Most business owners would never put their life savings in a single stock. But when that stock is their own company, it feels like the American dream. In this episode, Darlene covers five mistakes she sees again and again:

• No written exit plan. "Five years from now" can stay five years away for a decade. Buyers pay for what the business will keep earning after you're gone. Could it run for three months without you? How much of your revenue comes from one customer? Are your books clean? Start fixing these three to five years early. It makes the business easier to sell and more profitable to run.
• The wrong retirement plan, or none. A quick look at Solo 401(k)s, SIMPLE IRAs, 401(k)s with profit sharing, and cash balance plans for higher earners in their 50s.
• Filing taxes instead of planning them. Filing is a history lesson. Planning happens in the fall, while you can still change the ending: how you pay yourself, timing income and expenses, funding retirement plans, hiring family members who do real work, and planning ahead of a sale. Your CPA, attorney and financial professional should be talking to each other.
• Not protecting the business if something happens to you. Key person insurance, a buy-sell agreement that's actually funded and up to date, and disability coverage, including coverage for business overhead.
• No money outside the business. Keep separate accounts, pay yourself a steady paycheck, and build real cash reserves. It's what lets you keep taking swings in your business.

Don't try to fix all five at once. Pick the one that makes you most uncomfortable and put one hour on your calendar this month.