Exit Coach Radio

Roger Winsby - Selling the Story of Your Business

Guest: Roger Winsby
Company: Axiom Valuation
Website: www.axiomvaluation.com 

At Exit Coach Radio, we help small business owners solve big problems!

This is an excerpt from a 20 minute interview with Host Bill Black on the Exit Coach Radio Show. At Exit Coach Radio, we help small business owners solve big problems! To hear full length interviews and access Articles, Books and Planning programs for your Business, visit www.ExitCoachRadio.com

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Hema Dey - Marketing is Like a War Game

Guest: Hema Day
Company: Iffel International 
Website: www.iffelinternational.com 

 

At Exit Coach Radio, we help small business owners solve big problems!

This is an excerpt from a 20 minute interview with Host Bill Black on the Exit Coach Radio Show. At Exit Coach Radio, we help small business owners solve big problems! To hear full length interviews and access Articles, Books and Planning programs for your Business, visit www.ExitCoachRadio.com

 

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Michael Wittick - Planning for Disability

Guest: Michael Wittick
Company: Law Offices of Michael J. Wittick
Website: www.irvinetrustestateprobate.com 

At Exit Coach Radio, we help small business owners solve big problems!

This is an excerpt from a 20 minute interview with Host Bill Black on the Exit Coach Radio Show. At Exit Coach Radio, we help small business owners solve big problems! To hear full length interviews and access Articles, Books and Planning programs for your Business, visit www.ExitCoachRadio.com

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Harry Barth - How & When to Protect Your Assets

Guest: Harry Barth
Company: Barth Calderon, LLP
Website: www.barthattorneys.com 

At Exit Coach Radio, we help small business owners solve big problems!

This is an excerpt from a 20 minute interview with Host Bill Black on the Exit Coach Radio Show. At Exit Coach Radio, we help small business owners solve big problems! To hear full length interviews and access Articles, Books and Planning programs for your Business, visit www.ExitCoachRadio.com

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Tim Templeton - How To Measure Success in Your Social Media Campaign

Tim Templeton of Templeton Interactive discusses some of the ways to measure success in a Social Media campaign.

We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com . See the Index for more on this Topic or by this Guest .

Transcript: 

Bill: What's the benefit of having a social media campaign today, and how do you measure if it's successful? We asked expert Tim Templeton. 

Tim: Just simply having the presence is successful in its own way, because you're getting that halo effect of being seen as being technologically savvy. So, just simply being part of the social media game is important in itself. The authenticity really comes from the communications of being able to create a dialogue with your customers, with your users. I do think that you want to try to, at least once a week, touch all of your main social media platforms, even if it's simply repurposing something that they've already seen, just saying, "I think this is great," and posting it. It's just shows people that you're still there, you're alive, you haven't abandoned the graveyard, so to speak, nobody does not have enough time for something as simple as that. 

Carolyn Rosenblatt - The Boomers Guide to Aging Parents

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!

Transcript: 

Bill: Tell us about your book, you have a book out, it's called, "The Boomers Guide to Aging Parents" correct? 

Carolyn: Right. And, you know, after I retired from my litigation practice, I didn't have very much to do. You can't just start a business just by snapping your fingers, as you know. So, I decided that I would write a book to answer some of the questions that people were asking me. And, it was sort of a random effort at first, but it took shape, there are 9 chapters. It deals with things like: What do you do if your parent is a dangerous driver? How do you get them to accept help? What if they need help at home, what are the pitfalls for hiring a person to come in and assist your loved one? What do you do if you're trying to figure out whether they should have assisted living or a nursing home, how do you know the difference, how do you pick one? All that sort of thing. And, I think one of the important chapters, too, is how to deal with family conflict, because that's a common area that we work with. There are a lot of dysfunctional families out there, and it's hard to get people to work in unison when there is dysfunction in the relationship. 

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Nick Yocca - Compare State Protection Statutes When Considering Asset Protection

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!

In this 1 minute highlight, Nick Yocca, owner - The Yocca Law firm, discusses briefly how different states offer different levels protection for those considering Asset Protection.

