Turning Business Success into Wealth
Even in the Days of COVID-19, Smart Planning Can Lead to Financial Freedom
"Risk management is essential for any business. You should also have a strong personal banking relationship, which can be very helpful in an emergency like the COVID-19 shutdown."
Jim Davidson, President, Chairman and CEO of Coral Gables Trust Company.
Throughout American history, business success has been the foundation for family wealth. Think of industrial magnates like Henry Ford and John D. Rockefeller, as well as technology pioneers Bill Gates and Steve Jobs.
That entrepreneurial spirit is alive and well today for Coral Gables business owners, executives and professionals willing to tackle the risks of a new venture in hopes of significant financial rewards. But there are no guarantees of success in the business world, as fierce competition, poor management or unexpected events like the COVID-19 pandemic can crush those dreams.
To turn entrepreneurial hopes into long-term individual and family wealth requires an understanding of the key issues at every stage of the business cycle from startup to exit, according to Coral Gables financial planning and wealth management professionals.
Reflecting on the long-term process of turning a business into wealth, Jim Davidson, chairman and CEO of Coral Gables Trust Co., puts it this way: "Get a good education, and pick a field that you enjoy. Don't look for easy solutions, take on the challenges, work diligently and you will be on the way to success."
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