Exit Coach Bill Black interviews Top Advisors for Tips, Ideas & Precautions for Business Owners who want to grow and protect their company value and plan for a successful Business Sale or Transfer. Listen daily so you can be well-planned!
Episodes
Thursday Aug 24, 2017
Thursday Aug 24, 2017
In this 1 minute highlight, John Brown, President and Founder of BEI (Business Enterprise Institute), discusses two other headwinds that have created a difficult environment to exit a business.
The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Age 50+ Business Owners contemplating Business Succession and Exit Planning.
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Tuesday Aug 15, 2017
Tuesday Aug 15, 2017
Hans Sperling, Attorney - Sperling Law Corporation discusses some of the common oversights that Business Sellers make that can result in a Buyer backing off.
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Thursday Aug 03, 2017
Thursday Aug 03, 2017
In this 1 minute highlight, Leo Klijn, Exit Strategy Planning, Henberger, discusses the process of Exit Planning.
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Wednesday Aug 02, 2017
Wednesday Aug 02, 2017
John Foley and David Shaffer of Arrow Up Partners discuss several techniques and strategies to increase your business value.
Saturday Jul 29, 2017
Saturday Jul 29, 2017
Tawnya Gilreath of LA Business Pros talks about the payoff of a "final value push" when preparing your business for sale. (1min) The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Age 50+Business Owners contemplating Business Succession and Exit Planning.
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
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Friday Jul 28, 2017
Friday Jul 28, 2017
Host: Buck Blanton. Audio library: www.ExitCoachRadio.com. A discussion about the new trends to automate employer-sponsored retirement plans in order to produce a better retirement outcome.New content daily - check back often!
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Wednesday Jul 26, 2017
Wednesday Jul 26, 2017
Here's a 1 minute excerpt of a 20 minute interview with Peter Christman.
Need to work ON your business? Start with a free assessment at www.BizGrowth123.com
Thursday Jul 06, 2017
Thursday Jul 06, 2017
Here's a 1 minute excerpt of an interview with Clarke Langrall.
Need to work ON your business? Start with a free assessment at www.BizGrowth123.com
Monday Jun 26, 2017
Monday Jun 26, 2017
Louis Tucci, Owner, L. TUCCI FINANCIAL LLC shares one of the biggest mistakes he sees in his years of working with business owners - the delay in starting to plan.
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Wednesday Jun 21, 2017
Wednesday Jun 21, 2017
Here's a past highlight from one of our Guests. Find their full interview at www.ExitCoachRadio.com -- just click "Audio Library" in the "LISTEN" section and enter their name to hear all of their past interviews!
Kim Ann Curtin discusses the stoic approach to business exit that most owners exhibit - and why it might be harmful.
Work ON your business - free assessment at www.BizGrowth123.com
Tuesday Jun 13, 2017
Tuesday Jun 13, 2017
In this 1 minute highlight, Leo Klijn, Exit Strategy Planning, Henberger, discusses the need to start planning for your Exit early no matter how you think your business will transition.
Transcript
Bill: In all the interviews we’ve done with professional advisors, we keep hearing it’s too plan early for your exit, but what about when you’re expecting for a private equity firm to come in and buy out part of your company?
We asked exit planning expert Leo Klijn for his advice on when to plan.
Leo: First question venture capitalist firms or private equity firms will ask you is, what’s the exit strategy? So, I would argue that every business should have a business plan, and the most important chapter in a business plan is the exit plan, so it’s never too early to have an exit plan. If you haven’t done one, at a minimum, I would argue 3-5 years before you get out. Because the single biggest value driver is the strength of your management team, and what I find in our space is that most of the time the owners play a good role in running the business, if that’s the case replacing that often takes time.”
Tuesday Jun 06, 2017
Tuesday Jun 06, 2017
Heath Frantzen of Delta Business Services discusses a solution for service business owners to sell their businesses while minimizing taxes and receiving guaranteed lifetime income -- the Perfect Business Exit Solution. Receive a FREE Report at http://www.DeltaBusinessServices.com/ExitCoach
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Tuesday Jun 06, 2017
Tuesday Jun 06, 2017
Selling a Business takes a lot of preparation. In this brief highlight, Attorney Addison Adams of Richardson & Patel LLP addresses an often overlooked viewpoint -- understanding and addressing the items that your Buyer will be skeptical about your Business.
