Exit Coach Radio

Your True Role as a Business Owner - Tony Arnold

Tony Arnold shares his extensive wisdom and tips in this interview with Steve Beatty about how to look at your role in your business and prepare for the ultimate day when you will sell it.

Measuring Success: Wants vs. Needs - Kim Curtin

Host: Bill Black. Kim Curtin discusses the differences between wants and needs when it comes to success. 

Audio library: www.ExitCoachRadio.com. Listen on iTunes and explore our entire advisor library!

Your Business Coach Sees Things You Can't - Juan Ortega

Host: Bill Black. 

Juan Ortega explains business coaching, why it works, and why your company should consider it. 

Audio library: www.ExitCoachRadio.com. New content daily - check back often!

Exit Coach 20M Interivew: The Impact of Exit Panning - Craig West

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

Craig West discusses the impact exit planners can have by helping prepare financial, business, and personal matters.

New content daily - Check back often!

Exit Coach 20M Interview: The Importance of Clean and Current Books - Annette Fadness

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

Exit Coach 20M Interview: Settling Workplace Conflict with Dignity - Jan Schau

Host: Bill Black. Audio library: www.ExitCoachRadio.com. Bill Black Interviews Jan Schau, who discusses legal strategies, business disputes, and the importance of knowing the best time to mediate. New content daily - check back often!

Lee Colan - Coaching Underperforming Employees

Lee Colan of the L Group talks about effective leadership.

Exit Coach 20M Interview: What to expect from your Chief Financial Officer in Tomorrow's World of Business? - Judith Fischer

Bill Black's guest shares tips & ideas for age 50+ business owners. New content daily - check back often!

Ultimate Business Owner 20M: Exit Planning Consulting - Mike Fischer

Steve Beatty's guest shares tips & ideas for age 50+ business owners. New content daily - check back often!

Exit Coach INTERVIEW: Peer Advisory Boards - A Disruptive Way to to Interact (20m) Frumi Rachel-Barr

Bill Black interviews Frumi Rachel-Barr of eVirtual Roundtables who shares tips, ideas and precautions in their area of expertise. We upload new content daily so check back often!

Exit Coach INTERVIEW: The Power of Collaboration (20m) Marshall Krupp

Bill Black interviews Marshall Krupp about the power of collaboration for business owners.

We update new content daily so please check back often!

Turn Your Fear Into Your Future (20m) Teri Goetz

Teri Goetz describes how to get in touch with your "Four Pillars" and embrace your future.

We upload new content every day, so please check back often!

Business Improvement with the Emphasis on "Improv" (20m) Martin Mussey

Martin Mussey of Action Coach shares his insights on why business owners should be flexible with their thinking and invoke the "Yes, and..." rule for company meetings.

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How To Play a Bigger Game (20m) Patti Cotton

Many people don't live up to their potential because they "play it small". Patti Cotton of The Cotton Group, Inc., discusses why that is and what you can do to "play it Big"!

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Put Your Business In Action (20m) Tom Bliss

Tom Bliss describes how he helps business owners achieve more through personal growth and development. Click on his link to get his newsletter "Blissful Thinking.US"

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Accomplish Your Priorities by Managing Your Time (20m) David Roemer

David Roemer of DDR Group, Inc. shares what he has learned about the importance of processes and systems and managing your time so you can accomplish your top priorities.

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Swap Your Paycheck for a Dividend Check (20m) Martin Holland

Martin Holland of Action Coach discusses the importance of coaching to help you become the Owner of your business, not an overworked  employee.

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Leaders Plan To Succeed (20m) Dan Sinnott

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Dan Sinnott of Sinnott Executive Consulting discusses the need for Career planning for individuals and Succession planning for companies.

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Exit Planning Pays Long-Term Dividends - Bill Black

When we talk to business owners about the value of Exit Planning, we are talking about orchestrating a business exit that fulfills their unique financial and personal goals. Since tackling a task of this magnitude can be daunting, owners sometimes ask whether devoting the necessary time and money to this project is really worthwhile.

To answer that question, we’ve asked Kevin Short, an investment banker who works every day with owners of small and mid-sized companies, about the value of Exit Planning.

