THE BUSINESS OWNER'S DILEMMA https://ift.tt/zC05NiV

Entrepreneurs are often driven by creative ideation, sometimes at the expense of a long-term, wealth-building strategy. Nasser, a certified financial planner as well as an entrepreneur, addresses this challenge head-on with a multicomponent system he calls WISE—“Wealth Integration System for Entrepreneurs.” Targeting established business owners with a net worth, including their companies, between $10 million and $100 million, the author describes his system eloquently and with a high degree of clarity. Part 1 of the book presents an insightful overview of the risks and rewards facing entrepreneurs, noting that “traditional planning methods are reactive in nature.” Nasser suggests his approach helps fill in the “key gaps” and is more comprehensive. Part 2 offers a richly detailed discussion of the six components of WISE: “Balance Sheet Strategy, Liquidity & Cash Flow, Lifestyle & Legacy, Exit Strategy, Asset Protection Strategy, and Lifetime Tax Strategy.” Devoting a chapter to each component, the author includes advice, illustrative examples, and a helpful list of questions each area addresses. One of the more sensitive elements for business owners is likely to be Exit Strategy. Here, Nasser demonstrates his keen understanding of how entrepreneurs might think about such issues as succession, business continuity, the sale of a company, and, potentially, a “second act.” Part 3 depicts how the parts of WISE integrate and can be applied in seven specific stages. It is a structured approach that may cause some readers to balk; according to the author, “Skipping a step, doing it in the wrong order, or shortcutting the process will often lead to” a negative or “less than optimal result.” Despite this stringent caution to diligently follow the process, the WISE method does appear to be a sensible, objective way to assess the broad value of business ownership. As the author wisely observes, “Business owners don’t just invest in a business because of return on investment. They invest in a business because it’s a passion, a calling and, in many cases, a way of life.” Entrepreneurs looking for wisdom and guidance will find it here.

from Kirkus Reviews https://ift.tt/SEoqrGC