Find his full interview with the search bar.
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Saturday Jun 03, 2017
Saturday Jun 03, 2017
In this 1 minute highlight, George Hicks, Chief M&A Officer of The M&A Brokers discusses the premium that businesses will often sell for if they are positioned to be acquired by a "strategic buyer".
Want more control of your business growth? Invest 15 minutes and get a FREE "Value Builder Road Map" at www.BizGrowth123.com
Thursday May 11, 2017
Thursday May 11, 2017
Here's a past highlight from one of our Guests. Find their full interview at www.ExitCoachRadio.com -- just click "Audio Library" in the "LISTEN" section and enter their name to hear all of their past interviews!
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.
To hear more tips from over 750 Advisors, visit exitcoachradio.com
Text "Exitcoach" to 44222 and get a copy of 100 Words from 20 Advisors!
Tuesday May 09, 2017
Tuesday May 09, 2017
Here's a past highlight from one of our Guests. Find their full interview at www.ExitCoachRadio.com -- just click "Audio Library" in the "LISTEN" section and enter their name to hear all of their past interviews!
John "Murph" Murphy and David Horwich of JK Murphy Advisors discuss some of the most important planning techniques that business owners should consider.
We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com .
Friday Mar 31, 2017
Friday Mar 31, 2017
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.
We add new content daily, so come back often!
Listeners: You asked, so we found FREE solutions for 5 of your top problem areas. Text “TOOLBELT” to 44222 or click here
Wednesday Mar 29, 2017
Wednesday Mar 29, 2017
Here's a past highlight from one of our Guests. Find their full interview at www.ExitCoachRadio.com -- just click "Audio Library" in the "LISTEN" section and enter their name to hear all of their past interviews!
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?
To hear more tips from over 750 Advisors, visit exitcoachradio.com
Listeners: You asked, so we found FREE solutions for 5 of your top problem areas. Text “TOOLBELT” to 44222 or click here
Wednesday Mar 08, 2017
Wednesday Mar 08, 2017
Richard provides financial planning advice, particularly to Baby Boomers considering a transition out of the business world.
Listeners: You asked, so we found FREE solutions for 5 of your top problem areas. Text “TOOLBELT” to 44222 or click here
Tuesday Mar 07, 2017
Tuesday Mar 07, 2017
Elizabeth Ledoux is the CEO and Founder of vNacelle, a business focused on Transition Roadmaps and how they can help business owners.
Listeners: You asked, so we found FREE solutions for 5 of your top problem areas. Text “TOOLBELT” to 44222 or click here
Tuesday Mar 07, 2017
Tuesday Mar 07, 2017
T. Phillip Boggess of TPB Financial discusses the critical first steps of planning.
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 first step in planning? Here's T. Phillip Boggess
T: The first thing for everybody, whatever you're doing, is you need to get started. The plan isn't worth the paper it's written on, unless you take steps to move toward your goals and take the action steps you had in there. The reality is, the earlier you get started on most of these things, the more options you have, the more likely you are to be able to accomplish what you're trying to accomplish. And the second part is, your plan has to be flexible, and you have to review it to make sure over time that it's still performing the way you want it to, because things change, you know, whether it's laws, taxes, economic environment, your goals, your personal situation, it's gonna change. So, we have to review it and make whatever tweaks are necessary along the way to keep you going along that path, or making the turn, if your goals have changed, to your new path so we are going the direction that you want to go at that time.
To hear more tips from over 750 Advisors, visit exitcoachradio.com
Listeners: You asked, so we found FREE solutions for 5 of your top problem areas. Text “TOOLBELT” to 44222 or click here
Monday Feb 27, 2017
Monday Feb 27, 2017
Pat’s focus is on serving the needs of retirees and pre-retirees, he offers conservative strategies that seek to minimize risk to principal while maximizing income. His process helps each client understand how much risk is appropriate in determining the optimal asset allocation for them.
Listeners: You asked, so we found FREE solutions for 5 of your top problem areas. Text “TOOLBELT” to 44222 or click here
Monday Dec 19, 2016
Monday Dec 19, 2016
Nellie Akalp is the CEO and Founder of CorpNet.com, an online legal document filing service that helps entrepreneurs start their businesses. Nellie is here today to chat about the importance of registering a business. She will share some basics about business structures, what structure is best for which type of business, why it is important to incorporate, when to incorporate and in what state to incorporate.
