Exit Coach Bill Black interviews Top Advisors for Tips, Ideas & Precautions for Business Owners who want to grow and protect their company value and plan for a successful Business Sale or Transfer. Listen daily so you can be well-planned!
Episodes
Monday Nov 11, 2013
Monday Nov 11, 2013
This week we’re going to focus on making sure that your business runs well without you working in it.
The less dependent the business is on you, the more options you will have when you decide its time to sell your business or become an absentee owner, If you do sell, it will sell faster and for more money.
Buyers are looking for well-run businesses with systems and processes and trained employees.
Tomorrow we will work on the first steps of making your business you proof.
In the meanwhile, write down the top three things you do for your business.
Thursday Nov 07, 2013
Thursday Nov 07, 2013
Every Business Day Bill Black, The Exit Coach, records The AUDIBLE, a 60 second exit planning tip of the day -- this one is for all of the SOLO business owners out there (you know who you are!)
For the past three days I've run a story about a business owner that had not kept his valuation up to date in his Buy-Sell agreement and when his partner died, his widow hired an attorney which resulted in an expensive legal battle. He had to close his business down.
I’ve had numerous questions from people that say “I am a solo business owner -- what should I do to plan in case anything happens to me”? So I have included a link to a document called Business Continuity Instructions. It’s the first document your family will want to find if anything happens to you.
Click on the link in today’s post to get your Business Continuity Instructions at no cost
Tomorrow I will give you a link to a buy sell agreement review checklist
THE BUSINESS CONTINUITY CHECKLIST IS NOW AVAILIBLE IN THE PREMIUM CONTENT SECTION
HyperSmash.comhttp://www.hypersmash.com">HyperSmash.com>
Wednesday Nov 06, 2013
Wednesday Nov 06, 2013
For the past two days I've been telling a story about a client of mine who was having an unpleasant meeting with his recently deceased partners wife.
She got shorted in the buy sell proceeds due to an out of date by sell agreement valuation and inadequate life insurance proceeds.
He was sheepishly trying to explain to her how the situation happened. It wasn't that they had not planned it's just that they failed to keep the plan up to date.
The end of the story is it she hired an attorney and there was a very expensive legal battle that ruined the relationship and the company and it went out of business.
Don't let this happen to you, pull out your buy sell agreement today and make sure it protects your family in the event anything happens to you.
In the next episode we'll discuss a checklist you can use to make sure your agreement is up to date.
Monday Nov 04, 2013
Monday Nov 04, 2013
Every Business Day Bill Black, The Exit Coach, records The AUDIBLE, a 60 second exit planning tip of the day -- today''s is a start of a series of 3 episodes that stres the importance of keeping your Buy-Sell up to date
My client couldn't sleep because he had a very important meeting the next morning
The widow of his recently deceased partner was coming in to talk.
He wasn't sure about the nature of the conversation but he knew it was not going to be pleasant.
After his partner died suddenly, my client at first couldn’t even remember where the Buy Sell agreement was. It had been close to 10 years since they had looked at the document
But he had a sinking feeling.
Sure enough when he located it, he realized that they had forgotten to do the annual valuation updates that the agreement called for … the value was grossly out of date. So was the amount of life insurance that they had taken out to fund the buyout in case either partner died.
So, my client did what anyone would do in this situation – he called his attorney.
I'll continue the story tomorrow.