,but I just don't know how to get

(14:09):
there. So this comes up quiteoften, and really it has more to
do with the fact that people areengaged on a minute by minute, day
by day basis with their own businessesand they simply don't take the time to
kind of look at their own situationand make some plans. So back in
twenty nineteen, Score the group thatmentors small businesses across the US, they

(14:33):
found that thirty four percent small businessowners first of all, don't have the
retirement savings plan usually for themselves.And also they confirmed forty percent of respondents
don't feel confident about their ability toretire before the age of sixty five.
So again, retirement does sneak upon them, so to speak. But

(14:54):
I think more than anything, it'sreally a situation where they and have given
everything to their business. They considerthemselves probably a person that can just work
forever, because, like I said, is their baby, so to speak.
And then finally when they do goto look to sell their business,
there's not always buyers. And wedeal with some of those clients right now

(15:18):
who have small businesses and truly they'reready to now retire and there's not necessarily
a buyer that's ready to buy outtheir business. So so when we talk
to business owners who lack retirement savings, they cite the following reasons that they
don't have retirement savings. First ofall, thirty seven percent of them say
that they lack the profits to sayfor retirement, which may or may not

(15:41):
be true. Twenty one percent usetheir previous retirement savings to invest in their
own business. Now we see thisa lot because people want to start a
new entity and they just literally drainedsome of their previous retirement accounts to in
order to fund that new business.Eighteen percent and then plan to sell their
business to fund their retirement. Wespoke about that at twelve percent do not

(16:06):
have any plans to retire. Wehear that daily. And then twelve percent
do not see the need to savefor retirements. So we see this across
all different types of small businesses.You know, we work with medical professionals
who say, you know what,I'm just going to keep on working,
putting every dollar into my practice andsomeday there'll be a buyer. And so

(16:27):
that's a great hope unless things changeand you want to retire sooner and the
situation doesn't afford for your business tobe sold at that exact time. So,
you know, everyone, like Isaid, this is a special group
of individuals, and I'm so happywe have those entrepreneurs out there, but
we need to protect you as wellso you can retire. And the importance

(16:48):
takeaway from this and every show isabout the importance of planning, and that's
one of the great things about gettingto know the folks at Class Financial CJ.
Clausomleequave us our retirement planning professionals thismorning. You can learn more about
Class Financial and the team all ontheir website Class financial dot com. That's
Class klaas Financial dot com. Howthey can help you if you're an individual,
if you're a business owner on otherareas as well, at Class Financially

(17:11):
can learn about their separate divisions allat Class financial dot com. They're telephone
number six O eight four four twofive six three seven. No charge for
that initial get to know you employmentTech Class Financially. It will be complementary
to you again their number six Oeight four four two five six three seven
and the phone lines are open thismorning six eight three two one thirteen ten.
That's six O eight three two onethirteen ten left to get you on

(17:32):
the air with c J Class andMalia Quavis this morning. So as we
talk about about kind of putting thatplan together, what are some of the
steps then that business owners can taketo be putting aside retirement funds? Yeah,
good, questions. So, ifyou're five to ten years away from
retirement and have not already done,you know, a bunch of retirement savings,

(17:53):
you know, due to having toreinvest in the business or anything else
like that. Here's some options foryou to consider in order to get started
again. These would be for thesmall business owners. And we're going to
go in terms of like almost likelowest hanging fruit to kind of some of
the more complex items. But lowesthanging fruit here would be considered just establishing

(18:15):
a traditional ira or roth ira.So these individual retirement accounts are easy to
open and available to virtually anyone.You can contribute up to sixty five hundred
dollars in twenty twenty three, withan additional thousand dollars if you're over the
age of fifty, for a totalof seventy five hundred and Again, the
main difference between a traditional IRA orroth ira is whether you want tax savings

(18:38):
now or tax savings in the future. So we've done entire shows, we've
done entire years. It feels likefocused on these topics by all means.
Go to our website and just jumpinto our search feature there and look for
shows on traditional iraise and roth iraiswe have boatloads of them. Another option
would be something starting to get alittle bit more complicated, called a sep

