“If a man knows not to which port he sails, no wind is favorable.”
~ Seneca
BUSINESS LIFECYCLE
The Emerging
Business
Stage l
Stage lll
Stage ll
The mature
business
Continued
growth
Experienced
management
Quality focus
Customer and
market
orientation
Renewed
innovation
Regained
flexibility
Return to
risk taking
The Successful
Business
Established
Clientele
systems
Positive
cash flow
and financial
stability
Rapid
growth
Managerial
Conservative
Survival
oriented
Entrepreneurial
Establish
systems
Obtain
clientele
Cash short
Fast paced
Flexible
Customer
service focus
Financial
protection needs
Procedure/
efficiency
orriented
Business
Stages
Employee
Benefits
Personal
Benefits
Business
Continuation
Entrepreneurial
Establish
systems
Obtain
clientele
Cash short
Fast paced
Flexible
Customer
service focus
Financial
protection
needs
Stage l
The Emerging
Business
Survival
oriented
Continued
growth
Advance
state
planning
Review key
employee
insurance
plans
Stage lll
The mature
business
Customer and
market
orientation
Renewed
innovation
Experienced
management
Established
Clientele
systems
Personal Financial
Planning
Positive
cash flow and
financial
stability
Rapid
growth
Managerial
Procedure/
efficiency
orriented
Conservative
Stage ll
The Successful
Business
personal
state
planning
Return to
risk taking
Regained
flexibility
Quality focus
Business
Stages
Employee
Benefits
Personal
Benefits
Business
Continuation
“No wind favors he who has no destined port.”
~ Michel de Montaigne
PERSONAL LIFECYCLE
Personal
independence
Monitor progress
toward financial
independence
Analyze
estate plans
as children
leave home
Financial
independence
Reevaluate
estate plans
and adjust
as needed
Budget for
Retirement
lifestyle
Reassess
personal
priorities and
values
Re-evaluate and
Increase coverages
Maximize
life,disability
insurance
to protect
growing income, estate
Review
insurance
to meet
anticipated
needs
Adjust life
insurance to
cover estate
taxes, if
needed
Consider investments
that minimize
taxes
Make a will
Revise wills and
other legal papers
More concern
with “quality
of life”
Prepare for
retirement
expand leisure,
community
interests
Retirement
Optimize
experiences
Plans for
career,future
income
Select
relationships
Marriage
Establish
lifestyle
Become
Parent
Expand career
goals
Put down
roots
Manage stress of
time demands
Protect personal
and family
properly
Develop
budget
Set long-term
goals
Start financial
recordkeeping
system
Establish
Relationships
with financial
advisors
Handle
Increased
child-rearing
costs
Establish
emergency
fund
Insure income
with disability
and health
insurance
Protect
wage-earners
with life
insurance
Manage stress
of changing
relationships
and aging
process
Develop
Investment
philosophy
Plan for financing
children’s
education
Establish
retirement
goals
Life
Stages
Protection
Accumulation
Estate
Planning
