During JP Morgan’s investor day, investors heard optimistic tones coming from JP Morgan CEO Jamie Dimon, who referred to our situation as “Strong economy, big storm clouds,” and went on to explain “I’m calling it storm clouds because they’re storm clouds. They may dissipate.” Dimon, who is known for his keen eye on the market, added that a recession is possible, but it would be unlike past downturns because of the unique mix of economic conditions we see ourselves in today.

I believe that all business owners should develop a 5-year Keep/Sell/Grow plan to remain successful. Without a plan, business owners are more likely to make emotionally driven decisions when crunch time comes, and this can lead to poor outcomes. When we plan for the future, we know exactly what we are going to do years in advance, so the decision-making process is decisive and clear regarding the goals of the firm as a whole. The most crucial decision to plan is the keep and sell cost-benefit analysis. There are pros and cons to both options, so it is crucial that we understand both sides of the coin.