Michael Breus’ ‘The Power of When’ A TIME FOR EVERY PURPOSE
Many business owners who want to sell their business haven’t given much thought to some of the financial decisions that need to be made before and after the sale. When selling a business to an outside party, important employees, or family members, there are financial items that the business owner should consider: FINANCIAL DECISIONS
You know you’re supposed to eat right, exercise every day, and sleep 8 hours each night.You might even have a routine down from when the alarm goes off to when your head hits the pillow. But did you know there’s actually a perfect time to do each thing every day? That’s the thesis of “The Power ofWhen,” a new time-management book by Dr. Michael Breus.
Questions:
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• Do you want to provide financing to simplify the
selling process? If so, will you be financing all or part of the sale price? • Where can I get financing for the sale? Investigate ways to facilitate financing for the sale of the business. proceeds. After you receive the sale proceeds and have paid the tax, where are you going to place those funds? If safety is a concern, then have an investment plan in place to minimize risk. • Investment choices for the sale
Breus, a clinical psychologist who specializes in sleep disorders, realized that for some of his patients the time they went to sleep was actually more important than the amount of sleep they got. By changing when they crashed, they changed how effective that sleep was.“I wondered,‘What else could this work for?’” Breus says.That wonder led him to look into what else could be timed for maximum efficiency.And the more he researched, the more he discovered. “Contrary to what you might have heard, there is a perfect time to do everything,” Breus writes. From that cup of coffee and your daily workout to when you watch TV, there’s a time for every activity in your day.And by a “perfect time,” Dr. Breus means a perfect time for you. Much of this book is dedicated to helping you learn your own habits and preferences , so you can customize your perfect time routine according to what will work in your own life. Breus is a scientist first, and his findings are based on hard evidence. His advice on when to wake up, for example, involves the use of a sleep monitor and is based on our internal biological clocks, which were, for thousands of years, activated by the sunrise. Humans were slowly brought into stage 1 or 2 sleep by the gentle increase of light.That method is less taxing on our systems and leaves us feeling more awake when we rise. This book covers everything, from learning something new or drinking coffee to meditating or using the restroom.Whether you want to read a book at the optimum time, or change your sleep schedule, “The Power ofWhen” is a must-read.
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• Do you want to continue paying tax on your gains?
Or prepare for tax-free income with the sale proceeds?
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• Take the appropriate protection steps for estate and wealth preservation strategies.
John Miller, Attorney Favorite Food: Pralines and ice cream (as a reward when I hit healthy goals). Why this career: I became a lawyer to help people by analyzing and solving their unique and interesting opportunities and problems; I wanted to break the stereotype of the typical attorney, by practicing with integrity and speaking plainly when talking about the law with clients.
Kimberly Deas, Business Broker Favorite Food: Sushi
Why this career: I gave away a $16M business and did not know it had value. I am now an ex- pert at helping others make better decisions and not lose their life’s work. I enjoy learning about businesses and understanding what makes a business successful and helping small businesses stay in business through a successful transfer.
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