(19:00):
IRA. This is a simplified employeepension i RA. Sep IRA operates much
like a traditional IRA, except youcan contribute a lot more annual contributions.
Instead of being capped at sixty fivehundred or seventy five hundred, they're capped
at closer to sixty six thousand intwenty twenty three, which is again a
lot more, and if you areover the age of fifty, there's even

(19:22):
catchups on top of that. NowI'm simplifying here because you can only contribute
twenty five percent of your kind ofnet compensation, So it is there are
various limitations. You would want totalk to your accountant and make sure you
run this thing accurately. And ifyou have employees, it starts to get
even more complicated because then you haveto put in the same percentage for them

(19:45):
that you're putting in for you,So you'll want to talk to your accountant.
But then you get in two thingslike a SOLO four one K.
A Solo four one K is availableto bus business owners with no employees.
Now there is an exception for aspouse, so it could just be say
you and a spouse. We havesome like real estate agents we work with
who are a husband and wife duo, and they can do a solo four

(20:07):
one K. They're both technically employeesof their own business. But if they
go outside of them in their spouse, then suddenly the solo four O one
K doesn't work. But again similarto that sep I ray, the limitations
are upwards of sixty six thousand dollarsa year or more. If you're over
the age of fifty, you cando roth solo four o one ks or

(20:30):
pre tax solo four o one ks. So some really cool things that you
can do there. And then finally, when you start to get into the
world where you say, I justI want to dip my toe into a
retirement plan, but I have someemployees and everything you've told me so far
cj OR is only for me.That's when we start getting into simple iras
and just kind of traditional four ohone K plans. So a simple IRA

(20:51):
this option has a lower contribution limitof up to fifteen thousand, five hundred
in the age of twenty three,and then if you're over the age of
fifty, there's a thirty five hundreddollars catchup for a total of nineteen thousand,
So certainly a lower overall contribution limitto a simple array. But here's
one of the kind of catches.You must offer a three percent match or

(21:11):
a blanket two percent contribution to allof your employees. Now you can deduct
contributions made to your account and thosemade on behalf of your employees, but
you start to get into thinking morecorporately about yourself and all the employees in
terms of how they can save andhow much you must save on their behalf.

(21:32):
Again, when you start getting intothe traditional four oh one K or
four oh three B or four Oone A world, then you're getting into
more flexibility but also more complexity asit relates to how much you must save.
And there's things called safe harbor rulesand ADP testing that comes into it.
So it's not bad. As amatter of fact. Full Disclosure Cost

(21:52):
Financial has a four O one Kplan and we consult with tons of businesses
around establishing them. We love fouroh one ks. We think they're great,
a great retention tool, but there'ssome ideas for the small business owner
to say, hey, what aresome of my first steps? And as
I just went through, it canbe as simple as just setting up a
traditional IRA or roth ira, andthen it can get as complex as setting

(22:15):
up a full you know, fullscale four O n K plan for all
of your employees. By all means, if you have questions, feel free
to call our office after the showtelephone number six O eight four four two
five six three seven. That's ClassFinances office right here in Madison. No
charge. That initial conversation that getsto know you appointment at Class Financial will
be complementary to you. Their telephonenumber six O eight four four two five

(22:38):
six three seven. The website classfinancial dot com. That's klaas Financial dot
Com. We'll conto you our conversationwith CGM Melan. We'll do the Class
Quiz question week. All of thatnext as Money in Motion with Class Financial
continues right here on thirteen ten wIBA. This is Money in Motion with

(23:00):
Class Financial, a fun and informativeshow designed to help you get answers to
all your retirement questions in one place. Telephone number six SO eight three two
one thirteen ten. That's three twoone thirteen ten. You want to get
on the air with our retirement planningprofessionals, Malia Quavis and c J.
Class. Of course, they cometo us from Class Financial, the website
class financial dot com. That's KlaasFinancial dot com. The telephone number six

(23:23):
O eight four four two five sixthree seven, no charge for then initially
get to no appotment at claus Financial. It will be complementary to you again
their number six O eight four fourtwo five six three seven. Talking to
small business owners this morning when itcomes to planning for retirement, a lot
of great information. Don't forget ifyou missed any part of the program,
you can always listen back at classfinancial dot com and of course subscribe as

