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Mar 21, 201910:56 AMExit Stage Right

with Martha Sullivan

Managing the last stage of value maturity

(page 2 of 2)

The Manage stage encourages you to see where you are at and where you are going in terms of wealth, estate, and personal planning. It’s about preparing and protecting yourself and those around you. It’s taking care of the little but vitally important things that make all the difference in the world, like updating the will or irrevocable trust; making sure powers of attorney are in place; and mapping out what you want to do next, what resources you need to do it, and what strategies will best help you meet your goals. You’re managing your own journey.

While Manage is the last stage in the Five Stages of Value Maturity, it’s not a stage you “arrive” at or do just once. This is the stage that, like a good habit, you should do consistently — kind of like turning your car lights on every time you get in the car.

Don’t wait until you have your nest egg to talk to a wealth manager. Meet with him or her regularly to map and update your course as you go. Connect with your attorney to update documents and verify they meet your current interests.

If you’re about to sell your business, get your wealth manager, attorney, and tax advisor in the same room well before you sell the company. Too many times, owners don’t and they can end up structuring a deal that backfires with their wealth and tax plans.

Manage crosses all the other stages. It’s the light that gives you direction. It helps you to see where you’re going. It helps protect you from things sneaking up behind you when you aren’t expecting them. It’s an important lifelong habit.

So, for goodness sake, please turn your car lights on. Manage. You and the important people around you will be grateful you did.

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