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 Jun 17, 2024
Monday Jun 17, 2024
Alex Freytag is in the business of helping business owners get what they want out of their business.
Wednesday May 22, 2024
Wednesday May 22, 2024
I'm a business coach who help CEOs and business owners improve business performance and prepare for an eventual sale of the business or a generational transfer. My philosophy: Run your business like you're going to sell it ... even if you're not.
1) Are there steps an owner can take in the short term to increase the selling price of a business?
Contact Info:
Friday Apr 05, 2024
Friday Apr 05, 2024
Saturday Dec 05, 2020
Saturday Dec 05, 2020
Lisa Walker is an executive and business coach with ActionCoach.
Questions Answered:
1) What challenges do you typically work on with a business owner on?
2) What are the keys to getting my business to run without me?
3) What areas of the business are key for systemization?
Contact Info:
Website: www.actioncoach.com/lisawalker
Email: lisawalker@actioncoach.com
Friday Feb 28, 2020
Friday Feb 28, 2020
Nellie Akalp is the CEO and Founder of CorpNet.com, an online legal document filing service that helps entrepreneurs start their businesses. Nellie is here today to chat about the importance of registering a business. She will share some basics about business structures, what structure is best for which type of business, why it is important to incorporate,when to incorporate and in what state to incorporate.
Contact Info:
Website: www.corpnet.com
Email: allison@matryshkamedia.com
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Listen to Daily interviews and tell your Business Owner friends!
Wednesday Sep 04, 2019
Wednesday Sep 04, 2019
Steve Cade focuses on Business Crisis intervention by taking over the key operations of a company so as to prevent a “Fire Sale” or a disruption in the flow of business.
Monday Jan 21, 2019
Monday Jan 21, 2019
Jorge Ochoa-Lions is a business consultant specializing in profitability. He is going to talk about production of cash, and what are some of the reasons why businesses can be starved for cash, even when they have strong revenues.
Friday Jun 23, 2017
Friday Jun 23, 2017
Alan Richardson of Transition Point Business Advisors joins Bill Black to discuss the importance of having a well structured, written Business Succession and Continuity Plan before an unplanned event happens.
Work ON your business - free assessment at www.BizGrowth123.com
Thursday Jun 08, 2017
Thursday Jun 08, 2017
Saturday Apr 15, 2017
Saturday Apr 15, 2017
Jim has more than 30 years of comprehensive management experience including more than 15 years at the executive level. His experience spans a number of industries including medical transportation, health maintenance organizations, specialized blood services, home health care, cable television, food processing and engineering. He has participated in several start-up ventures as well as worked for Fortune 500 companies.
Listeners: You asked, so we found FREE solutions for 5 of your top problem areas. Text “TOOLBELT” to 44222 or click here
Monday Dec 19, 2016
Monday Dec 19, 2016
Nellie Akalp is the CEO and Founder of CorpNet.com, an online legal document filing service that helps entrepreneurs start their businesses. Nellie is here today to chat about the importance of registering a business. She will share some basics about business structures, what structure is best for which type of business, why it is important to incorporate, when to incorporate and in what state to incorporate.
Grow the value of your business by 71%! Here's how:
Of course you know how to work IN your business. Take my FREE 6 week Value Drivers course by email and I'll teach you how to work ON your business and grow your value. You have nothing to lose! - Bill Black, 30+ Year Business Consultant and Host of the Exit Coach Radio Show on AM830 in Los Angeles www.BizValueCourse.com
Sponsors: Exit & Retirement Strategies, Inc. | BEI |Jeffrey M Verdon Law Group | Albert J Rasch & Associates | Ghassemian Law Group
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Thursday Nov 03, 2016
Thursday Nov 03, 2016
Jeff Socha is a Senior Advisor and Founding Partner of Ark Financial Group, a boutique financial firm headquartered in Austin, TX. He specializes in business and personal financial planning, and has extensive experience developing intricate financial solutions for business owners and executives in construction, software, real estate, and other industries. His clients range from established corporations to family businesses and professional individuals and families.
