Exit Coach Radio

Work with Specialists When It Comes to Patents and Trademarks - Marc Hankin

Marc Hankin of Hankin Patent Law discusses the importance of working with specialists in this sometimes confusing area of the law. The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Baby Boomer Business Owners contemplating Business Succession and Exit Planning.

 

Listen to other content by this advisor - See the "ADVISOR INDEX" on right from the Home Page 
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS

To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE

We have dozens of Advisors booked and we add new content daily, so come back often! 

Please mention Exit Coach Radio to your friends!

A Quick Word About Why We Do What We Do - Bill Black

NOTE: THE VIDEO MAY TAKE A MINUTE TO LOAD - CLICK "PLAY" AND "PAUSE" WHILE YOU READ THIS AND IT WILL PLAY SMOOTHLY

In this brief video, we spell out what we do and why we do it. We are here to help our community of listeners to learn as much as possible from as many people as possible about a variety of topics. When you look at the topic of Exit & Succession Planning, you need to (a) Set Goals about Timing, Treasure and Target, (b) Assess your strengths and weaknesses, (c) create an action plan (d) assemble and coordinate your team and (e) execute the strategies in a prioritized order.

But first it helps to get ideas, strategies, tips, precautions. So we have lined up over 90 Top Advisors in the fields of Law, Accounting, Valuation, Management, Operations, Insurance, and Mergers & Acquisitions to talk to you, here -- every day we will load new, fresh, relevant content.

In 2014 we will add in additional content, such as Webinars, Surveys, Assessment Tools and Checklists -- so you can be well-planned!

So JOIN US for a minute a day -- and tell your friends -- it's more interesting when you learn together!

Happy Holidays, and Happy New Year,
From The Exit Coach Radio Show

Bill Black

One for the Grandkids - Merry Christmas!

Here's a quick video for the grandkids (note: takes a few minutes to upload so please be patient - to pass the time, click play and write down 3 things you love about each of your Grandkids!)

Customer Diversity Will Help You Sleep At Night - Bill Black

We’ve been talking about creating a culture of independence. We are going to wrap up this chapter today as we talk about customer independence.

 If you´re too dependent on any one customer, your business will be highly unstable. Try to work your customer concentration down to a point where your largest customer represents no more than 15 percent of your revenue. You´ll sleep better at night and have a more valuable company when it comes time to sell.

What percentage of your overall revenue did your largest customer represent last year?

Rank your customers by the percentage of your overall revenue each represents. How can you increase sales to your smaller customers or find new customers so as to lessen your customer concentration without shrinking your revenue?

Employee Independence - Bill Black

For the last couple of days we’ve been talking about creating a culture of independence. Today we are going to talk about employee independence.

If you´re too reliant on any one employee, you are at significant risk if that employee chooses to leave and at a disadvantage when it comes to negotiating his or her salary.

To avoid this situation, nurture a pool of people you want to hire. Some executive search firms offer a bench-building service that proactively recruits a short list of candidates who could fill your key roles so that you have a "bench" of people to go to in the event of an employee defection.

Ask yourself and your key management these questions:

How easy would it be to replace your most important sales & marketing employee?

Rank your employees from easiest to most difficult to replace. What can you do to become less dependent on those most difficult to replace?

The Importance of Vendor Independence - Bill Black

Today we’re going to continue talking about your business developing independence to increase it’s “Sellability”. Today we are focusing on suppliers.<?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" />

If your business is dependent

Read the rest of this entry »

The Switzerland Structure - What it is and why it matters - Bill Black

A business´s “sellability” requires that the business not be overly reliant on any one customer, employee or supplier. The name "The Switzerland Structure" was inspired by Switzerland´s focus on neutrality. Most businesses we talk need to start making improvements in this area to maximize the value of their company.

Over The next few days we are going to discuss The Switzerland Structure and how it applies in 3  areas of your business: your suppliers, your employees and your customers. We will discuss ideas you can put into play to increase your independence, thereby increasing the ease of sale and the value of your business to a buyer in the future.

Check back tomorrow and we will start talking about evaluating your independence and what you can do to improve in in the area of your suppliers.