Transcript: 

Nick: We can find your best asset protection in odd places. Forming an Alaska LLC isn't a bad thing, either. Nevada is certainly a good LLC state. California is not terrible, but the environment here makes it a little bit dicey. Our judiciary, and the judiciary in Nevada, if you were to compare them side-by-side, you have much more of a plaintiff, or tilt in California and less in a Nevada. Where asset protection is the key, we sometimes would steer toward Florida, where your home stay exemption is $1,000,000, and so your asset protection can be that much stronger. But, I did mention Alaska, they have terrific asset protection. So, it kind of depends on what your preferences are, and it can be found within the structure. But, if you were highly concentrated in California, you might think about diversifying just to get some of your assets elsewhere. 

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Mark Dorman - Tips to Prepare You for Exit Planning

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!

In this 1 minute highlight, Mark Dorman, President & Founder of Dorman Legacy Advisors, shares his tips for you to consider as you begin to plan for your Exit.

Transcript: 

Mark: Be prepared to spend some time. You build a business and maybe it's 15-30 years. I was with a gentleman this morning over breakfast, he goes, "Well, how long is this gonna take?" I said, "Well, you built a company that does 20 million in revenue, you think we can find 30 hours over the next 52 weeks to actually focus on how you are going to transfer it to your kids?" And, you know, when you play it back to them in that fashion, he's like, "Yeah, I think that would make some sense." So, you have to be able to commit the time. 

The other tips would be, make sure you're working with people who know what they're doing. They have a process. They don't have to have the answers to all the technical questions, we work collaboratively with all sorts of professionals, transaction attorneys, corporate attorneys, CPAs, etc. So, no one has the monopoly on good ideas, but we have to have a great process that can focus on the needs of the owner. And then, secondly, in every closely held company, there's such a reliance on a small group of key employees. If you're not intending to have that company transfer to that key employee group, you really need to focus on building incentive plans and retention strategies to keep them with the company.

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John Murphy - Would You Buy Your Business For Top Dollar?

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!

John "Murph" Murphy and David Horwich of JK Murphy Advisors discuss some of the most  important planning techniques that business owners should consider.

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Christopher Scully - Where to Promote Your Business

Guest: Christopher Scully
Company: Practical Business Solutions
Website: www.rupractical.com 

At Exit Coach Radio, we help small business owners solve big problems!

This is an excerpt from a 20 minute interview with Host Bill Black on the Exit Coach Radio Show. At Exit Coach Radio, we help small business owners solve big problems! To hear full length interviews and access Articles, Books and Planning programs for your Business, visit www.ExitCoachRadio.com

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Kevin Walker - Your Brand Is More Valuable Than You Think

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!

Kevin Walker, President of Boardwalk discusses the importance of establishing your Brand in the years before your Exit and the huge value that is wrapped up in your brand.

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Transcript

Kevin: Well, I go back to grand promise: a brand is not your logo, it’s not your name, it’s the promise you make and keep to your customers base. And so, you need to be thinking about, how I can I make that promise unique to my organization? The second thing I would be thinking about: a brand needs care & feeding, we need to be thinking about it, if not every day, then at least every week, or every month. Whenever you make a big decision, you should be asking yourself, how is this going this to effect our brand, how does this effect the promise that we’ve made to our customers? Is it going to take us off course, or is it going to focus us? And if it is going to take you off course, then you need to think long and hard about it. And then, I do want to say, that it is really worthwhile to brand your company. One study has shown that up to 68% of the value of the average US company is for the brand alone. You can see how much that’s gonna add to the value of your company, I mean that’s almost 70%.

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Chris Sprague - How Are You Wired?

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!

Chris Sprague of the Chris M. Sprague Team, discusses how finding your "zero point" is the key to reducing frustration, increasing performance and happiness.

Transcription: 

Bill: What would your life be like if you could just do what you want to do all the time? Here's expert Chris Sprague. 

Chris: The beautiful part about today is, when you hit 50, you still have half your life ahead of you. If your listeners take nothing else from me than this, I want them to hear this. If you do what you were meant to do, if you find your zero point and live to that for even one day, even one hour of one day of your life, even if it's the last hour of your life, then your life has been a success because there so any people, there are millions of people out there, who don't even live one hour of their life knowing their true purpose, knowing their true zero point, knowing their true DNA and making that true impact. So if you can find that, even if it's the last hour of your life or the last day or the last week, always strive to find it because that will make your life successful, and I guarantee it will make you happy. 

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Annette Fadness - The Importance of Clean and Current Books

Host: Bill Black. Annette is a seasoned bookkeeper and QuickBooks consultant who helps small business owners get the most out of the QuickBooks software. Audio library: www.ExitCoachRadio.com. New content daily - check back often!

