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
Tuesday Apr 15, 2014
Tuesday Apr 15, 2014
In this 1 minute Highlight, Jim Blue, Owner, BlueTutor discusses the importance of thinking through your needs before you spend money on new technology.
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.
Check back to listen to other content by Jim - 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 125 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Monday Apr 14, 2014
Monday Apr 14, 2014
Matt Amaro, Associate at BarthCalderon,LLP, discusses an important consideration when planning for your Business and your Family.
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.
We add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Monday Apr 14, 2014
Monday Apr 14, 2014
We are starting to prepare our You-Tube Channel so you have yet another way to hear ExitCoachRadio.com!
Listen here at ExitCoachRadio.com, or catch us on the go on iTunes, Stitcher or Spreaker
Monday Apr 14, 2014
Monday Apr 14, 2014
Christopher Scully of Practical Business Solutions shares valuable tips and ideas for business exit planning preparation
Tuesday Apr 08, 2014
Tuesday Apr 08, 2014
Chris Bond of Murphy Business Financial Corp. explains how Earnouts Work and a Creative Structure for one. 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.
We add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
Monday Apr 07, 2014
Monday Apr 07, 2014
Douglas Kolker of Sandler Training discusses common mistakes professionals and business owners make when it's time to discuss products and services.
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"!
Friday Apr 04, 2014
Friday Apr 04, 2014
Dennis Wright, Assistant District Director of SCORE Chapter 114 (Orange County), shares some basic facts about SCORE, a tremendous resource for business owners of all sizes.
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 Apr 01, 2014
Tuesday Apr 01, 2014
Larry Mandell, Owner, Independent Tax Group discusses how some businesses carry "ghost assets" on their balance sheet that can cost money at tax time.
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.
We add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Tuesday Apr 01, 2014
Tuesday Apr 01, 2014
Rosann Levy shares an example of how a great idea can be ineffective at the wrong time.
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"!
Sunday Mar 16, 2014
Sunday Mar 16, 2014
Rhett Bray of BeaconPath discusses the ultimate price that comes from shifting too much cost to employees for health care.
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.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Thursday Mar 13, 2014
Thursday Mar 13, 2014
Tallia Hart, President & CEO, Irvine Chamber of Commerce, answers the question "What Should a Member Expect of Their Chamber of Commerce"?
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.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Wednesday Mar 12, 2014
Wednesday Mar 12, 2014
Miranda McCroskey, Criminal Defense Attorney, discusses some of the extra care that goes into a case where Professional Licensing is involved.
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.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Please help spread the word by clicking "share" below
Wednesday Mar 12, 2014
Wednesday Mar 12, 2014
Miranda McCroskey, Criminal Defense Attorney, discusses some of the "extra risks" that Professionals face if arrested.
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.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Please help spread the word by clicking "share" below
Thursday Mar 06, 2014
Thursday Mar 06, 2014
Adam Lomax of Oxygen Funding discusses the best timing to call someone to discuss the benefits of Factoring. (1min). 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 200 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
Thursday Mar 06, 2014
Thursday Mar 06, 2014
Barry Davis of Insperity explains some of the benefits of working with a large national PEO if you have Employees in Several states. 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 200 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
Thursday Mar 06, 2014
Thursday Mar 06, 2014
In this 1 minute highlight, Charla Lenarth, President & CEO of the Orange Chamber of Commerce, talks about some of the extra benefits that business owners can get from their Chamber of Commerce versus other Business Networking groups.
The interview was conducted by Bill Black, on "The Chamber of Commerce Corner" a feature of The Exit Coach Radio Show - the Information Station for Age 50+ Business Owners contemplating Business Succession and Exit Planning.
Listen to other content by Charla Lenarth- 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 200 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Wednesday Mar 05, 2014
Wednesday Mar 05, 2014
International Business Law Specialist Kenneth August talks about a recent client experience.You can hear the interview in it's entirety at your leisure starting Sunday morning. Also check out John Livingston's interview from 11/6. (1min) 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!
Wednesday Mar 05, 2014
Wednesday Mar 05, 2014
John Livingston of Plethora Businesses talks about the importance of Employees in the Business-Sale process. John's full live show will be up early in the morning - but you can listen to it anytime! Tell a friend, y'here? #ExitCoachRadio.com - The Information Station for Baby Boomerr Busines Owners. 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!
Tuesday Mar 04, 2014
Tuesday Mar 04, 2014
In this 1 minute highlight, Matthew Capell, January Partners, explains the concept of a "Search Fund" and how it can help owners who want to transition out of their businesses.
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.
Check back to listen to other content by Matthew- 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 175 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Monday Mar 03, 2014
Monday Mar 03, 2014
Aaron Weiner shares another tip about considering your real estate needs to enhance your business value. 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.
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!
