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 May 20, 2024
Monday May 20, 2024
Brad Leggett is the CEO & Founder of The Leggett Group, Inc. Brad works with CEO's and VP's of sales to set the company's sales strategy and to build, lead and retain "high performance sales teams." Today, he will discuss how to develop your company's high performance sales team.
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 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.
Monday Jul 22, 2019
Monday Jul 22, 2019
Everybody knows that an "elevator pitch" or an "elevator speech" is a short introduction to a person, product or idea. So, what exactly is a NEW elevator pitch, and why do you need one?
Sunday Jan 06, 2019
Sunday Jan 06, 2019
David Fox is the co-owner of Comperio, a company focused on online learning. Today, he is going to talk about Enterprising Education for Business Owners.
Questions Asked:
1) What are some of the issues you’re trying to address?
2) What form will the courses take, and when will they be available?
3) Are you going to create these courses yourself or work with other professionals?
Contact Info:
Website: comperio.tv
Email: david@davidfox.com
Bonus Material:
Go to www.comperio.tv and subscribe to receive updates. Authors can email david@comperio.tv or call 415.264.2170
Listeners: You asked, so we found FREE solutions for 5 of your top problem areas. Text “TOOLBELT” to 44222 or click here
Friday Feb 16, 2018
Friday Feb 16, 2018
Eric Keiles is the CMO of Square 2 Marketing. Today, he will discuss the benefits of unlocking the power of inbound marketing.
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
Thursday Aug 24, 2017
Thursday Aug 24, 2017
In this 1 minute highlight, John Brown, President and Founder of BEI (Business Enterprise Institute), discusses two other headwinds that have created a difficult environment to exit a business.
The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Age 50+ Business Owners contemplating Business Succession and Exit Planning.
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Wednesday Apr 12, 2017
Wednesday Apr 12, 2017
Dyanne is the President/Founder of Exit Planning Strategies, LLC, a company that works with owners of privately held businesses to develop intentional ownership transition plans. Expertise includes "internal transitions" and "key employee incentive plans", among others, to help meet the owner's transition objectives.
1. What are typical Challenges to Internal Transitions?
2. What are some of the most common strategies/techniques I see used?
3. Why do Owners Seem to Prefer an Internal Ownership Transition?
Website: www.exitplanstrategies.com
Listeners: You asked, so we found FREE solutions for 5 of your top problem areas. Text “TOOLBELT” to 44222 or click here
Friday Mar 17, 2017
Friday Mar 17, 2017
Andrew works with Financial Planners and Advisors, CPAs, Trust Attorneys and Realtors to strengthen and lengthen retirement planning.
To hear more tips from over 750 Advisors, visit exitcoachradio.com
Listeners: You asked, so we found FREE solutions for 5 of your top problem areas. Text “TOOLBELT” to 44222 or click here
Saturday Oct 15, 2016
Saturday Oct 15, 2016
In this 1 minute highlight, John Brown, President and Founder of BEI (Business Enterprise Institute), discusses one of the three headwinds that have created a difficult environment to exit a business.
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
Saturday Sep 03, 2016
Saturday Sep 03, 2016
Kevin Ramsier is in the business of middle market mergers and acquisitions and is going to talk about how a management team adds to business sale value.
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
Saturday Sep 20, 2014
Saturday Sep 20, 2014
David Humphrey discusses "pothole analysis" and the importance of viewing your business from a buyer's standpoint.
Friday Sep 05, 2014
Friday Sep 05, 2014
Steve Beatty interviews Jonathan Levy who shares tips, ideas and precautions to keep in mind when preparing for post-sale life. We upload new content daily so check back often!
Thursday Sep 04, 2014
Thursday Sep 04, 2014
Bill Black interviews Mark Dorman who shares tips, ideas and precautions in the areas of exit planning and business continuity. We upload new content daily so check back often!
Friday Apr 04, 2014
Friday Apr 04, 2014
Stacey McKibbin of Exit Ahead (a division of MultiVariable Solutions) discusses tips and techniques she has used to successfully transition and sell dozens of professional practices and other goodwill-heavy companies.
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.
Click for FREE E-book "100 Words from 20 Advisors"
How Ready Is Your Business for Transfer or Sale?
Click for FREE Assessment Report
"Come Listen for a Minute"!
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.
Click for FREE E-book "100 Words from 20 Advisors"
How Ready Is Your Business for Transfer or Sale?
Click for FREE Assessment Report
"Come Listen for a Minute"!
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