Last week on Independence Day, Tom Fochtman, Ceibass CEO, celebrated those lawn & landscape business owners who have declared they want to be financially independent.
“This is not an easy path, the path to financial independence,” said Tom Fochtman. “It is not for everyone. First, you need to know how much money you will need to be financially independent. Take your time to figure this out. What will you be satisfied with? You don’t want to work 40 years – age 22 to 62 – and hit a number or a financial target that you will not be satisfied with. What I can tell you is that you will need more than you think.”
Tom went on to say that declaring your intentions is a way of avoiding aimless drift with your business. A declaration to be financially independent is a commitment to produce that outcome. It helps owners from being task-oriented and puts a focus on developing good customers who appreciate and reward good work, sound systems & procedures, great employees and competitive benefits.
“An owner trying to make enough money to be financially independent and live a great life needs lots and lots of help,” said Tom. “The ambition to be financially independent keeps their focus on the prize, on being productive. They put more attention on people and systems and good equipment. They have a longer sense of time. And they view their business as “the goose that laid the golden egg.” They take care of it and nourish it and work it with great attention to detail.”
So declare your intention to be financially independent. Work on your ambition. Get a real number. Shoot for it. And work with a professional who can keep you on track and who can tell you realistically what you need to do to get the money out of your business.