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
Thursday Jun 27, 2024
Thursday Jun 27, 2024
Thursday Jun 06, 2024
Thursday Jun 06, 2024
George Smart of Strategic Development, Inc. discusses family business issues
Questions discussed:
a. You'd think that passing a business to a son or daughter would be easy. After all, there's no interview. But
it's not that easy, is it?
b. Why do family CEO's find succession so difficult?
c. What's the first step to make this easier, to clear away some of the very strong emotions people have about
their children, and vice versa?
Contact info:
Email Address gsmart@strategicdevelopment.com
Website www.strategicdevelopment.com
Thursday May 30, 2024
Thursday May 30, 2024
Janna Hoiberg is a well-known author, speaker and award winning Executive and Leadership Business Coach with over 30 years experience in managing and operating successful businesses. She has helped businesses with needs varying from increasing profits, improving systems, strengthen teams and executive leadership, and fiscal growth. Janna is in the business of helping people “change the way they think about business!”
Find her book at her website and on Amazon - The Family Business: How to Be in Business with People You love - Without Hating Them.
Questions Discussed:
1) What makes Innovation hard in a family business?
2) How is accountability different in the family business?
3) When should family start the succession planning?
Contact Info:
Monday May 06, 2024
Monday May 06, 2024
Stephanie is a Nurse who has witnessed dozens of end of life situations and has some very interesting insights to help you deal with your own situation and those you care about to help you be remembered for your planning instead of your lack of planning.
Tuesday Mar 19, 2024
Tuesday Mar 19, 2024
Wednesday Feb 28, 2024
Wednesday Feb 28, 2024
Jane Johnson of Business Transition Academy discusses her experience and gives us some valuable tips for Business ownership transition pre-planning.
Wednesday Jan 10, 2024
Wednesday Jan 10, 2024
In this 20 minute interview, Jeff Karges, Partner - Relationship Matters Consulting Group discusses lessons he has learned by being involved in and consulting for Family Businesses, including the challenges and how best to deal with them.
Wednesday Nov 15, 2023
Wednesday Nov 15, 2023
Chris Bond of Murphy Business Financial Corp. discusses a recent business sale and the common needs of businesses to "survive" the founder to transfer successfully.
Transcript:
Chris: Surviving the exit of the founder or the operators, that's the biggest key, and every client project I work on is heavily weighted toward good will, so the value is often in the name, the brand, the phone number, the web address, and a lot of what the founder or operator has built. So, it's difficult to transfer that. I've got a deal right now, a signed purchase and sale agreement, all ducks in a row, all pieces negotiated, lawyers have done their parts, the one snag is: final piece of financing for the buyer, and getting a bank to be comfortable with how heavily weighted this small publishing company is on the founder's knowledge as opposed to the books, and that's a challenge. We've got multiple banks looking at it, trying to get one of them comfortable with the buyer, who is so savvy and so talented that he's going to be able to grow the business beyond what the founder's built, never mind maintain what he's built.
Wednesday Jan 19, 2022
Wednesday Jan 19, 2022
Janna Hoiberg discusses tips and ideas for Family businesses. This time, we focus on challenges of preparing the business and family members for leadership transition.
Thursday Apr 08, 2021
Thursday Apr 08, 2021
Kerri Salls is in the business of early exit planning for owners of private and family run businesses.
Wednesday Nov 11, 2020
Wednesday Nov 11, 2020
Here's a 1 1/2 minute preview of Ricci Victorio. Give it a listen and share it with your friends, and if you like the content be sure and listen to the full 20 minute interview!
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Wednesday Jul 17, 2019
Wednesday Jul 17, 2019
Michelle is an accomplished Author, speaker, communications trainer, executive coach and CEO of Executive Essentials. She is frequently quoted in the media and her client list ranges from Citibank to target to Madison Square garden. Today, she will explain what Relationship Networking is and why is matters to your personal and professional results.
Wednesday Jan 30, 2019
Wednesday Jan 30, 2019
WesleyWood is the founder, president and CEO of Wood Financial Group, LLC, a local, independent financial services company located in Hendersonville, TN. A graduate of the University of Mississippi, Wesley received a Bachelor’s Degree in Business Administration. He holds series 6, 7, 63 & 65 licenses and is licensed in multiple states.
Wesley and his dedicated team are passionate about guiding families and individuals in achieving their vision of financial success. Using an integrated, holistic approach, he prides himself on understanding his clients’ needs and developing a customized, innovative strategy that helps chart a path toward a secure financial future. His area of expertise includes retirement planning, wealth management, tax savings strategies and tax management, estate planning and preservation, annuities and life insurance, long term care and 401K and IRA rollovers.
Wesley takes his role as trusted advisor very seriously, only utilizing strategies and techniques that have stood the test of multiple market cycles. He believes that great things are accomplished through sound partnerships built on trust and integrity and he works hard to exemplify these values in everything he does, both professionally and personally. Service and personal attention are the defining qualities that set him apart from others.
