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By: Work backwards to move forwards …- 7million7years

Work backwards to move forwards …- 7million7years — Fri, 03 Jul 2009 17:02:21 +0000

[...] Monday’s post, I took a look how Scott – a young family man and doctor – could use his Number/Date to help [...]

By: Scott

Scott — Tue, 30 Jun 2009 23:14:05 +0000

Actually, My Journey has a pretty good point. 18 Months from now will give me exactly one year left on my contract, but will kind of split the difference between buying his shares this January and waiting it out the entire term.

If I bought in 18 months, he would obviously take CONSIDERABLY less for his shares for an early exit for me AND I would have way more cash saved up then, possibly even an extra hundred grand. I might even have enough to pay him off with my ‘war chest’ cash AND have enough left in that war chest to get clinic#2 up and running within that year.

Great discussion and great suggestions folks, thanks!

By: My Journey

My Journey — Tue, 30 Jun 2009 19:15:36 +0000

Steve,

I understand what is going on here, and I apologize if my comment wasn’t clearer, but I was offering a suggestion of hedging one’s bet and hording cash in an effort to minimize the risk associated with the loan.

By: Steve

Steve — Tue, 30 Jun 2009 18:25:24 +0000

Certainly, if you’ve gone over the plan and everything seems right and the odds look to be in your favor, then you would jump on the situation. You wouldn’t hold back and risk your current plan not getting you to your number by your set date,if you knew you had other options.

By: Steve

Steve — Tue, 30 Jun 2009 18:22:28 +0000

My Journey, we’re not saying here that it is all or none . What we’re trying to do is go over every scenario in an effort not to make a mistake that would potentially set you back on your journey to your number. Thats why the discussion here.Kind of like a round table discussion getting ideas.

By: My Journey

My Journey — Tue, 30 Jun 2009 17:16:07 +0000

Why is it all or none? 30 year plan or multi-year plan?

Scott – Are you able to run various scenarios where you pay him off in 18 months instead of 30 with less risk by hording cash?

By: Scott

Scott — Tue, 30 Jun 2009 16:13:14 +0000

Incidentally, if my wife keeps reading and learning as she has been lately and working through the exercises, she might go past me with her plan and gets us to a far greater number faster than I can make happen, lol.

By: Scott

Scott — Tue, 30 Jun 2009 16:08:34 +0000

@ Steve – Oh yeah, i’ve certainly considered the second office scenario of it not performing up to peak, but that’s what this journey is all about, taking action, getting out of your comfort zone and taking risks to win financially. The only other option is NOT taking any the action to own multiple businesses and owning one clinic free and clear in 30 months and ‘saving’ my way to 4 million through a diversified mutual fund plan, which is going to be a 30 year career plan and really not what the 7 million in 7 years plan and goal is all about.

Now waiting it out, taking a little time and funding the second clinic with cash(and possibly repeating a couple of times) and not taking a business loan is really my ultimate hedge against anything going wrong with it I think. Well, that and my experience and knowledge in training others to practice as I am. In my heart, I believe this is the smartest move and really only costs me a year or so in getting to my number, which is perfectly ok with me, doing it a little slower and not taking on any business loan debt along the way.

Your right, finding the right associate is not easy as i’ve learned by doing this over nearly 5 years for someone else(hiring and training associates for my past employer to put them into HIS new offices, to get HIM to HIS number faster, lol), what I got in return was a great income and invaluable experience in being able to do this for myself now. But, once again, what are my other options if I don’t do this? Gotta take action and go knock stuff over and make things happen with action if you want to get there, right? Things not working out 100% as you planned is the risk you take for things working out 100% as you planned to accomplish your dreams. I think the goal is to MINIMIZE the risk along the way by having knowledge and experience as well as keeping debt under control, which I would be doing I think, if I just did it slower and with the cash i’m saving.

As far as my wife, she’s 100% on board with me as far as the financially plans and is actually trying to push me along faster, probably faster than even I feel comfortable with! lol.

She’s actually working through the exercises of finding her life’s purpose and looking at starting or buying a business and getting out of the rat race of a j.o.b., so no worries there, lol.

Thanks for the comments Steve, I really appreciate having inside from outside the box!

By: Steve

Steve — Tue, 30 Jun 2009 03:36:57 +0000

I’m not saying its not a good Idea to Tweak our plans form time to time. Just thinking out loud here.

By: Steve

Steve — Tue, 30 Jun 2009 03:33:53 +0000

have you considered the fact that perhaps the other clinic might not take off and earn as much as you hoped in the time frame you had hoped? I mean sure, it might take off, but it might be like the slower race horse,who crosses the finish line, but doesn’t win the prize.This could delay the rest of your plans. But By waiting it out, you can work these things out , and be ready to do your thing once you own this place free and clear.
I don’t know this is one that will take some great research. Its not one your going to want to rush into.Who do you have in mind to take over this current place? have you begun interviewing anyone? It could take some time to actually locate that person you feel is a perfect fit for your plans.You’ve also got a wife, how does she fell about accelerating the plans you both have worked out?
Further more, what makes you suddenly want to set up the process? w you’ve already worked out your life’s plan before beginning this process with Adrian right? so why the change now?