Sponsors: Exit & Retirement Strategies, Inc. | BEI |Jeffrey M Verdon Law Group | Albert J Rasch & Associates | Ghassemian Law Group
Listening from an iPhone or iPad? Get our App in the App Store: click here
Tuesday Oct 18, 2016
Tuesday Oct 18, 2016
Guest: Lawrence L. Bell, JD,LTM,CLU,ChFC,CFP®,AEP
Larry Bell creates unique solutions for difficult financial issues. In this interview, he explains the unique problems that multi-professional firms wrestle with to help the Partners prepare for retirement on a tax-advantaged basis. Contact Larry at larrybell@theuniquesolution.com
Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.
New! Get our iPhone app at the App Store - search for Exit Coach Radio. Grow your business value by up to 71% - take a free assessment at www.BizGrowth123.com
Tuesday Jun 07, 2016
Tuesday Jun 07, 2016
Jim Immel, Founder, Immel and Associates, Inc. discusses his experience as a Trusted Advisor and the need to prepare to have the answers to critical questions that spouses have of their Advisors when a death occurs.
Transcript:
Jim: One of the things that a lot of business owners are doing, is that they're heads down, they're growing their business, they're focused on the day-to-day. And they're, again, back to being very optimistic and looking at what they can accomplish. And risk management is just not natural to most business owners. One of the questions I like to ask to get business owners to just slow down for a moment, and to think, is to imagine for a moment that you had passed away, and week after your funeral, if I'm your most trusted advisor, your widow calls me and says, "Jim, I have a few questions, do you have a little bit of time?" What are those 5 or 6 questions that I should be prepared to answer that your wife might be asking me when she gets here? What are the things that we should prepare for? When I've asked that question to a lot of business owners, they realize that they're not ready for that event. The risk management planning, the contingency planning is pretty important, because what that really does, is it helps us start down the path of making sure the business is prepared in so many different ways. Because, if you think about it, it helps you prepare for a living buy-out, as well.
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Monday May 16, 2016
Monday May 16, 2016
Al Caicedo is President and Owner of CKS Summit Group, founded in 1996.Al’s focus and objective is to help ensure his clients are able to enjoy their lifestyle beyond the workplace and into their retirement years. He educates and enables them to come to understand, for themselves, the financial path they should follow. He has spent twenty years helping clients protect and preserve their assets. His safe money strategies helped clients save millions of dollars during the latest market collapse. Al is an asset preservation consultant and transitional planning specialist. The goals and objectives of a transitional client are more geared toward safety and risk elimination, peace of mind, developing income options and tax savings strategies, avoiding probate, and reducing or eliminating the potential for loss to a nursing home. CKS Summit Group is committed to act in the best personal and financial interest of our clients.An aging America, combined with the precarious state of Medicare and Social Security, have created a need for comprehensive retirement management that goes beyond the ability of general financial counselors. His practice focuses on addressing the distinctive financial needs of those nearing retirement and those who are already retired.
Listeners: You asked, so we found FREE solutions for 5 of your top problem areas. Text “TOOLBELT” to 44222 or click here
Friday Nov 14, 2014
Friday Nov 14, 2014
Host: Bill Black Audio Library: www.ExitCoachRadio.com
Sunday Oct 05, 2014
Sunday Oct 05, 2014
Host: Bill Black. Michael Genevay discusses benchmarking, energy efficiency, and energy compliance for both current business owners and those looking to make an exit. Audio library: www.ExitCoachRadio.com. New content daily - check back often!
Monday Sep 08, 2014
Monday Sep 08, 2014
Bill Black interviews Keith Brown who shares tips, ideas and precautions for family owned businesses to keep in mind when thinking about retirement and future ownership. We upload new content daily so check back often!
Sunday Sep 07, 2014
Sunday Sep 07, 2014
Bill Black interviews Len Hornung who shares tips, ideas and precautions in the area of the important relationship between owner and successor. We upload new content daily so check back often!
Sunday Jul 27, 2014
Sunday Jul 27, 2014
Clarke Langrall of Forecast Strategic Advisors is a 39 year veteran of the financial planning industry and is primarily focused on Business Owner Continuity planning. Here he talks about some of the needs of business owners and offers great tips and suggestions.