Tuesday Oct 23, 2018
Tuesday Oct 23, 2018
Bill Black, Host of the Exit Coach Radio Show, conducts this interview.
Ricci Victorio, Managing Partner of the Mosaic Family Business Center, provides coaching and guidance to individuals, families and organizational teams throughout the succession process. She and her team help families and business teams work together better and create a
platform for problem solving and future success.
Questions discussed:
1. How do you determine who you should be hiring within the family without creating upset with both your
business team and family?
2. What's the best way to determine where a child should start working?
3. How can you hold them accountable without either being too soft (to keep the peace) or too hard (risk
demotivation) , as each could create a recipe for failure?
Contact info:
Email Address ricci@mosaicfbc.com
Website www.mosaicfbc.com
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Sunday Apr 15, 2018
Sunday Apr 15, 2018
GENRICH helps affluent families their future generations with governance in the areas of family cohesion,
investments, risk, tax and asset protection.
Questions discussed:
1. How is a family office different than a wealth manager?
2. What type of family would be best served by a family office?
3. Is there a certain size or net worth of a family where it makes financial sense to begin thinking about a
family office structure?
Contact info:
Email Address stansung@genrichfo.com
Website www.genrichfo.com
Show host Bill Black is a Certified Exit Planner who helps Business Owners plan for their future Succession, Exit and Transition. Schedule a complimentary call to discuss your exit planning questions at www.BBschedule.com, email him at billblack@ersi.biz or visit www.Ersi.biz
Sunday Nov 05, 2017
Sunday Nov 05, 2017
Jeff Karges, Partner - Relationship Matters Consulting Group discusses his experience in dealing with family business dynamics, and that the best way to tackle the issues is head-on.
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Sunday Oct 29, 2017
Sunday Oct 29, 2017
Janna Hoiberg of Harvest Business Coaching discusses some of the challenges that family businesses face, and strategies for dealing with them.
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Monday Oct 16, 2017
Monday Oct 16, 2017
In this 1 minute highlight, Michel Zelnick, Founder of The Zelnick Group, discusses how employers can use employee tests to assess how well the employee and the rest of the team may interact.
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Wednesday Oct 11, 2017
Wednesday Oct 11, 2017
Here's a past highlight from one of our Guests. Find their full interview at
Transcription:
Bill: What are some of the biggest challenges facing family businesses in their management transition? We asked Transition Consulting Group’s David and Paul Karofsky for their thoughts regarding this topic.
Paul: As the Baby Boomers are coming of age and getting a little bit older, as the next generation is starting to get a little bit older and come into that leadership position, this transfer of not only monetary wealth, but you’re talking about the businesses, the assets, whatever it might be, there needs to be a plan to transfer that seamlessly. To my Dad’s point, the more planning you do when you talk about it, as to what that transition of ownership looks like, what does that transition of leadership? Those two are not the same, they can be similar at times, but they can be mutually exclusive, as well, but until you really have a plan as to how you transfer that business from one generation to the next, it’s very difficult to do it.
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Friday Oct 06, 2017
Friday Oct 06, 2017
Janna Hoiberg of Harvest Business Coaching discusses some of the challenges that family businesses face, and strategies for dealing with them.
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Monday Sep 25, 2017
Monday Sep 25, 2017
Michel Zelnick, Founder of The Zelnick Group, discusses the importance of taking other first steps toward harmony.
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Sunday Sep 24, 2017
Sunday Sep 24, 2017
Here's a past highlight from one of our Guests. Find their full interview at www.ExitCoachRadio.com -- just click "Audio Library" in the "LISTEN" section and enter their name to hear all of their past interviews!
Jeff Karges, Partner - Relationship Matters Consulting Group discusses his experience in dealing with Family Business issues. While is may seem that there is never a "right time" to address some issues, in fact the best time to start the solution is right now.
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Monday Oct 24, 2016
Monday Oct 24, 2016
The Williams Group prepares affluent families and heirs for successful wealth transitions. Roy will be talking about the 70% failure rate of estate plans and the steps high-net worth and ultra-high net worth families must take to reduce or eliminate this tragedy. It is all addressed within the family.
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
Friday Oct 10, 2014
Friday Oct 10, 2014
Host: Bill Black. John Nelson discusses the business, finances, administration, and concierge services of affluent families. Audio library: www.ExitCoachRadio.com. New content daily - check back often!
Thursday Oct 09, 2014
Thursday Oct 09, 2014
Host: Bill Black. Randy Long discusses wealth management, inheritance, and exit planning for farmers. Audio library: www.ExitCoachRadio.com. New content daily - check back often!
Tuesday Sep 23, 2014
Tuesday Sep 23, 2014
Host: Bill Black. Audio library: www.ExitCoachRadio.com. Bill Black interviews David Karofsky, who discusses the difficulties of family business issues, how to resolve conflicts, and the importance of understanding. New content daily - check back often!