“Good exit planning can be the difference between a successful closing and a complete derailment of the sale process,” says Short.

When asked to explain, Short focuses on Steps 1, 2 and 3. “When an owner sets his objectives in an Exit Planning context (Step 1), he or she does so methodically and proactively. Owners who wait until entering the M&A arena to decide how much cash they want and need from their companies do so reactively and often are blinded by attractive bait held out by less-than scrupulous buyers.”

In Step 2 of the Exit Planning Process, owners and their advisors place a value on the owner’s company. “When an owner’s first valuation experience happens in my office, and that owner is primed and ready to sell last Friday, learning that the company is not worth what he or she had hoped is a painful experience. Even more painful is the subsequent rededication of effort to building the value of the company.”

In Short’s opinion, “The element of Exit Planning that gives an owner the biggest bang for the buck is, without a doubt, Step 3 of The Exit Planning Process (Build and Preserve Value).”

One technique that exit planners use to motivate managers to remain with a company post-closing (a vital Value Driver) is the Stay Bonus. An effective Stay Bonus accomplishes three tasks: 1) it gives the key managers a reason to stay; 2) it is structured so that it increases the value of the company, and 3) it includes a penalty (usually in the form of a covenant not to compete) that prevents key managers from taking key clients, vendors or trade secrets with them should they leave before or after the sale.

Short can rattle off far too many horror stories about owners who, believing that their loyal employees were happy and already well compensated, were held hostage by those same employees.

In one, Kevin describes an owner who was a week away from the sale of his company for $10 million. “At this very late stage of the game, the buyer met with each of the key managers to reassure them that they’d be retained by the new owners at their existing compensation levels. At its meeting with my client’s top salesperson, it was lavish in its praise about her performance and about how important her continued success was to the company’s future success. When the buyer asked her to sign a covenant not to compete before the closing date, the salesperson asked for a break and headed straight for my client’s office. She proceeded to remind my client that she’d helped build the company to its current value during her tenure, and ever-so-generously consented to wait until the closing date to collect her $1 million bonus.”

“My client paid the ransom. He understood that if the salesperson servicing his top four clients left the company, the buyer would likely scrap the deal. If the buyer did come to the closing table, it would reduce its purchase offer by far more than $1 million.”

As a result of this and many similar experiences, “We recommend that owners get very aggressive implementing Stay Bonuses with anyone who has a significant impact on a company’s performance.” Short elaborates, “The Stay Bonus should apply to anyone—and that might be the janitor—whose cousin is your biggest client—who has leverage against the company.” And, of course, tie the stay bonus to a covenant not to compete (or similar agreement), first checking with your attorney about how to best create enforceable agreements.

In Step 3, advisors also work with owners to protect business value. One method is to clean up shareholder agreements (again, well in advance of any contemplated sale or transfer). “If a shareholder agreement does not force a minority shareholder to sell when the majority shareholder does, majority owners can (and often do) find themselves unable to sell, or held hostage by minority shareholders.”

“By and large,” adds Short, “entrepreneurs ignore both Stay Bonus Plans and shareholder agreements because they believe that other shareholders or employees will ‘come along’ on closing day.” Short observes, “What owners forget is that every shareholder and every employee figures out leverage and most intend to use it.”

From these and many other examples from his practice, Short believes that Exit Planning is indeed well worth the time and money owners devote to it. If you’d like to learn how exit planning might save you time and money, please contact us.

Happy Employees = Happy Customers (20m) Allison Dunn

Allison Dunn of Action Coach discusses the importance of focusing on your employees' happiness so they will create positive customer experiences.

We upload new content several times a day -- check back often!

Retire or Re-wire? AARP Has Resources For You (17m) Jean Setzfand

Jean Setzfand is Vice President of Financial Security at AARP. She leads AARP's educational and outreach efforts aimed at helping Americans have financial peace of mind in retirement. She discusses the many factions of the over 37 million AARP members and the many ways that AARP can help no matter what your path to retirement.