Transcription: 

Bill: When should someone consider outsourcing books to someone like yourself? 

 

Annette: I always think it's a good idea. The only time you shouldn't is if you're just getting started, and literally you can't afford it. We know how lean it is the first few months or first few years in a business. And at some point you have to just sort of just choose, look, in a perfect world, I would have this, but I won't. So, that would be one instance where you wouldn't. Alternatively, if your business is really simple, and you, or your spouse, or your assistant, or your fill in the blank, some trusted person, has a strong accounting background and knows Quickbooks fair well, and they're going to do it for you, awesome. Or, if you, yourself, have that accounting background, and you have the time to do it. But, I just think that in most cases it's not the best use of the business owner's time, and often they're not going to do as good of a job.  

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KJ Trapp - Train Your Smartphone & Grow Your Business

We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com. See the Index for more on this Topic or by this Guest.

 

Transcript:

KJ: Probably the most asked question, which is probably 95% of the time, is: how do I engage into a prospect the minute we turn around and walk away from each other? Because most people say, "I’m not good at follow-up,” and that’s professionals across the board. And we do start with the memo pad, having a short memo that you can send to them in a text, saying, it was a pleasure meeting you, and please look forward to a one-time email. And you say the word one-time because it relaxes their mind and it makes them think you’re not a spammer. And then you follow up with an email saying, as promised, here’s an email. And if you can do that immediately when walking away, you’ll get a lot more respect, people will want to do business with you more often.  

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Richard Del Monte - A Place of Possibility

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!

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Transcript 

Richard: The first thing you have to do, I think, that's important, is to make sure that the family documents and understands their shared history. Where the family came from, how they got there. You know, a lot of times that doesn't get documented, doesn't get shared with the kids. They say when somebody dies it's like a library burns down, all that wisdom, all that potential mentorship is lost for all future generations of the family. And so, we make sure and gather that, we capture it, we interview the parents, we do video interviews, audio interviews. We create what we call a family vision statement that tells the next generation, "Okay, this is how we got here, this is what we believe is important, these are the values and the experiences that made us successful, this is what we want you guys to know going forward. Now, it's your turn to figure out what you're gonna do with your life. Here's the baton."

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Christopher Snider - Exit Planning is a Blue Ocean Planning Activity

A 1 minute excerpt from a recent interview. Hear the full interview by entering the Guest's name into our search index at www.ExitCoachRadio.com. We upload new content daily so check back often!

Transcript: 

Christopher: A blue ocean is really a market that is untapped. What they're encouraging you to do in a blue ocean, is go where others have not gone yet, and it's an untapped, really undefined market. And I feel like that's how the exit planning industry is right now. You've got a lot of owners that still have not made the move, and yet we know that two-thirds of privately held businesses are owned by baby boomers. We know the youngest is 50 and the oldest is 68, now, and so at some point, mother nature is going to force us to transition. Unfortunately, there is still different ways to do things, there's still very fragmented kinks, and teams and advisors don't work together and collaborate like they should. 

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Heath Frantzen - Sale Fail

A 1 minute excerpt from a recent interview with Heath Frantzen. Hear the full interview by entering 'Heath Frantzen' into our search index at www.ExitCoachRadio.com. We upload new content daily so check back often!

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Rick Usher - What Is Your Business Really Worth?

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Transcript:

Bill: Okay, so it’s your first chance at selling your business, here’s some great wisdom from somebody who’s done it many times, Rick Usher.

Rick: I think the realism we talked about, first of all: what is my business really worth? People have these proprietary feelings about their business, and they think often times it’s worth a lot more than it is, that’s the first thing. The second thing is that they’ve gotta be realistic as to how they’re gonna make this transition. I think it’s very unlikely for most business sellers to find a buyer who’s gonna walk up and write them a check, so they need to figure out and plan how they are gonna exit this thing, whether it’s seller carry-back financing, whether it’s, as we just discussed, they’re gonna find somebody internally who can take over and generate the revenue to pay the seller, or whether it’s some other alternative. That’s the biggest challenge, I think. 

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Tim Templeton - Twitter: Why You Should Give a Tweet

Tim Templeton of Templeton Interactive discusses some of the ways that Twitter is evolving and why it is a relevant and important tool for business.

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. 