Sunday Sep 14, 2014
Sunday Sep 14, 2014
Bill Black's guest shares tips & ideas for age 50+ business owners. 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!
Saturday Aug 23, 2014
Saturday Aug 23, 2014
Steve Beatty interviews Bob Anderson who shares tips and ideas for founders and their specific needs during liquidity. We upload new content daily so check back often!
Saturday Aug 23, 2014
Saturday Aug 23, 2014
Bill Black interviews Don Burzen who shares tips, ideas and precautions to help business owners and their families leave their business, while enhancing and protecting the value of the business in the aftermath. We upload new content daily so check back often!
Friday Aug 15, 2014
Monday Aug 11, 2014
Monday Aug 11, 2014
Bill Black interviews Ricci Victorio of Mosaic Family Business Center for tips, ideas and precautions regarding family business transitions.
Sunday Aug 03, 2014
Sunday Aug 03, 2014
Bill Black interviews Richard Del Monte who discusses how to create a thriving experience for your family.
We upload new content every day so check back often!
Wednesday Apr 30, 2014
Wednesday Apr 30, 2014
Dan Gold is a Family Law Attorney with Tredway Lumsdaine & Doyle, LLP. He shares his experience with some great thoughts and tips for any business owner who is going through a marital breakup.
We upload new content daily so check back often!
Thursday Apr 03, 2014
Thursday Apr 03, 2014
Paul and David Karofsky of Transition Consulting Group discuss how they work with Family Businesses to help transition to the next generation.
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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Tuesday Mar 04, 2014
Tuesday Mar 04, 2014
Today
we discuss the essential elements of a plan owners use to transfer a business
to insiders (with the help of skilled advisors) that keeps the owner in control
until he or she is paid the sale price. If you suspect that the children, key
employees or co-owners you would pick to succeed you do not have the funds to
cash you out, consider the following 10 elements that make insider transfers
successful.
Saturday Feb 08, 2014
Saturday Feb 08, 2014
Stan Briggs was perplexed when he told his advisor, “My son, Patrick, has worked in the business for the last twelve years. In that time, the business has tripled its revenues and its profits. I’ve started to think about scaling back my activity and I realize how important it is (for my own retirement income) that Patrick be motivated to continue to grow the company profitably. Since I’d like to have him own the business someday, is there a way to start transferring it to him now? It seems unfair to make him pay for all of the business value since he created so much of it and since he is so important to my financial security. My son, of course, agrees wholeheartedly with this analysis but I’m not so sure that his mother and sister are on the same page. What issues do I need to consider?”
Equal vs. Fair
First, Stan must determine if his son is already paying for the business through “sweat equity” (more working hours, greater risk and lower compensation than he could have earned elsewhere). If so, any reduction in the purchase price is not a gift, but rather recognition of Patrick’s contribution.
Second, are Patrick's efforts adding value to the business? If so, should Patrick have to pay for his efforts by receiving a reduced share of Stan’s ultimate estate?
Third, if Patrick’s involvement in the business is critical to Stan’s retirement, Stan should consider tying his son to the business using “golden handcuffs,” such as awarding ownership if Patrick stays to run the business—and the business stays profitable.
Fourth, in many business-owning families, every child is offered the opportunity for involvement in—and ultimately ownership of—the family business. Many times, however, only one child forgoes the allure of the “outside world” to commit to working in the sometimes uncertain and illiquid world of a closely held business. (Not to mention that having you for a boss should have some payoff!)
Lastly, analyze the transfer issue in light of your own goals. Be certain that any transfer to children will satisfy your exit objectives. Explore with your advisors other issues and concerns that may arise as you begin to transfer ownership to a child. For example, how much money will you need after you leave your business? What, if anything, needs to be done for your key employees or for your other children? Temper and qualify all transfers to children in light of your over-arching exit objectives. In short, make certain the transfer of ownership to a child is also a good business and retirement decision.
Using Advisors
When considering a transfer of your business to a child, don’t underestimate the value of using experienced consultants and advisors. Their counsel, experience and input are perhaps never more important than when dealing with your own family. The need for independent, non-emotionally-charged advice can be critical. Having worked with other family businesses, these consultants along with your other advisors can offer practical advice.
Decision Framework
- First determine the level of contribution your business-active child has made to the value of the business.
- Second, determine the contribution that child must continue to make to ensure the achievement of your exit objectives. Those determinations can form the basis of what is “fair” with respect to both the business-active child and the other children.
- Third, use your advisors to help explain, guide and implement the transfer of the business.
We are happy, as always, to assist you with analyzing the issues involved with a transfer of ownership to children.
Subsequent issues of The Exit Planning Review™ provide balanced and advertising-free information about all aspects of Exit Planning. We have newsletter articles and detailed White Papers related to this and other Exit Planning topics. For more info , contact me at billblack@exitcoach.biz