Grow the value of your business by 71%! Here's how:
Of course you know how to work IN your business. Take my FREE 6 week Value Drivers course by email and I'll teach you how to work ON your business and grow your value. You have nothing to lose! - Bill Black, 30+ Year Business Consultant and Host of the Exit Coach Radio Show on AM830 in Los Angeles www.BizValueCourse.com
Sponsors: Exit & Retirement Strategies, Inc. | BEI |Jeffrey M Verdon Law Group | Albert J Rasch & Associates | Ghassemian Law Group
Listening from an iPhone or iPad? Get our App in the App Store: click here
Saturday Dec 03, 2016
Saturday Dec 03, 2016
Liz Bentley is the President of Liz Bentley Associates, a business focused on Leadership Development and Organizational Consulting. Today, she will discuss succession planning strategies.
Questions Asked:
1. Why do so many companies need help with succession planning right now?
2. What does your team of consultants to help navigate succession planning
3. What is the biggest struggle you see?
Contact Info:
Website: www.lizbentley.com
Email: liz@lizbentley.com
Bonus Material:
DiSC Assessment to assess leadership style at www.lizbentley.com
What can you do RIGHT NOW to work on making your Business more Sustainable, Transferable and Valuable in the future? Visit our Online Planning Links at www.ExitCoachRadio.com/links
Sponsors: Exit & Retirement Strategies, Inc. | BEI |Jeffrey M Verdon Law Group | Albert J Rasch & Associates | Ghassemian Law Group
Listening from an iPhone or iPad? Get our App in the App Store: click here
Wednesday Nov 23, 2016
Wednesday Nov 23, 2016
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 can you do RIGHT NOW to work on making your Business more Sustainable, Transferable and Valuable in the future? Visit our Online Planning Links at www.ExitCoachRadio.com/links
Sponsors: Exit & Retirement Strategies, Inc. | BEI |Jeffrey M Verdon Law Group | Albert J Rasch & Associates | Ghassemian Law Group
Listening from an iPhone or iPad? Get our App in the App Store: click here
Saturday Nov 12, 2016
Saturday Nov 12, 2016
Here's a 1 minute highlight from an interview with 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 sell all of their interviews!
Attorney Addison Adams of Richardson & Patel, LLP discusses some of the important tips that business owners should consider in preparing to make their business more transferable to a Buyer.
What can you do RIGHT NOW to work on making your Business more Sustainable, Transferable and Valuable in the future? Visit our Online Planning Links at www.ExitCoachRadio.com/links
Sponsors: Exit & Retirement Strategies, Inc. | BEI |Jeffrey M Verdon Law Group | Albert J Rasch & Associates | Ghassemian Law Group
Listening from an iPhone or iPad? Get our App in the App Store: click here
Monday Nov 07, 2016
Monday Nov 07, 2016
What can you do RIGHT NOW to work on making your Business more Sustainable, Transferable and Valuable in the future? Visit our Online Planning Links at www.ExitCoachRadio.com/links
Sponsors: Exit & Retirement Strategies, Inc. | BEI |Jeffrey M Verdon Law Group | Albert J Rasch & Associates | Ghassemian Law Group
Listening from an iPhone or iPad? Get our App in the App Store: click here
Securities offered through Securities America, Inc. Member FINRA/SIPC and Advisory services offered through Securities America Advisors, Inc. Louis A. Tucci Representative. Financial Principles, LLC and Securities America are unaffiliated.
Friday Nov 04, 2016
Friday Nov 04, 2016
Rick MacBarron shares planning tips from his 30+ years of experience working with business owners and high net worth individuals.
Transcript:
Bill: Two of the most frequently asked questions about exit planning are: when should I get started, and what should I be looking for? Here's Rick MacBarron.
Rick: You don't want to wait too long, right? So, typically, the people that come to me are going to be in their 50s, early 60s sort of thing. You have lots of options when you have a 3-5 year runway before you intend to actually do something with a company. So you need some time, that's point number one. Point number two is that, in most cases, it is very, very important to take a careful look at the business and make sure that it's prime for an optimal sale. So, I got to know Andy and I got to understand how he was operating his company. He actually had four separate operating companies, and he did things where he moved money back and forth, and so forth. And one of the things that concerned me about that is how would a buyer perceive that?