Transcript: 

Bill: What's the best way to use Twitter and other social media? We ask expert Tim Templeton. 

Tim: I just had a friend ask me today, I don't really get Twitter, what is the value? And I said, you know, it's 2 things, it's self-promotion, or business promotion in his case, and it's research. So, if you want people to know who you are and what you're doing, you create content, you create blog content. You want people to see it, one of the best ways to get it out in front of people is to send out an announcement using Twitter. Likewise, if you're trying to find people in your ecosystem, your business, the analysts, the re-sellers, potential partners, you can find them by their activity on Twitter, you can interact with them, you can follow them, you can re-Tweet things that they're sending, and you can create a relationship that way, which is a lot easier than it used to be in the old days. 

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David Karofsky - Tips for Managing Challenges in Family Business

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!

Transcript: 

David: Whether you're a family or you're a family business, the difficulty that families often have is getting into a room and really talking about the issues, the challenges, the differences, the conflict that has happened either over the years that has built up, or a current situation that may be happening. And what happens is, the presenting issue isn't communication, the presenting issue is often, "I don't know how to pass this business down my son or my daughter who are in the business, and the two of them are never in alignment, and I don't know what I'm going to do." But, often, underlying in the inability to allow they to get into a room, allow them to be heard, as Steven Covy says, "seek first to understand, then be understood." And if families can abide by that, and be able to develop better ways to communicate, it's going to help alleviate a lot of the challenges that are presented in a family business." 

Do you want to work less IN your business and more ON your business but you don't know where to start? Visit www.ExitCoachRadio.com and click on "Get My Sellability Score" under the "ACT" section. It's free and it will help you understand where you need to work to make your business more valuable.

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Patti Cotton - How to Play a Bigger Game

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!

What's holding you back? Patti Cotton discusses fears that cause us to "play it small."

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Ken Sanginario - Building Value to Support Growth

Host: Bill Black. Audio library: www.ExitCoachRadio.com. 

Ken Sanginario discusses how to build value to support growth, and the importance of not taking shortcuts. 

New content daily - Check back often!

Transcript:

 

Ken: Most business owners believe that the only way they can build value in their companies is to aggressively grow sales or cut costs. And, as it turns out, both of those approaches are the wrong initial approaches to building values. Growing your company without building the infrastructure around the company to support the growth can actually destroy value, and cutting costs destroys long term value. But that's all they know, so when they get introduced to us and our platform, they realize all the other elements they have to put in place, develop, and get fully functional in order to be able to support growth. 

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Harley Bjelland - Can you Motivate Your Employees with a 401k Match?

A creative idea from Harley Bjelland, a creative man. Find his full interview with the search bar.

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Transcript: 

Bill: How can you motivate your employees to grow your company using your 401k plan? Listen to Harley Bjelland. 

Harley: Everyone's got a match in their 401k plan, well not everyone, but a lot of people have matches in their 401k plan, and they just do 50 cents on the dollar. What I've done, is I have a lot of clients that have a formula driven match. So, if we do, and I hate to use terms like ivada, but if we do ivada, which is basically a different method of profitability for the company, you're gonna get a bigger match. So, if we do 2 times ivada, you're gonna get 2 times the match, if we do 1 times ivada, you're gonna get 1 times the match, if you do half of it, we get half. And this is something that's really changed, I mean, honestly, I work with ESOPs a lot, ESOPS are Employee Stock Ownership Plans, and what it is is the employees all get to own the business. And when you communicate these things appropriately, I mean, literally, people stop stealing pens. It's a great situation. 

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Adam Lomax - Who wants Financing?

Here's a past highlight from one of our Guests. Find their full interview at www.ExitCoachRadio.com

Adam Lomax of Oxygen Funding provides a quick tip.

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Transcript:

Bill: What’s the difference between a business owner wanting financing and business owner needing financing, and how will it effect where they want to go get that capital? Here’s lending expert Adam Lomax.

Adam: Wanting financing often times comes around from having a marketing plan, having an idea of where you’re going, having customers that are in the wings or perhaps even starting working with customers in the early days, knowing they’re gonna grow, knowing you’re gonna need more money to support that growth. That’s a good situation. It’s a challenge, it’s a business challenge, but it’s a good challenge. Versus, I haven’t paid my taxes and I need to catch up on that, or I can’t cover payroll next week. And those are also challenges, but those are a little more tougher challenges. Neither one is necessarily bad, I mean you can certainly take care of those short-term challenges and return back to the former, but it’s just different from the financing perspective. 

