Goering Center for Family and Private Business

Member Newsletter Submission

January 15, 2025

Describe Your Business in the Year 2055

“Isn’t it wonderful when perception meets reality?” – Jimmy James, NewsRadio

Whether you plan to be working or retired in 2055, what needs to be done right now that will reverberate in your business for the next three decades? What decisions have you postponed? How will your business thrive in 2055?

Questions like these remind me of a TV show from 30 years ago that dramatized business truths in ways that still make me laugh today. “NewsRadio” was an underrated sitcom about a New York radio station. In one scene, a futurist is interviewed about the future of business. He responds that the fate of business and the entire country is tied to computers, explaining that they’re great for keeping records and playing games. Broadcast in 1995, the line led to snickers and laughter, as the writers poked fun at the budding technology revolution. But watching it again, 30 years later, we recognize just how accurate the prediction was.

That scene sticks with me as a lesson that thinking about future trends is a healthy exercise. After all, your strange predictions might even come true. But even if they don’t, they force us to lift our heads from the daily grind to think about where we’re going. This is especially important for business owners, who carry tremendous financial responsibility, both personally and professionally.

So, what future-looking steps should you take today? For the business, it’s first about making sure you have the financial foundation to sustain three decades of growth. Surround yourself with trusted advisors who want to see your company’s enterprise grow today and remember the need for exit and/or succession planning tomorrow. Your circle of trusted advisors should include your banker and other financial partners. Next, dust off that corporate-owned life insurance proposal, buy-sell agreement, and other succession-planning documents.

The financial future of the business is often intertwined with that of the business owner, so it makes sense to review it all together. At First Financial, we offer a wide spectrum of expertise, from lending, treasury management and equipment financing for today, to wealth and succession planning for tomorrow, to ensure personal and professional strategies complement each other. When one partner can bring to bear multiple capabilities, it only leads to better advice for the business and the owner.

One parting suggestion that has served me well in my career: identify the smartest and quietest person in your organization. Provide a stretch assignment, resources, and a safe environment to execute. It’s yet another investment into your future.

Join the conversation and share your bold 2055 predictions with me through my contact information below.

Or, if you prefer, snail-mail me like it’s 1995.