(23:45):
well to the podcast right there,that's class financial dot com. So I've
got some tips then for folks whoare planning to maybe sell their business before
they retire. Malia, Yeah,so that is the key phrase. Taking
the STAPs to perhaps sell before youreally involves planning so to make this all
work out perfectly. So some tipsfor getting ready to sell your business before

(24:08):
you retire, you know, oneof them would be to start with create
a succession plan. Now this iswhere you need to plan in advance.
So this is looking at some ofyour key employees that hopefully you've trained up
in the business, who may infact have a goal of becoming an owner
someday. So making sure that thosepeople have an awareness that you're looking to

(24:33):
them to potentially, you know,take over the reins, and making sure
that they're comfortable financially that they couldactually make this happen. That really is
probably the nicest way. As you'vementioned about storefronts and seeing Anderson and Sons
or whatever it is, it's likeideally, you know, it's not necessarily
family, it's it's actually some ofyour your prized employees that really have that

(24:59):
same type of a spirit that youcan quote raise up in the business.
So I think creating a succession planis probably the first thing we'd like you
to look at. But secondly,getting an appropriate valuation. Now, most
people think their businesses are worth morethan they're actually worth. Let's just start
with that because they gave birth toit. So first you really want to

(25:22):
take stock of what it's actually worth. You're going to do some research.
First, You're going to start withlooking at your assets and your liabilities,
just like you do as an individual. Then you're going to look at your
profits get an idea of what yourbusiness is actually worth as you check out
similar businesses in the same area.Then you're going to probably want to consult

(25:42):
with an experience, experienced business brokerthat works in your industry. That's really
key before you would even contemplate initiatinga sale. And again, as we
mentioned before, if sometimes you're notplanning to sell the business, maybe you're
not planning to retire for five years, but then suddenly a buyer shows up

(26:03):
with an offer you can't refuse.So it's really important that you understand,
you know, maybe a valuation earlierthan later, so you're prepared for what
is my business actually worth. Andthen finally, consider whether you're children and
I'm not talking little children talking,you know, maybe they've gotten through college
at least, but consider whether yourchildren want to be involved in the business.

(26:25):
I have heard this so many timeswhere it's just assumed that the children
will want to take over the familybusiness. And that's a wonderful thing because
you've you've worked hard at it andyou know, done a great job with
it. But your kids might havea whole different thought process and what they
want to do. Maybe they don'twant to live in the same area as
you, whatever that might be.But if in fact they do, you'll

(26:51):
want to still work with a businesscontracts attorney to set up perhaps how that
can happen if in fact they wantto buy into the business, not just
take over a business, and reallyyou know, handle it as if it
were you know, someone else.I mean, it's a different situation.
But you also want to make surethat you are properly paid for your business,

(27:11):
most likely if in fact family ismoving into it. Because when there's
family involved, let's just be honest, it's a little more sticky, and
there may be siblings involved, right, and so you want to make sure
that you try to keep business asbusiness as much as possible. Easier said
than done, So keep those thingsin mind. There's a great show that

(27:33):
was on HBO Succession, Yeah,I'm aware of it. Yeah, and
also a little more family friendly ElementalDisney film if you it also involves handing
down a business to a chapter.Really good stuff. Yeah. Oh,
it's such great information. Speaking ofbeing entertained this podcast, we always have
so much fun and there's always suchgreat information. You can always listen back

(27:55):
at class Financial dot Com. Ofcourse, listen to this show in previous
shows as well, that's Class Financialdot Com, I l as Financial dot
Com and CJ. What if youhave an employee that may want to take
the reins, may be interested intaking over the business. Yeah, great
point. Keep your eyes and earsopen for this and perhaps actively groom those

(28:15):
people so this would be appreciated bythem, It'd be appreciated by all your
employees and certainly by your customers.So train some of those key leadership employees
to be prepared for management level dutiesfinancial management, marketing, sales, and
this is this can be natural,right, This doesn't have to be Oh,
it's I've got to completely stop whatI'm doing and think about this.