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Adam Lomax is Oxygen Funding's Executive Vice-President and COO. Adam worked for 13 years at Meadowbrook Insurance Group as the VP of Information Services specializing in commercial insurance. Adam was also the President of a trade association for trucking companies and their employees.

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Steve Smith - How Employee Consistency Helps New Business Owners

Host: Bill Black. Audio library: www.ExitCoachRadio.com.

Steve Smith discusses our daily tasks and routines and how consistency can help or hurt new ownership. 

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Jim Blue - Technology While Traveling - A Little Knowledge Saves a Lot of Money

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!

 

In this 1 minute Highlight, Jim Blue Owner, BlueTutor discusses some of the "rules of the road" and explains that there are several tools you should be aware of.

We add new content daily, so come back often! 

Transcript: 

Jim: There are many internet based communication tools that are available. I use my cell phone for everything, so the first thing that I would recommend to people is, if they are going to be traveling, even through the United States, you know, don’t use hotel phones, use your cell phone. And the reason for that, we all know there are a lot of charges that get tacked on for telephone use in the hotels, that’s the first thing. The second thing to keep in mind is that there are tools that are around there, that are internet based, that will help control your costs. I will say, though, that controlling your communication costs from abroad is a whole other subject, because if you are a Verizon or an AT&T user, or a Sprint user, and you are traveling abroad, there are a whole other list of rules associated with that. 

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Dan Whittaker - Grow Your Business Value By Eliminating Risks

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!

Dan Whittaker shares a few thoughts on the concept of "de-risking" your business.

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Transcript: 

Bill: There are many ways to grow your business, and one of the most effective ways is to reduce the risk, or de-risk your business. Here’s Dan Whittaker.

Dan: De-risking is really, if you’re gonna go through a process to transition out of the business, what are the things that can jeopardize the sale, or jeopardize the value? Are there any lawsuits or pending litigation that can crash the business? Another one is customer concentrations. Is your business operating with one customer that represents 40, 50, 60% of your business and if you lost that customer, the value of your business is essentially wiped out? And, how do you go through to go ahead and solidify the customer or take of that? Is the business highly dependent on a couple of people? So is the CEO, the owners, are they so involved if they step out, then there’s nobody else there to run the business? From and outsiders buyer’s standpoint, they need to see that the business is gonna run on its own. 

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Reuben Franco - Helping Young Citizens Meet Their Leaders

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!

Reuben Franco,  the President of the Orange County Hispanic Chamber of Commerce, discusses the Youth Chamber of Commerce, a special program that helps young citizens to meet and ask questions of their Government leaders.

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Roger Laidig - The Journey to Find Purpose

Host: Bill Black Audio Library: www.ExitCoachRadio.com

Roger Laidig discusses life choices, hope, and messages you can take away from life and relationships. 

Transcript: 

Roger: I was advised to quit work and I was advised to lay low, but I had to realize, that was not my destination, that was just where I was at at that day. There's a whole lot more life to come, and the choices I would make if I had a clearer vision of where I wanted to go gave me hope, and hope does miracles in terms of, in my case recovering. But the biggest thing I took away from that was, I began thinking, 'what do I want my life to look like 20 years down the road?' I went to a few funerals around that time, and there wasn't anybody talking about cars, or buildings, or houses, they were talking about people and relationships that they had with other people. 

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Robert Friedman - Steps to Creating Your Brand

In this 1 minute excerpt from his interview, Robert Friedman discusses the steps to developing your brand.

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Roger Winsby - What is Your Value Story?

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!

Roger Winsby, President, AxiomValuation Solutions,  discusses the importance of positioning your business for sale based on the Buyer's needs and perspective.

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Carolyn Rosenblatt - The Pillars of a Healthy Retirement

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!

Carolyn Rosenblatt of www.AgingParents.com discusses 2 of the 3 Pillars of a Healthy Retirement.

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Ganesh Kalyanaraman - International Employee Challenges

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!

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Transcript: 

Ganesh: There are various Visa options for work, but the one main one is the H1-B Visa. There are only 65,000 of those Visas available every year, and they're first come, first serve. The demand for those Visas is vastly more than the supply, so of those 65,000 about 225,000 apply for that. So, the remainder of those people are put into a lottery, and if they win then they get one of these 65,000 Visas or they get the ability for the immigration service to adjudicate them. That runs on the fiscal year of the government, which is October 1st. We can begin filing April 1st. So, if you contact me January/February of each beginning year, then that would probably be the appropriate time so that we can put together a properly filed petition in April.