Sunday Mar 02, 2014
Sunday Mar 02, 2014
In this 1 minute highlight Rhett Bray discusses how the methods used to control costs have not worked to reduce costs of benefit. 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!
Sunday Feb 16, 2014
Sunday Feb 16, 2014
In this 1 minute Highlight, Greg Janes, Sr. Business Credit, Cash Management Consultant , Wells Fargo Business Banking group discusses how utilizing state of the art Banking Systems can save you and your company precious time and money.
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.
Check back to listen to other content by Greg - 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 125 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Friday Feb 14, 2014
Friday Feb 14, 2014
In this 1 minute highlight Matt Amaro, Associate at BarthCalderon,LLP, discusses the key reasons why people who own Real Estate need a Living Trust.
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.
Check back to listen to other content by Matt - 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 125 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Thursday Feb 13, 2014
Thursday Feb 13, 2014
In this 1 minute highlight, Jerry Wheeler, President, Huntington Beach Chamber of Commerce, discusses how Chambers of Commerce need to change with the times but they will always serve a unique and relevant purpose in the community for Small Business Owners.
The interview was conducted by David Elliott, President and CEO of the Santa Ana Chamber of Commerce, on "The Chamber of Commerce Corner" a feature of The Exit Coach Radio Show - the Information Station for Age 50+ Business Owners contemplating Business Succession and Exit Planning.
Listen to other content by David Elliott and Jerry Wheeler- 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 125 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Thursday Feb 13, 2014
Thursday Feb 13, 2014
In this 1 minute highlight, Jerry Wheeler, President of the Huntington Beach Chamber of Commerce, discusses how Chambers of Commerce can work in tandem with Political Action Committees to help the Small Business Owner have a voice, as long as they are managed separately.
The interview was conducted by David Elliott, President and CEO of the Santa Ana Chamber of Commerce, on "The Chamber of Commerce Corner" a feature of The Exit Coach Radio Show - the Information Station for Age 50+ Business Owners contemplating Business Succession and Exit Planning.
Listen to other content by David Elliott and Jerry Wheeler- 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 125 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Wednesday Feb 05, 2014
Wednesday Feb 05, 2014
In this 1 minute highlight, Scott Donnelly, CPA- Partner, PDM, LLP suggests that the best way to find a good Advisor is to ask your current Advisors and then interview the referred Advisor to make sure you are comfortable.
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.
Check back to listen to other content by Scott - 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 125 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Saturday Feb 01, 2014
Saturday Feb 01, 2014
In this 1 minute Highlight, Larry Mandell, Owner, Independent Tax Group discusses how Tax Assessment rules can change from state to state and it pays to work with localized experts.
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.
Check back to listen to other content by Larry- 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 125 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Tuesday Dec 31, 2013
Tuesday Dec 31, 2013
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!
Friday Dec 13, 2013
Friday Dec 13, 2013
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.
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?
Thursday Dec 12, 2013
Thursday Dec 12, 2013
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?
Tuesday Dec 10, 2013
Tuesday Dec 10, 2013
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
Monday Dec 09, 2013
Monday Dec 09, 2013
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.
Tuesday Dec 03, 2013
Tuesday Dec 03, 2013
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?
Monday Dec 02, 2013
Monday Dec 02, 2013
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.
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.
Tuesday Nov 05, 2013
Tuesday Nov 05, 2013
Every Business Day Bill Black, The Exit Coach, records The AUDIBLE, a 60 second exit planning tip of the day -- today''s is the second of a series of 3 episodes that stress the importance of keeping your Buy-Sell up to date.
Yesterday I mentioned how a client of mine was nervous because his recently deceased partner’s widow had received the proceeds of the buy-sell agreement based on a woefully out of date valuation.
On the advice of his attorney, my client filed the insurance claim form and received the life insurance proceeds and wrote a check to the widow.
She had received the check last week and called immediately for a meeting.
They exchanged pleasantries for a moment, Then she said, "look I’m no business expert but I know the business must be worth more than the check I received. There’s got to be a mistake!"
My client cleared his throat and explained that the buy-sell agreement had been prepared several years ago with a fixed valuation and that they had failed to update the document – and so the check she received was what the document said to pay.
That’s when the story took a really interesting twist – and I’ll finish that tomorrow.
What do you think is going to happen?
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.
Friday Nov 01, 2013
Friday Nov 01, 2013
Every Business Day Bill Black, The Exit Coach, records The AUDIBLE, a 60 second exit planning tip of the day -- todays tip deals with depressed values now that are forcing sellers to defer their sale, and further impact the glut of sellers in the future.
According to a Mergers and Acquisitions attorney I know, the number of M & A deals through the end of third-quarter In the under $1 billion middle-market declined by 21% from 2012 to 2013.
Each of the five major categories