We upload new content several times daily, so please check back often! You can also subscribe to us on iTunes at http://iTunes.ExitCoachRadio.com

The SBA and SCORE - Available, Accessible and an Amazing Resource (20m) Ellen Thrasher

Ellen Thrasher, Director for the Office of Entrepreneurship Education, U.S. Small Business Administration (SBA), discusses the huge array of resources for business owners at no cost. There are resources to help start, grow, manage and exit a business available. As Director, Ellen manages the SCORE, For the Life of Your Business program, which consists of over 350 chapters and more than 12,000 experienced business professionals who are volunteering their time to give back and help business owners on a local basis.

We upload new content several time a day, so check back often! You can also subscribe on iTunes at http://iTunes.ExitCoachRadio.com

What Should You Expect of Your Trusted Advisor? - Jim Immel

Jim Immel, Owner, Immel and Associates, Inc. discusses some of the questions that business owners should ask themselves before they choose an Advisor.

We add new content daily, so come back often! 

 

Can Your Retirement Plan Cause Your Bankruptcy? Buck Blanton

Buck Blanton of ECM Group discusses the hazards of being a Trustee on a Retirement Plan.

Find more content from Buck at www.ExitCoachRadio.com

Coaching Tips and Ideas (20m) Peter Williamson

Peter Williamson of Action Coach discusses coaching as a benefit for business owners and as a career.

Hear 1 minute tips and 20 minute interviews from over 250 Advisors at www.ExitCoachRadio.com or http://iTunes.ExitCoachRadio.com

How To Create A Business Plan - (20m) Carl Woodard

Carl Woodard of SCORE OC discusses the nuts and bolts of creating a business plan. Share this with someone you know who is just starting out.

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Your "Why" Is Your Fuel (1m) Frumi Rachel-Barr

Frumi Rachel Barr, Founder, eVirtual Roundtables discusses the main driver of most successful ventures begins with a simple question: "why?"

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(20m) Ruth Smisko - The Role of a Strategic Business Advisor

Ruth Smisko discusses the variety of important issues she helps business owners deal with as a Strategic Business Advisor.

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

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(20m) Kevin O'Driscoll - A Business Coach is No Longer a Luxury, But a Necessity

Kevin O'Driscoll of RIY Business Group Inc  discusses the benefits of a Business Coach to a busy Business Owner.

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"!

Ultimate Business Owner 20M: Exit Planning Consulting - Mike Fischer

Steve Beatty's guest shares tips & ideas for age 50+ business owners. New content daily - check back often!

(20m) Ask The Right Questions to Get The Right Answers - Jim Immel

In this 20 minute interview, Jim Immel, Owner, Immel and Associates, Inc. discusses his experience in working with business owners, and the importance of asking the right questions to dig deep and get important answers. He also discusses the "3 types of 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 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 175 Advisors booked and we add new content daily, so come back often! 

Please mention Exit Coach Radio to your friends!

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(Article) You Don’t Get The Right Answers If You Don’t Ask The Right Questions (Part 3) - Jim Immel

After initial interviews sales people want to prepare “solutions” for their prospective clients.  The sales person heard clients’ articulate goals, concerns and possibly expectations for their next steps.  What question do YOU ask in situations like this? 

Does it sound like – “what presentation should I use?  What other situations were similar so I can prepare a presentation?  What should I concentrate on for my presentation?  What financial model should I use?  

Or, should you reflect – “what has prevented these people from solving this problem before?  If I were the client selling our solution upstream to other decision makers/team members; what information would I require to accomplish my sale to someone else?  Just remember, it is NOT about you.

(20m) Connecting Is The Pathway To Correcting - Frumi Rachel Barr

In this 20 minute interview, Frumi Rachel Barr, Founder of eVirtual Roundtables discusses how she is solving a need amongst CEO's who can benefit rom connecting through Peer groups but who don't have the time to travel and attend regular meetings physically.

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 Frumi- 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 150 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!

(20m) Tony Pelusi - It's Time To Find Your Balance

In this 20 minute Interview, Tony Pelusi, Tony Pelusi & Associates discusses how he helps clients transition from being overly focused on the office to living a life of meaning and balance.

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 Tony- 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!