What can you do RIGHT NOW to work on making your Business more Sustainable, Transferable and Valuable in the future? Visit our Online Planning Links at www.ExitCoachRadio.com/links
Sponsors: Exit & Retirement Strategies, Inc. | BEI |Jeffrey M Verdon Law Group | Albert J Rasch & Associates | Ghassemian Law Group
Listening from an iPhone or iPad? Get our App in the App Store: click here
Wednesday Nov 02, 2016
Wednesday Nov 02, 2016
Advice is everywhere, but is it good advice? Heath Frantzen of Delta Business Services discusses important thought that should go into your exit planning.
What can you do RIGHT NOW to work on making your Business more Sustainable, Transferable and Valuable in the future? Visit our Online Planning Links at www.ExitCoachRadio.com/links
Sponsors: Exit & Retirement Strategies, Inc. | BEI |Jeffrey M Verdon Law Group | Albert J Rasch & Associates | Ghassemian Law Group
Listening from an iPhone or iPad? Get our App in the App Store: click here
Saturday Oct 15, 2016
Saturday Oct 15, 2016
In this 1 minute highlight, John Brown, President and Founder of BEI (Business Enterprise Institute), discusses one of the three headwinds that have created a difficult environment to exit a business.
Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.
New! Get our iPhone app at the App Store - search for Exit Coach Radio. Grow your business value by up to 71% - take a free assessment at www.BizGrowth123.com
Saturday Oct 08, 2016
Saturday Oct 08, 2016
John Murphy (aka "Murph") and David Horwich of JKMurphy Advisors discuss their unique outlook and provide tips and ideas for preparing your business to achieve your objectives.
Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.
New! Get our iPhone app at the App Store - search for Exit Coach Radio. Grow your business value by up to 71% - take a free assessment at www.BizGrowth123.com
Saturday Sep 03, 2016
Saturday Sep 03, 2016
Kevin Ramsier is in the business of middle market mergers and acquisitions and is going to talk about how a management team adds to business sale value.
Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.
New! Get our iPhone app at the App Store - search for Exit Coach Radio. Grow your business value by up to 71% - take a free assessment at www.BizGrowth123.com
Wednesday Aug 03, 2016
Wednesday Aug 03, 2016
In this 1 minute highlight, Kevin Weir, Action Coach, suggests that many business owners are obsessed with the Finish Line when in fact they need to establish the Start Line.
We add new content daily, so come back often!
Transcript:
Kevin: We have to figure out what a starting point is in your business, because I've had clients who will say, "Hey, Kevin, I want to retire, and I sat down with my financial advisor and I'm going to need X amount of dollars to retire on." So my question is, okay, what's the current value of your business? Most of them respond, "I don't have a clue." So, the first thing we need to do is, what is that starting point? So, we need to do a business valuation to create the starting point. The next thing is: what is your game plan? First of all, where are you deficient? If the number that you get on your valuation is much lower than you would like, then now we have to figure out a game plan to increase the value. What systems have to be put in place in order to have that business potentially run without you, the business owner? Put revenue generation strategies and margin strategies have to be implemented, and at what pace to make that happen? And, we have to also have milestones along the way so that we can measure progress. Way too many times, business owners might start something, but since they have no measuring stick of what they want to achieve, they never get any further.
Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.
New! Get our iPhone app at the App Store - search for Exit Coach Radio. Grow your business value by up to 71% - take a free assessment at www.BizGrowth123.com
Monday Jul 11, 2016
Monday Jul 11, 2016
Here's a 1 minute highlight from one of our Exit Coach Network Shows. Find the full interview at www.ExitCoachRadio.com -- just click "Exit Coach Network" in the "LISTEN" section and click on the show name to hear the full interview!
Don Burzen, Positive Exits Business Consultant, discusses the important step of transitioning from President to CEO to focus on building sale value and make yourself irrelevant to day to day operations for ease of sale.
