Health and Wealth


Business owners need to understand the importance of personal health to their personal wealth. 

By Cramer Soebbing

Healthcare costs remain a primary concern for individuals planning their financial future. In fact, it is estimated that the average couple will need $280,000 in today's dollars for medical expenses in retirement, excluding long-term care. While that fact is attention-grabbing, planning isn’t only tied to retirement, and healthcare goes far beyond the potential future costs to you. 

By neglecting health, franchisees are cheating their present bottom line. As business owners, franchisees have many financial considerations to balance, and health can definitely tip the scales. 

Ask most business owners what their most precious commodity is and time will be the answer. With the responsibilities of running an organization daily, your attention can be pulled to a multitude of places and it is important to account for what use of your time provides the greatest value. 

Many trusted studies show that spending a small amount of your time daily on exercise provides a strong return on investment. It’s one of the best ways you can help increase your productivity, boost your mood and help you sleep better, while at the same time decreasing the stress and anxiety of running a business. Ironically, exercise is one of the items that many small business owners put off due to the stress of running their business.

Dollar Figures Attached

If the mental benefits alone aren’t enough, there are several dollar figures to attribute to the benefits of exercise. Due to the stress of running their businesses, owners often also sacrifice strategic management of personal finances. Health and financial habits have commonalities: They require dedication and cutting back. By exercising and alleviating some of that stress, owners are more likely to stay on track and have a better chance of reaching their financial goals. 

Numerous studies show how lack of exercise increases days missed from work and decreases productivity while at work. If you or your employees aren’t at work, or aren’t at their best while they are there, that can hurt your bottom line. In fact, one study calculated the costs of inactivity at $67.5 billion. Beyond franchisees’ businesses, personal cost savings from exercise has been pegged by the American Heart Association to be as high as $2,500 a year

Linking health and financial planning is not an entirely new phenomenon, but it is starting to receive much more attention. Workplace wellness programs are commonplace at top employers and becoming a means of attracting and retaining key employees. 

To stay competitive and boost return on investment (ROI), franchisors should consider implementing wellness programs. The Journal of the American Medical Association estimates that workplace wellness programs return savings of $3 to $6 for every $1 a company invests in operating them. Companies with wellness programs saw a 26 percent reduction in the use of health insurance benefits and a 28 percent reduction in the use of sick leave.

Every franchise has a unique culture, so the trick to developing a successful employee wellness program will involve an understanding of all physical, financial, emotional and social well-being components that are important to valued employees. It’s no longer an “either or” scenario – your health, your employees’ health and your business’ health can contribute to your wealth.

Cramer Soebbing is a wealth advisor at Mariner Wealth Advisors’ Chicago office.

This commentary is limited to the dissemination of general information pertaining to Mariner Wealth Advisors (MWA) LLC investment advisory services and general economic market conditions. The information contained herein is not intended to be personal legal, investment or tax advice or a solicitation to buy or sell any security or engage in a particular investment strategy.


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