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Jan Schau - Settling Workplace Conflict with Dignity

Bill Black Interviews Jan Schau, who discusses legal strategies and the importance of knowing the best time to mediate.

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!

Transcript: 

Jan: There are lots of good times to mediate. One of them is before a lawsuit is filed. Another is right before trial, now we're really gonna have to spend the money, take the risk, put 12 strangers in a box, inconvenience people...they're not gonna understand me, and maybe I'm not gonna get what I want out of it, anyways. A third is even during trial. I had an arbitration that happened to an age discrimination matter, and I listen to this old guy for 4 or 5 hours, and the next morning I said to the two lawyers, "do you guys want to talk?" and sure enough, they really did. He had been able to get everything off of his chest, they were able to work it out. So, there's lots of interval spaces, and part of it is you the disputant, and your lawyer, have to talk about when's the right time, when's the best time.  

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Barry Davis - How Small Companies Can Give Big Benefits

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!

Barry Davis, of Insperity, discusses how Small Companies can offer big company benefits packages, and attract top talent that will help them grow.

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David Sherak - As You Begin Your Planning Don't Overlook These Points

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!

David Sherak, Partner-Vogt,Resnick & Sherak discusses several important planning agenda items as you start to think about your overall Succession plans.

Transcript: 

 

David: One of the important things is: make sure your ownership structure of your business is taken care of. If you do have a trust, make sure that the share certificate for a corporation, or the operating agreement, identifies the trustee of that trust as the owner of that property. Also, make sure that the instrument doesn’t have any special individual that’s appointed to deal with, perhaps a dispute resolution process, that might be in conflict with the terms of trust’s successor trustee or executor under those instruments. Make sure that your advisors are well aware of this planning, including your financial advisors, like the example with the collateral commitments of the bank: the bank didn’t know that this individual was  also naming them as a trustee of his various trusts, and ultimately that bank also held the loans, so it didn’t fit within their administration parameters to basically service their own debt, and resign the loans and deal with that collateral commitment. So making sure that all of your advisors are aware of these instruments is important. 

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Jason Kwaitkowski - Competition Requires Preparation

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!

Jason Kwiatkowski, President, Valuation Support Partners Ltd. explains the upcoming gut of businesses that will be up for sale as age 50+ owners start to sell en masse and the best strategy to compete effectively. 

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Chaz Dykes - Why You May Be Forced to Change Your Lighting

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!

Chaz Dykes discusses cost saving measures for companies and the future of LED lighting.

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Jim Doty - The Need for Checklists in Exit Planning

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!

 

Another 1 minute highlight from Jim Doty's recent interview. 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.

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John Howard - Which Audit is Right for You?

Host: Buck Blanton. Audio library: www.ExitCoachRadio.com. 

John Howard discusses retirement plans, choosing audits, and how you can determine which process is right for your business. New content daily - tune in on iTunes!

Transcript: 

John: Typically, in these retirement plans, when you exceed 120 participants, then that first year when you receive 120, you are subject to an audit. You are considered a large plan at that point under the Department of Labor and the IRS standards, and you need to submit an audit. Now, the problem is the next step: Once you determine you need audit, is what type of audit, because there are different audits with retirement plans. There's what we call a limited scope audit, which and auditor does not need to do as much work as with a full scope audit, and the difference with those would be, if the plan assets are held by a financial institution such as a bank or an insurance company, they can certify that the plan assets are what they are, the transactions have been posted properly to the participant's accounts, the allocation of earnings to the participant's accounts is accurate, then we can accept that under the Department of Labor standards. 

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John Foley - Are You Looking Forward To Buyers Looking Backwards?

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!

John Foley and David Shaffer discuss the benefits of preparing for due diligence early.

 

Transcript: 

Bill: How can you be prepared for what your buyer’s are going to be looking for? Here’s expert John Foley.

