A new decade always comes with a slew of predictions that can be scary. Will a new superbug take hold? Will the stock market crash? Will the economy tank?
These are all excellent questions, but without a crystal ball, you can feel helpless. However, there are three practical steps you can take to inoculate yourself from whatever the coming years will bring:
Inoculation Strategy #1: Stop Trying To Time The Market
Many founders try and time the sale of their business to coincide with the peak of an economic cycle, reasoning they will get the best price for their business when the economy is booming.
While this is true in theory, when you sell your company, you need to do something with the money. Perhaps you’ll consider investing in real estate or buying stocks. Still, most investments are impacted by the same macro-economic environment your business enjoys, which means you’ll be buying into just as frothy a market.
The alternative to timing the market is to consider...