Monday May 12, 2014
Monday May 12, 2014
In this 1 minute highlight, Mark Dorman, President & Founder of Dorman Legacy Advisors, discusses the importance of having a strong Business Continuity plan just in case things go awry on the way to your planned exit.
We add new content daily, so come back often!
Thursday Mar 27, 2014
Thursday Mar 27, 2014
Bill Black takes the mic for the 100th Episode of The Exit Coach Radio Show to describe common knowledge from our first 100 Advisor interviews.
We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com . See the Index for more on this Topic or by this Guest .
Host: Bill Black, The Exit Coach Radio Show - the Information Station for age 50+ business owners.
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How Ready Is Your Business for Transfer or Sale?
Click for FREE Assessment Report
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Thursday Feb 20, 2014
Thursday Feb 20, 2014
When co-owners are united in striving toward common business goals such as growing revenue, building business value and increasing cash flow, the business dynamics can be wonderfully positive and strong. These owners move together to reach common goals. Contrast that bright picture with what can happen when, suddenly perhaps, the goals of the owners diverge.
Most closely held business owners are full-time employees (and more) in their businesses. What happens when one of the owners wants or needs to leave the company?
Possible reasons for leaving are many, ranging from boredom to more dramatic and unexpected events such as the sudden disability of an owner. Let’s use owner disability to illustrate some of the significant issues raised when ownership goals are no longer aligned.
When disability strikes an owner, the company will endure substantial hardships, both economic and operational. More importantly, in the absence of a buy-sell agreement, the disabled owner’s income stream from the company also may evaporate. This problem confronted Steve Hughes, one of three equal shareholders in a growing advertising agency.
At age 38, Steve suddenly had a stroke. As with many stroke victims, his recovery was incomplete. Physically, he was the picture of health (his golf game even improved!); but he totally lost his ability to speak and read. Doctors told Steve he would never be able to return to work.
Steve’s firm had a buy-sell agreement, but it covered only a buyout at death and an option for the company to buy Steve’s stock if he were to try to sell it to a third party. Trying to find and sell closely held stock to a third party is a difficult proposition anytime; Steve’s disability made it impossible. Even if his fellow shareholders had wanted to continue his salary, they did not have the resources to do so indefinitely.
As a result, the company and Steve were left in a classic dilemma—the company, or rather the remaining shareholders, wanted to purchase Steve’s stock so that its future appreciation in value, due now to their efforts alone, would be fully available to them. Conversely, as Steve’s family soon realized, the owners of closely held stock rarely receive current benefits in the form of dividends. The profits of a closely held corporation are either accumulated by the company or distributed to the active shareholders in the form of salaries, bonuses and other perks.
In short, Steve’s family would not get what it needed most—cash—to replace the salary Steve was no longer earning. Steve’s partners faced the prospect that their efforts to increase the value of the business would reward Steve as much as themselves.
This dilemma could be solved only by a buyout of Steve’s stock. His family then could receive a fair value for his business interest when they otherwise would receive nothing (until the company was eventually sold or liquidated). Meanwhile, ownership would be left with those responsible for the company’s success.
The Hughes buyout faced several problems arising from the now-divergent goals of the owners. Prior to Steve’s unexpected disability event, joint contributions of time, effort and capital created unanimity among owners. Now, one owner needs cash, while the company and the other owners want to retain earnings for growth.
Further, the remaining owners want to pay as little as possible over as long a time period as possible because they (or the company):
- Will pay for acquiring that value with after-tax dollars; and
- Want to preserve, not spend, capital on a non-productive asset such as stock of the company.
Before Steve’s stroke there was mutual agreement and understanding among the owners. After his disability, there are radically different owner wants and needs. The result: Owner discord and impaired business performance.
Typically, we must address four major issues that arise in situations like this:
- Agreement on the business value.
- Funding for the buyout.
- Agreement on the payment terms of the buyout.
- Payment to the departing owner with the least income tax consequences.
A buy-sell agreement drafted before such transfer events occur and when mutual ownership objectives unite all owners can anticipate and manage each of these issues.
If you would like to discuss in more detail ways to prevent problems in a transfer of ownership, please contact me.