(28:37):
Now, you're gonna need as thebusiness grows, You're going to need people
who are heading up things like operations, things like sales, things like financial
management, and so you just haveto start to let go of some of
them and then think about the baseof your customers and who is best suited
to serve those customers as you retire. Who do those customers maybe already know

(29:00):
right inside of your business? Whoyou say, well, they already know
Johnny or Susie. But but youknow, Johnny and Susie aren't aren't great
entrepreneurs. Well great, maybe thebusiness doesn't need an entrepreneur anymore, right,
Or maybe Susie or Jimmy are theones to own it, but there's
somebody else to run it and thenbe ready for the emotional work. So

(29:22):
we have this kind of visual.And I know we're on a radio show,
so you can't see what I'm doingwith my body, but we have
this visual, which is we givebirth to this, to this business.
And I say this because again Ilived through this with my father. We
give birth to this business. Andit is painful, it is beautiful,
it is amazing. It requires everyounce of energy from both you, your

(29:47):
spouse, and even family members attimes. Listen, I was cleaning my
father's office of Class Financial as achild, just to try to help out
because they couldn't afford cleaners early on. And then you envisioned this child that's
growing up. And then you envisionthis father or mother hugging the child.
And as they get older, thatchild gets older, and it's kind of

(30:07):
like the father and mother who whenthe child is older and bigger, they're
still hugging and squeezing the child.And if they continue to do this for
too long, what ends up happeningis they squeeze so hard that they end
up breaking bones. Right, Andthe idea is, oh, no,
no, no. As children getolder, you need to release the control,
not clamp down on the control.Now. I say this humbly because

(30:33):
I fully understand some of you smallbusiness owners out there are roll in your
eyes right now saying, oh,but you know the business needs me.
I get it, I get it, I get it. This is your
baby. But just like raising achild, that as they get older,
you have to start releasing that controlbecause if you don't, then you become
the problem for the child, notthe child. You're the problem. In

(30:55):
a similar way, if you don'trelease the reins of control, you will
be caught. You will be thecause of the death of your business.
So some food for thought for oursmall business owners out there. Again,
if if you want any counseling,we have kind of experts in this area
that deals with small businesses, bemore than willing to sit down and chat
with you. Such great information andit's really really important stuff to be planning

(31:18):
for and thinking about and doing thatstuff two day. It's also great day
to start that conversation. I gottado this morning's pick up phone give a
call at Class Financial telephone number sixO eight four four two five six three
seven. No charge for that initialget to know you appointment tech Class Financial.
It will be complementary to you.The website class financial dot com that's
k l a as Financial dot com. You can learn more about Class Financial.

(31:40):
You can also listen back to thispodcast and previous shows all at class
financial dot com and the telephone numbersix eight four four two five six three
seven. Good time now to rememberthat number because it's time for the class
quiz question the week. It workslike this and just a moment, I
will ask you the class quiz questionthe week. You'll then have thirty minutes
from the enter day's program to callthe Class Financial Offer office right here in
Madison at six O eight four fourtwo five six three seven. If you

(32:04):
are the first car with correct answer, you win this week's prize, which
is a twenty five dollars gift cardto Cracker Barrel. This week's class quiz
question a week is this true orfalse? A solo four oh one K
is available to business owners who haveemployees true or false telephone number six O
eight four four two five six threeseven. If you are the first call

(32:25):
with correct answer, win this week'sprize, which is a twenty five dollars
gift card to Cracker Barrel. Anddon't forget as well. That is Claus
Financial's office here in Madison six eightfour four two five six three seven.
The website Class financial dot com.That's Klaas Financial dot com. CEJ Malia.
It's always great and informative hanging outwith you guys. You enjoy this
beautiful day. Thanks Shanks, Seeyou guys. News comes your way next

(32:46):
here on thirteen ten w IBA.This is Money in Motion with Class Financial
Asset Advisors, LLC, a registerinvestment advisor registered with the SEC. The
content of this show is for informationalpurposes only and should not be considered individual

(33:07):
investment advice. Class Financial does notoffer tax or legal advice. Any opinion
offered during the course of this showis the opinion of that particular investment advisor
representative, and not necessarily the opinionof Class Financial