Own a Business – Be in Control
The July 7, 2011 Wall Street Journal had a front-page story about how new 401(k) regulations have reduced employee contributions. It seems that once companies could automatically enroll employees in their 401(k) they also picked a minimum contribution level that was below what voluntary enrollees picked on their own (3% or less vs. 5-10%, respectively).
Like the Three Musketeers, it’s the all for one and one for all mentality. In this case it takes away control from many who want to contribute more (or don’t understand they can contribute more).
There is a better way! When presenting workshops on business buying I always hear from attendees that the main reasons they want to own a business are control, independence and to benefit from their hard (and smart) work.
Buy a mature and profitable company and be able to control a lot more than your retirement contribution. In fact, you’ll have more money to do a lot more things and the independence to do it your way.
“Family farms and small businesses are the backbone of our communities” Tom Allen
