ST. CROIX INSIGHTS

Which Side of the Check Do You Want to Sign?

BY BRETT ANDERSON/ST.CROIX ADVISORS, LLC

which side of the check

Photo by Brooke Lark

I recently met with a successful doctor who runs her own dental practice. Married with kids and managing a team of employees, we were discussing treatment options when I asked a simple question: “Which side of the check do you want to sign?”

She laughed and replied, “I wish someone would have had that conversation with me years ago.”

For most people, this question never even crosses their minds. They’re accustomed to endorsing the back of their checks, enjoying the regular bi-weekly deposits. But for business owners, signing the front means embracing heightened financial responsibility.

Being a business owner requires a certain mindset. While being your own boss has its perks, it’s far from easy:

  • It’s hard work.
  • You don’t always get paid.
  • The time commitment is massive.
  • It’s a big financial risk.

Not everyone is cut out to be a business owner.

There’s just no guarantee that you’ll be able to generate the necessary revenue to pay back the debt you’ve taken out, and that doesn’t sit well with everyone.

Personally, I’d rather just sign the back of the check and have the cash—but that’s just me. Not everyone is cut out to be a business owner like my doctor friend. Which type of person are you?

Before venturing into business ownership, assess your strengths, weaknesses, and comfort with risk and debt. Then, ask yourself: Which side of the check do I really want to sign?

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Ask yourself- can my portfolio support my lifestyle in my retirement? 

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