Your Personal Balance Sheet

Your Personal Balance Sheet. In Blackboard Fridays Episode 125, Jacob talks about Commercial Vision. Need this implemented into your business? Talk to the international business advisor who can do exactly that – Contact Jacob, Learn More, or Subscribe for Updates.

Who is Jacob Aldridge, Business Coach?

“The smart and quirky advisor who gets sh!t done in business.” Back independent since 2019.

Since April 2006, I’ve been an international business advisor providing bespoke solutions for privately-owned businesses with 12-96 employees.

At this stage you have proven your business model, but you’re struggling to turn aspirations into day-to-day reality. You are still responsible for all 28 areas of your business, but you don’t have the time or budget to hire 28 different experts.

You need 1 person you can trust who can show you how everything in your business is connected, and which areas to prioritise first.

That’s me.

Learn more here. Or Let’s chat.


Hi I’m Megan Kelly and I head up the super team here at businessDEPOT. As you probably all know, at businessDEPOT we’re really focused on solving problems for business clients, whatever they may be. Where I come in is I’m really focused on the business owners and the problems that they might be experiencing in their personal finance ,and then how do they get out of their business and plan for their personal retirement.

So to give you a bit of a background as to what I really see is I see people who are in the early stages of their business ,and they tend to go all-in. So they put the house in all their money in sometimes their spouses wage is going into the business, just to get everything up and running.

As time goes on, they get closer to retirement and they start focusing on what they’re going to get out of the business, and how they can get some money into super and start preparing for retirement. So in the early days they’re really just hoping to get enough to live off, and in the final days they’re hoping that they can sell the business for enough to see them through to retirement.

But there’s a lot of things that they could be doing and thinking about in this middle section, that would help them sleep better at night, give them better peace of mind in terms of cash flow and personal lifestyle, and also set them up for their future and get them closer to their goals for retirement, and probably remove some of that cash flow stress that they might have when they’re experiencing the roller coaster ride that it is busy being in business.

So one of the tools that we use here at businessDEPOT for these clients is what we call a Personal Balance Sheet. You might be wondering, “What is a personal balance sheet?” We already do our account every year, we already get a profit license and a balance sheet for our business, but we don’t get is a balance sheet that then pulls all of the personal assets that you’ve got, as well as your business assets together and show you where we really stand in terms of overall net worth.

A traditional balance sheet has assets and liabilities on there more at the cost, not necessarily at the overall market value and the true value of that that business and what you have. So a personal balance sheet is more focused on a market value and what you would get for everything that you own at this point in time in your life.

So if you were to sell out everything today, what would you really be worth? That is something that a lot of business owners don’t focus on, because their to business too busy focusing on their business. That’s where we come in. We give you a quick, easy exercise that gives you some clarity and some confidence around where you really stand and may even create a situation where you can start giving yourself some better protection and removing some of this stuff from the piece of the pie.

For example you might come out of it going, “Oh we can actually refinance so that the bank doesn’t have security over our home.” So that removes something from that piece of the pie if anything was to go wrong in your business in the future. Other things you might be able to do is start to build up that investment stream and some passive income.

What that passive income really does for a business owner is them give them peace of mind that no matter what ups and downs are going on in that business, that they still have money coming in that’s going to fund their family’s lifestyle, and it’s not and their family’s not going to be impacted by the ups and downs that they’re experiencing in their business.

Or better still they might be able to have that holiday from the business that they’ve always been wanting. If you want to talk to us more about how it is a personal balance sheet is done and prepared, just give us a call here at businessDEPOT.

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