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The Consequences of Procrastination

Far too often, highly successful business people put off crucial decisions because they aren't urgent. Let me share a story

Fred ran his very successful company for over 30 years. He built it into a powerhouse, grossing over 50 million per year. Sally, his wife of over 40 years raised their kids and managed their home. As Fred was such an astute businessman, she assumed he had taken care of everything and she had nothing to worry about.

Fred was approached by our firm some time ago. While polite, he was also direct in telling us he was all set.

Fast forward 8 years. A client of ours asked if we would take a meeting with their friend whose husband had recently passed away. She was really struggling trying to figure everything out.

Lo and behold, it was Sally. Grief stricken and overwhelmed she was trying to figure out all the business affairs, the banking issues, what money she had coming to her and how she could gain access to it. She did not know who they owed money to as Fred had personally guaranteed the business loans. She had no idea what Fred had intended to leave to their adult children.

Sally was at her wits end. Very little of the planning that she assumed Fred had taken care of was ever done. She needed help.

We guided Sally through the next two years. There was a lot to sort through. Also, while Fred was tough regarding what the children were to have, Sally was not. We had to guide her through a lot of questions and answers so she could fully understand what it will take for her to be financially secure for the rest of her life. The children’s needs and desires would come after.

This story is unfortunately way too common. All of us at some time or another put off what we know we should do because we may not know how to do it, or are fearful of doing the wrong things, or simply do not want to face certain possibilities.

We are Behavioral Finance Coaches who work with successful people to accept and confront the “what ifs” we all face, and help them take the steps necessary to move on with confidence, knowing that their story will be different.

CRN 202010-238170