Build wealth beyond your business by looking at your company as more than a source of income. In this episode of Biz Help For You, host Candy Messer talks with Mark Miller about the connection between business ownership, cash flow, taxes, investing, and long-term wealth.
Many business owners focus heavily on revenue and profitability. Those things matter, but Mark encourages entrepreneurs to think about what their business can become over time. A successful business can be an asset and, according to Mark, building a business can also teach owners how to think differently about other investments and wealth-building opportunities.
Your business can be part of your wealth strategy
Mark explains that many of the wealthy people he has worked with are business owners. He encourages people who are starting out, including W-2 employees, to consider building a business or side business around an area they know and care about.
The goal is not simply to generate more income. A business can create cash flow while also becoming an asset that contributes to a broader long-term wealth strategy. Mark describes building a business as a form of private equity investment and says that the experience can help business owners learn about other ways to grow wealth.
However, he also emphasizes that starting a business is not a guaranteed path to wealth. It takes research, commitment, and patience. One of his biggest concerns is that people give up too soon. He believes business owners need to give a new business two or three years to gain traction rather than expecting substantial results immediately.
Think beyond income and returns
Another important part of building wealth beyond your business is changing how you think about money. Mark says many investors focus primarily on returns and short-term results. He argues that wealthier investors tend to think further into the future and place greater emphasis on safety and security.
Tax planning is another major piece of the strategy. Mark distinguishes between simply preparing tax returns and actively planning for taxes. He explains that deeper tax planning can uncover opportunities beyond standard deductions and strategies.
For business owners, this planning becomes especially important when preparing for an eventual sale. Mark shares an example of a business owner who lost millions in potential savings because tax planning was not done early enough.
Building a successful business is an accomplishment, but the bigger question is what that success can do for your long-term financial future. By thinking about your business as an asset, planning for taxes, and taking a long-term approach to wealth, you can begin to build wealth beyond your business.
Listen to Build Wealth Beyond Your Business: How To Turn Success Into Lasting Wealth on Biz Help For You for the full conversation between Candy Messer and Mark Miller.
Key Notes
- A successful business can be more than a source of income.
- It can become an asset and part of a broader wealth-building strategy.
- Mark Miller encourages people to consider business ownership as one potential path toward building long-term wealth.
- Building a business requires patience, research, and commitment.
- Mark says many entrepreneurs quit before giving their business enough time to gain traction.
- Tax planning is different from simply preparing a tax return and may uncover additional strategies for reducing taxes.
- Business owners should begin planning for a potential business sale well before the exit to avoid unnecessary tax consequences.
- Long-term wealth building requires shifting away from a short-term focus on investment returns and thinking more strategically about safety, security, and the future.
Links
Find Contact information at: https://affordablebookkeepingandpayroll.com/resource-thank-you-list/
Bonus Content- The Key to Building a Successful Business: Persistence: https://www.youtube.com/c/CandyMesser/join
About Mark Miller
Mark Miller is the Managing Director of Hilton Family Office and President & CEO of Hilton Tax &Wealth Advisors. With nearly 40 years of experience, he helps successful business owners and executives grow wealth, legally reduce taxes, and build lasting legacies using the same strategies trusted by the ultra-wealthy. As the best-selling author of Hilton Wealth: How to Invest Like an American Dynasty, Mark has been featured in over 200 publications including The New York Times, Kiplinger’s, and Money Magazine, and has appeared on Fox News as a financial expert. Partnering with J. Bradley Hilton, grandson of Conrad Hilton, he brings family office-level strategies to entrepreneurs ready to turn income into long-term, generational wealth.
