Income, Lifestyle, Business, as a Seniorpreneur

October 27th, 2014   |   Posted by

About Brian Weatherdon

Certified Financial Planner (CFP, CLU, CPCA) in Ontario Canada, speaker and author to help reach and sustain your goals for Life and Wealth. Formerly (1982-1995) as a church minister Brian experienced how poor savings, lost health, or financial catastrophe put people and families into a black-hole of turmoil. Brian’s passion globally connects Life and Wealth with your personal values and goals, to safeguard what you want to enjoy for life and loved ones.

Playing it safe versus taking risks concept for entrepreneurs

Businesses come in every size and range, from one person to multiple divisions, simple to complex. How would you describe your own setting? And as you read this you can realise the years are passing like a spinning wheel. Freedom and Lifestyle are intertwined with decisions in your business and personal wealth. That’s where I come in – not only as a certified financial advisor but also as an educator, facilitator, and friend.

Business. If you were describing your business to someone would it fit the category of “lifestyle business” or is it a distinct “going concern” that can move ahead beyond you? What I mean by lifestyle business is where an enterprise has grown around you and your distinct talents, and it would fall without your ongoing activity. Over half of seniorpreneur businesses arise from the owner’s lifestyle, purpose and enjoyment, with little prospect of realising a nest egg upon sale of the business. A seniorpreneur in this situation is successfully creating an income, perhaps letting other retirement assets grow further before drawing for future needs; but the personal-service or lifestyle business may simply “close shop” when the owner ceases to be active.

Where I live there was a business, let’s call it Margot’s Curios. For many years she ran a happy and faithful business with a few devoted employees. Then one day I realised she was gone! Closed. No forwarding address, nothing! This saddened me because Margot had provided a special and interesting experience in our community. I’m certain that at worst, she could have sold the business for at least a year’s net revenue …selling it perhaps to another seniorpreneur who’d like to “buy a job” and enjoy the lifestyle. Even the most basic guidance from a business valuator could have suggested ways to increase the sale-value of her business, enlarging her nest egg while enhancing the value for staff members and community. Her closure was everyone’s loss, including staff, customers, and also the potential buyers whom Margot never met. Wouldn’t you consider how some creative thinking could have added wonderful possibilities for everyone!

Lifestyle. Someone said you have the right to live according to the choices you’ve made. That could sound either harsh or wonderful, but certainly there’s a pearl of truth here. Your business today is part of your lifestyle and identity. Who are you – what are your dreams – beyond your business? Is your firm an On/Off switch like consulting that you can engage some seasons and turn off in other seasons? Is it a business where partnership or staff members help your business flourish and succeed even if you’re away a few weeks or more? Are you moving toward the absolute freedom of leaving your business, either by sale or closure, or by removing yourself and just drawing a regular flow of dividends? If right now you’re pondering these questions and you feel a desire to achieve lifestyle goals that have been impossibly beyond your reach, what will you change, and who nearby can help you conceive and effect the needed changes?

Ageing. I love the discussions on ageing in our Linkedin group, Active Ageing, Baby Boomers Living Life to the Max. Like you, over time we touch on all kinds of subjects: business and family, health and recreation, travel and widespread experiences of the world, tastes and culture everywhere, friendship and community engagement, financial wellbeing and avoiding the major pitfalls that destroy wealth, income, and family estate. Inevitably even as we remain vigorous longer than any prior generation, our bones and muscles do age and activity retreats somewhat for most of us over time. Have you ever considered – while working as a seniorpreneur – what you might do, knowing that 85% of all health expenses arise in the last 5 years or so of our lives? What could it mean that health-inflation is rising five times more quickly than core-inflation? If you heard today that current business revenues could precisely target and sustain future resources for your healthcare, would you want to know more? This is a theme I address with business owners and professionals of all ages …and how much important it is in our 60s, 70s, 80s, to know we will always have the resources in place for personal wellbeing and health decisions!

Life Income – in Perpetuity. A seniorpreneur may be guarding non-business investments for the future. They may be supporting semi-retirement from business, or secreting investment money to support business with hope of landing a bigger nest egg via sale/succession. Beneath all this, what are your goals for an Income You Can Never Outlive?

This is a major theme in my own practice, to ensure our clients have a flexible and perpetual income. You can see this process by searching “Life Income Mandates”. It’s easy to align this with the needs and goals in your business. We identify a sustainable and global cash-flow that pays you from Dividends, Real Estate, Infrastructure, Fixed-income, and Life Pay-out Annuities. Review this freely at http://guaranteedincome4life.ca/blog/life-income-mandates/ or in chapter 5 of my book, “A Lifetime Of Wealth – And How Not To Lose It.” Share it with your financial advisor(s) to confirm how you’d implement and secure life-long income for yourself and those dearest to you.

By the way #5 in Life Income Mandates is Life Pay-out Annuities …which people love to HATE because of today’s low interest rates. What you don’t know, won’t pay you. Learn how life annuity strategies can sustain income, reduce tax, facilitate sale of a business, even strengthen your estate planning. Overview on these strategies for senior entrepreneurs, at http://guaranteedincome4life.ca/blog/life-annuities-cinderella-goldilocks/.

Seniorpreneurs for Life and Wealth. This is your life, and I dearly hope you are celebrating an abundance each day that fulfils your dreams now and all your aspirations for the years to come. Our discussion – and I welcome hearing further from you – aligns your wealth and business interests with the life you want as well as its value for your family and wider community. If your enterprise is vigorous and growing, all the better for you and for everyone whose wellbeing will be enhanced! If this was a personal matter you felt to just close when you’re done with it, what approaches could help you lift your business to a new level to expand its value? And aside from business itself, are you satisfied and happy that investments and assets are fully protecting your life, freedom, and future security? If anything is missing here; if anything is falling short, make a list immediately of three key people that you’d reach to discuss further with them …and do it now!

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Brian Weatherdon

Certified Financial Planner (CFP, CLU, CPCA) at Sovereign Wealth Management
Certified Financial Planner (CFP, CLU, CPCA) in Ontario Canada, speaker and author to help reach and sustain your goals for Life and Wealth. Formerly (1982-1995) as a church minister Brian experienced how poor savings, lost health, or financial catastrophe put people and families into a black-hole of turmoil. Brian’s passion globally connects Life and Wealth with your personal values and goals, to safeguard what you want to enjoy for life and loved ones.
Follow me at

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