John: What we usually share with a client is that if they are looking for an exit-strategy, particularly looking towards an investment firm, they’re gonna have to demonstrate not only a future revenue projection, but also historical performance. So, if we’re in a start-up mode, it’s not realistic to expect that someone’s gonna jump in like Google and buy you on day one. You really need to have that 3 to 5 year history behind you. So, for us, it’s saying, start at any time, the earlier the better, and based on where you are in your life cycle, let’s determine what the appropriate target exit is, what is the multiple target, how are we gonna reach that value?

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Debbie McCarthy - Sober High Schools Paint Bright Futures

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!

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David Humphrey - Pothole Analysis and Value Enhancement

David Humphrey discusses the value of a business and the importance of viewing your business from a buyer's standpoint. 

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Adam Grant - Are you In Sync With Mobile Technology Trends?

Adam Grant of Alpert, Barr & Grant heads up the Mobile App Practice Group. He offers tips for getting in sync with current mobile technology trends.

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Greg Freeman - The Importance of Periodic Reviews

We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com. See the Index for more on this Topic or by this Guest.

Transcript: 

Steve: What are some of the tips and strategies and precautions that you give business owners if they're starting to look at business insurance?

Greg: You go for a second opinion. And I wouldn't get that second opinion from some person that sold through the policy. That, to me, would not be a second opinion. And I'd also have the work done from a firm that's not a captive firm, inside a single life insurance company. So, captive agents are, shall we say, encouraged by their parent companies to keep coverages on the books. And, I'd also ask the auditor what they're gonna do for you if you have someone offer to do a policy audit. Make sure they're just not going to try to find you a replacing carrier under the disguise of a policy review. 

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John Wendall Adams - Choosing to Rise Above

Host: Bill Black Audio Library: www.ExitCoachRadio.com 

John Wendall Adams discusses betrayal, reactions, and how forgiveness is the only way to true progress. 

Transcript: 

John: What happens when a person is really betrayed, typically there are three different responses: one is, "you know what, they did something to me, so I'm going to retaliate. Whatever's important to them, family, friends, their love relationships, possessions, etc., I'm gonna come against all of that." The other response would be, to say, "you know what, that doesn't really hurt me, and as a result, I'm gonna shut down that portion of my life and I'm not gonna allow anyone ever again to get that close to me." The third one is to really forgive yourselves, forget the other person and really think about what it is that you could have done differently, and really start to move toward that direction to say, "hey, you know what, I can't change what transpired, but what I can do is choose to rise above it." 

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Amin Rajan - Holding on to Your Stocks

Host: Buck Blanton. Audio library: www.ExitCoachRadio.com. 

Amin Rajan discusses investment options, market power, and how it pays to hold on to your stocks. 

Transcript: 

Amin: In today's market, it does pay to be opportunistic where you really see good buying opportunities, but that, as I said, only happens at the age of the portfolio. 80 - 85% should really be invested in medium term assets, because although risk premium is not so stable as it was in the past, it does materialize in the long-term. Markets do retain their self-healing power. We don't know how long it takes, but I reckon that within 5 years, we can see the results. Now, if you look at what happened after 2008, the massacre that we had in the market, since then markets have been up 300%, it showed that markets do have self-healing power, and that's not only just in the United States. In other countries, as well, markets have been sharply up since the last low point in March 2009. So, it pays to hang on to your stocks, it pays to have very strong beliefs about the companies and about the industries that you're investing in. 

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John Boyens - 6 Steps to Market Dominance

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KC Victor - Utilizing Your Network

Host: Bill Black  Audio Library: www.ExitCoachRadio.com

KC Victor discusses various methods you can use to differentiate you and your business from the rest of the herd.  

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Christine Miles - How Does Senior Management Keep Employees Mindful of Major Goals?

Here's a 1 minute preview of today's featured Guest. 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!

Transcript: 

 

Bill: How can senior management keep employees focused on the strategic goals of the company? We asked expert Christine Miles.

 

Christine: I think, sometimes the senior leadership is very clear, but they have a whole organization to move to those initiatives, and people have shifting priorities all day long. And so, how do they keep them on top of those initiatives while dealing with their fast paced world and and what they're bombarded with? Does everybody understand why we're doing this and what we're trying to accomplish, and then are we all going about that in a similar way? And so the alignment around that, hence the Art of the Nudge, of our framework that we've developed, is really the engine that drives the car. And so, understanding the story, telling the story and developing that story so that people are called to that action and inspired to action as part of that. So, I think sometimes it's the gap between what the senior leadership knows and what gets down to the people who have to initiate all that activity. 

 

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