Transcript:
Don: I would suggest that an owner challenge any and all assumptions that you may have about the exit planning process. Most of these can be replaced with hard facts, or at least educated estimates that reflect reality, whether those are good or bad, as a basis for your future decision making. Recognize the fact that your business is an investment, whether it's the money you first put up to start it, the years of hard work you poured into it, or the earnings that you've reinvested over the years, it's an asset that may be the largest one in your portfolio, and it should be managed as such. To do so, consider transitioning from the position of president to that of CEO. Presidents run the business day-to-day, whereas CEO's focus on building long-term value. In a large corporation, the CEO works to increase that value for outside shareholders, in a closely held business, that value increase is for you and your family, and what better person could there possibly be to focus on that than you?
Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.
New! Get our iPhone app at the App Store - search for Exit Coach Radio Grow your business value by up to 71% - take a free assessment at www.BizGrowth123.com
Tuesday Jun 07, 2016
Tuesday Jun 07, 2016
Jim Immel, Founder, Immel and Associates, Inc. discusses his experience as a Trusted Advisor and the need to prepare to have the answers to critical questions that spouses have of their Advisors when a death occurs.
Transcript:
Jim: One of the things that a lot of business owners are doing, is that they're heads down, they're growing their business, they're focused on the day-to-day. And they're, again, back to being very optimistic and looking at what they can accomplish. And risk management is just not natural to most business owners. One of the questions I like to ask to get business owners to just slow down for a moment, and to think, is to imagine for a moment that you had passed away, and week after your funeral, if I'm your most trusted advisor, your widow calls me and says, "Jim, I have a few questions, do you have a little bit of time?" What are those 5 or 6 questions that I should be prepared to answer that your wife might be asking me when she gets here? What are the things that we should prepare for? When I've asked that question to a lot of business owners, they realize that they're not ready for that event. The risk management planning, the contingency planning is pretty important, because what that really does, is it helps us start down the path of making sure the business is prepared in so many different ways. Because, if you think about it, it helps you prepare for a living buy-out, as well.
We add new content daily, so come back often!
To hear more tips from over 750 Advisors, visit exitcoachradio.com
Text "Exitcoach" to 44222 and get a copy of 100 Words from 20 Advisors!
Thursday Dec 04, 2014
Thursday Dec 04, 2014
Nora Chapman's story was typical of most business owners who have made the tough decision to leave their companies. At age 54, she was confident in finding a meaningful second act and was ready to leave her 25-employee advertising business. Nora was thinking of selling to one or two of her key employees and when we met her, her first question was: “Is this the right exit choice?”
Many of you find yourself in the same predicament. You are able to envision your life beyond business ownership, but you don’t have a clear picture of how best to “leave your business in style.” So what do you and the Nora Chapmans of the world do? Here is what we told Nora.
First, understand that leaving your company is a process. Realizing that life after your business exit can be as fulfilling as your life as a successful owner is simply the first step. The next step is to figure out a way to approach your exit in a methodical, logical, rational manner. Most owners do not put enough thought and planning into their exits because they don’t know how to begin, that there’s a process available to them, or exactly what issues to consider and analyze.
If that describes your situation, you are not alone. Most owners, and their advisors for that matter, don’t know that there is a planning and an implementation process that is methodical, rational and can be tailored to your unique exit goals. It is The Seven-Step Exit Planning Process™.
This Process begins with setting your exit objectives and understanding the value of your business. Based upon what you want and what you have, you can then examine and choose a proper path for you: be it a sale to a third party, a transfer to children, a sale to an ESOP, a sale to a co-owner, or an orderly liquidation. As part of this Process, you also must consider what would happen to the business and to your family in the event your death or disability precedes your planned exit.
Simply knowing the process and proceeding down the Exit Planning path, however, is insufficient. According to the Small Business Administration (SBA) most business owners who begin the planning process fail because they fail to plan. To pursue a successful path, you need a written plan that:
- Identifies your exit, financial and other objectives that must be considered; and
- Documents how you are going to achieve those objectives.
Along with this written plan you must have a checklist that:
- Assigns responsibility for each task to be completed throughout the Exit Planning process;
- Sets dates for each task to be completed; and
- Designates the person responsible for completing each task.
How do you begin?
“Let us, therefore, decide upon the goal and upon the way and not fail to find some experienced guide who has explored the region towards which we are advancing; for the conditions of this journey are different from those most travel.” — Seneca, “On the Happy Life” (AD 58)
As skilled and as successful as most business owners are, it can be difficult, working alone, to create and execute their Exit Plans. Rarely have owners made a career of exiting businesses. Those owners who do attempt to craft their own Exit Plans may end up leaving a lot on the table: a lot of money, time and/or their own happiness.