A Must Read Handbook for Every Business Owner - Phil Calhoun

As a seasoned veteran in the financial services world, Phil Calhoun of Beta Benefits has worked with Business Owners, and built his own business structure. He had an idea a few years ago to pull together a "dream team" of advisors from every field that a Business Owner would need state of the art advice from. "Ricing to The Next Level" is the result, a 200 page book consisting of 20+ brief chapters from over a dozen advisors. Phil also discusses Medicare and the Affordable Care Act. You can reach Phil at 1-800-500-9799. The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Baby Boomer Business Owners contemplating Business Succession and Exit Planning.

 

 

Listen to other content by this advisor - See the "ADVISOR INDEX" on right from the Home Page 
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS

To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE

We have over 90 Advisors booked and we add new content daily, so come back often! 

Please mention Exit Coach Radio to your friends!

The Changing Landscape of Employee Benefits - Brian Sullivan

In this 20 minute interview with The Exit Coach, Bill Black, 25 year insurance veteran Brian Sullivan of Martin J Wolff & Company, Inc., discusses the recent changing landscape in Employee Benefits and what every business owner should consider. Brian is located in the Los Angeles area and can be reached at (323) 931-1745. The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Baby Boomer Business Owners contemplating Business Succession and Exit Planning.

 

 

Listen to other content by this advisor - See the "ADVISOR INDEX" on right from the Home Page 
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS

To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE

We have over 90 Advisors booked and we add new content daily, so come back often! 

Please mention Exit Coach Radio to your friends!

 

Funding Opportunities that Work Today - Adam Lomax

Adam Lomax, COO of Oxygen Funding, helps businesses to accelerate their growth by accelerating their cash flow. If your company is experiencing a "growth ceiling" because your cash flow is holding you back, listen to Adam's 20 minute interview with The Exit Coach Bill Black as he discusses client stories and examples of how companies have been able to grow faster with his help. You can reach Adam at 1-800-790-3419. The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Baby Boomer Business Owners contemplating Business Succession and Exit Planning.

Listen to other content by this advisor - See the "ADVISOR INDEX" on right from the Home Page 
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS

To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE

We have over 90 Advisors booked and we add new content daily, so come back often! 

Please mention Exit Coach Radio to your friends!

Seller Beware - Traps and Precautions to Watch Out For - Chris Bond

Chris Bond is an Area Director with Murphy Business Financial Corp. in Franklin, Mass. He is a Business Broker with over 14 years experience. Here in his 20 minute live interview with The Exit Coach Bill Black, Chris shares Tips and Precautions for those who want to sell their business successfully. Chris can be reached at (508) 440-5670 or via email at c.bond@murphybusiness.com (20min) The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Baby Boomer Business Owners contemplating Business Succession and Exit Planning.

 

7 Growth Questions for Your Next Management Meeting - Bill Black

For the last several episodes we have discussed the importance of Growing your Revenues.

Here are some questions to discuss with your Management Team:

• Could we replicate our business in another city or even another culture and have it work just as well?
  
• What other products or services would our most loyal customers buy from us?
  
• What would have to change in our company for it to handle 10 times the number of customers?
  
• Could we reach a new customer group if we opened up a new channel (e.g., telephone sales, e-commerce-enabled website)?
  
• Could we more profitably serve smaller customers by making use of a self-serve model?
  
• Could we license our product or service for others to use in return for a royalty?
  
• If someone handed us a check for $10 million with the only stipulation being we had to use it to grow our company as quickly as possible, what would you invest the money in?
  

Can you Grow Through Vertical and Cultural Scalability? - Bill Black

Today we are continuing our series on Growing Your Business

Vertical scalability
If your existing infrastructure (staff, machinery, office space) could handle more customers without adding much to your variable costs, then you have the ability to scale vertically. For instance, a 200-room hotel that averages just 75 guests per night has the potential to scale up more than two times before its owners would have to make any significant infrastructure investments.

Cultural scalability
If your idea works in one culture, could it achieve the same success in other cultures? Often times business owners find that other cultures welcome them with open arms, perhaps even in the area that you have your manufacturing plant set up.

Tomorrow we will discuss several questions you can ask your Management Team.