Retirement planning and wealth transfer to children is also very multifaceted. Shares can be transferred at low tax rates and many inheritance taxes don't apply. Family SASS pensions are also a great way to invest profits from the business with all the family members in one program. Please speak with your wealth manager who will specialise in this area. 6. Personal Growth - Running a business can be one of life's great challenges. Small businesses are very much a function of the growth of the owner in being able to expand their own thinking and navigate the business through a changing business landscape and also growth. Many business owners seek out coaching programs to help them grow personally and constantly develop ever better, more effective business strategies and personal strategies…something they might never do just as an employee. There is no shortage of challenges from financial, staff motivation, leadership, customers, and products…and finding personal balance in the middle of all of it can be daunting. This process can also be very rewarding as challenges are overcome and real change happens…or debilitating if the person is not really made for this kind of experience. The type of person that thrives on these challenges we call an X-Factor leader which is covered in a later chapter. 7. Being Part of the Business Community - There are some amazing people running businesses in the community who have a unique perspective that someone that is an employee would not necessarily have. These people often belong to specialised networking, political and social groups. Being a business owner often qualifies you to be part of these groups in a way that might not otherwise be possible. 8. Starting a Business From Scratch is Much Harder - The general statistic that is discussed is that only 20% of businesses are even still trading after 5 years and only 10% after 10 years. Of the ones that are still trading, the vast majority never make it over £1M in turnover.
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