And, as skilled as is your attorney, CPA or financial and insurance representative, each may not be able to craft a successful Exit Plan alone. Successful Exit Planning is a multi-disciplinary effort that requires you and your advisors working together. No one profession covers all of the facets necessary to advise a business owner on the wide variety of Exit Planning issues.
For your Exit Plan to succeed, you need legal expertise, financial advice, tax planning, financial advisory input, and often, consulting ideas. If you decide to sell to a third party, you may require the services of a Business Broker or Investment Banker. You should not expect one advisor to be an expert in all aspects of exiting a business.
What does it take to create an Exit Plan?
- Understand that there is a proven Exit Planning process. Learn as much as you can before you make final decisions.
- Commit to see the process through—holding yourself and others accountable.
- Document your decisions and create a written plan.
- Hire an experienced team of professionals—attorney, CPA and financial or insurance representative (at a minimum) to help guide you through this process. These professionals should more than pay for themselves. If they cannot, you have the wrong team.
If you are to exit successfully, there is much to do. We can help by providing more detailed information on Exit Planning in general, and by giving you a sense of the time and resources this planning and implementation process will take.
One of the first steps you can take is to assess your Sellability Score by clicking on the link under the "ACT" column at www.exitcoachradio.com
Subsequent issues of The Exit Planning Review™ provide unbiased and advertising-free information about all aspects of Exit Planning. We have newsletter articles and detailed White Papers related to this and other Exit Planning topics. If you have any questions or want additional Exit Planning information, please contact us.
Thursday Nov 13, 2014
Thursday Nov 13, 2014
Host: Steve Beatty Audio Library:
Sunday Oct 19, 2014
Sunday Oct 19, 2014
Host: Bill Black. Audio library: www.ExitCoachRadio.com.
Thursday Oct 16, 2014
Thursday Oct 16, 2014
Wednesday Oct 15, 2014
Wednesday Oct 15, 2014
Host: Bill Black. Audio library: www.ExitCoachRadio.com.
Tuesday Oct 14, 2014
Tuesday Oct 14, 2014
Host: Bill Black. Audio library: www.ExitCoachRadio.com.
Thursday Oct 09, 2014
Thursday Oct 09, 2014
Host: Bill Black. Randy Long discusses wealth management, inheritance, and exit planning for farmers. Audio library: www.ExitCoachRadio.com. New content daily - check back often!
Monday Oct 06, 2014
Monday Oct 06, 2014
Host: Bill Black. Devon Blaine discusses the importance of visibility, business publications, increasing sales, and predictability when planning an exit strategy. Audio library: www.ExitCoachRadio.com. New content daily - check back often!
Wednesday Oct 01, 2014
Wednesday Oct 01, 2014
Host: Buck Blanton. Laura Carnes runs a local TPA firm, Black Creek Retirement Plans, Inc. and is here to discuss what a TPA does and how they can make your IRS-qualified retirement plan work for you.
Audio library: www.ExitCoachRadio.com. New content daily - check back often!
Tuesday Sep 23, 2014
Tuesday Sep 23, 2014
Host: Bill Black. Audio library: www.ExitCoachRadio.com. Bill Black interviews David Karofsky, who discusses the difficulties of family business issues, how to resolve conflicts, and the importance of understanding. New content daily - check back often!
Saturday Sep 20, 2014
Saturday Sep 20, 2014
David Humphrey discusses "pothole analysis" and the importance of viewing your business from a buyer's standpoint.
Sunday Sep 14, 2014
Sunday Sep 14, 2014
Bill Black's guest shares tips & ideas for age 50+ business owners. New content daily - check back often!
Wednesday Sep 10, 2014
Wednesday Sep 10, 2014
Steve Beatty's guest shares tips & ideas for age 50+ business owners. New content daily - check back often!
Friday Sep 05, 2014
Friday Sep 05, 2014
Steve Beatty interviews Jonathan Levy who shares tips, ideas and precautions to keep in mind when preparing for post-sale life. We upload new content daily so check back often!
Friday Sep 05, 2014
Friday Sep 05, 2014
Bill Black interviews Ken Stiefler who shares tips, ideas and precautions in the area of planning your exit strategy, and narrowing down the right option for you. We upload new content daily so check back often!