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
Friday Mar 21, 2014
Friday Mar 21, 2014
Tony Everett is the Chief Play Maker of Pure Game, and he describes how he is teaching kids about life lessons.
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"!
Monday Mar 17, 2014
Monday Mar 17, 2014
Scott Tamkin of NEST Realtors at John Aaroe Group discusses the current outlook for Residential and Income Properties.
We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com . See the Index for more on this Topic or by this Guest .
Host: Bill Black, The Exit Coach Radio Show - the Information Station for age 50+ business owners.
Click for FREE E-book "100 Words from 20 Advisors"
How Ready Is Your Business for Transfer or Sale? Click for FREE Assessment Report
"Come Listen for a Minute"!
Sunday Mar 16, 2014
Sunday Mar 16, 2014
Click for FREE E-book "100 Words from 20 Advisors"
How Ready Is Your Business for Transfer or Sale? Click for FREE Assessment Report
Did you see the news that Facebook has
recently acquired Internet messaging service WhatsApp for $19 billion? It
represents the largest-ever acquisition of an Internet company in history.
Sunday Mar 16, 2014
Sunday Mar 16, 2014
Rhett Bray of BeaconPath discusses the ultimate price that comes from shifting too much cost to employees for health care.
We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com . See the Index for more on this Topic or by this Guest .
Host: Bill Black, The Exit Coach Radio Show - the Information Station for age 50+ business owners.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Thursday Mar 13, 2014
Thursday Mar 13, 2014
When
entrepreneurs seek working capital or equipment loans and lines of credit from
banks, personal guarantees are regularly required to ensure that the business
owner has “skin in the game” and to mitigate risk. However the Great Recession
crushed the
Thursday Mar 13, 2014
Thursday Mar 13, 2014
Tallia Hart, President & CEO, Irvine Chamber of Commerce, answers the question "What Should a Member Expect of Their Chamber of Commerce"?
We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com . See the Index for more on this Topic or by this Guest .
Host: Bill Black, The Exit Coach Radio Show - the Information Station for age 50+ business owners.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Thursday Mar 13, 2014
Thursday Mar 13, 2014
Tallia Hart, President & CEO, Irvine Chamber of Commerce, discusses the many ways that Chambers of Commerce can be of value to their members, and offers tips on how to make the most of your membership.
We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com . See the Index for more on this Topic or by this Guest .
Host: Bill Black, The Exit Coach Radio Show - the Information Station for age 50+ business owners.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Wednesday Mar 12, 2014
Wednesday Mar 12, 2014
Miranda McCroskey, Criminal Defense Attorney, discusses some of the extra care that goes into a case where Professional Licensing is involved.
We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com . See the Index for more on this Topic or by this Guest .
Host: Bill Black, The Exit Coach Radio Show - the Information Station for age 50+ business owners.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Please help spread the word by clicking "share" below
Wednesday Mar 12, 2014
Wednesday Mar 12, 2014
Miranda McCroskey, Criminal Defense Attorney, discusses some of the "extra risks" that Professionals face if arrested.
We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com . See the Index for more on this Topic or by this Guest .
Host: Bill Black, The Exit Coach Radio Show - the Information Station for age 50+ business owners.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Please help spread the word by clicking "share" below
Wednesday Mar 12, 2014
Wednesday Mar 12, 2014
Miranda McCroskey, Criminal Defense Attorney, discusses some of the inherent risks beyond legal trouble if they are arrested and the extra help a legal specialist can provide.
We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com . See the Index for more on this Topic or by this Guest .
Host: Bill Black, The Exit Coach Radio Show - the Information Station for age 50+ business owners.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Please help spread the word by clicking "share" below
Tuesday Mar 11, 2014
Tuesday Mar 11, 2014
Jim Brubaker shares his ideas and tips regarding Exit Planning, including the need to know your target and the need to have a strong "Plan B".
We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com . See the Index for more on this Topic or by this Guest .
Host: Bill Black, The Exit Coach Radio Show - the Information Station for age 50+ business owners.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Please help spread the word by clicking "share" below
Monday Mar 10, 2014
Monday Mar 10, 2014
Arthur Rothberg, CFO - Edge, discusses Exit planning from the perspective of a CFO.
We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com . See the Index for more on this Topic or by this Guest .
Host: Bill Black, The Exit Coach Radio Show - the Information Station for age 50+ business owners.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Please help spread the word by clicking "share" below
Sunday Mar 09, 2014
Sunday Mar 09, 2014
Ace Chapman, Ace Chapman Business Acquisitions Consultant, discusses his experiences in buying business, what he looks for and how you can start to prepare now.
We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com . See the Index for more on this Topic or by this Guest .
Host: Bill Black, The Exit Coach Radio Show - the Information Station for age 50+ business owners.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Please help spread the word by clicking "share" below
Saturday Mar 08, 2014
Saturday Mar 08, 2014
Roger Winsby, President, AxiomValuation Solutions, discusses the methods of valuation that can be used and ideas and strategies to help business owners enhance and increase their values.
We add new content daily! Listen on iTunes: iTunes.ExitcoachRadio.com . See the Index for more on this Topic or by this Guest .
Host: Bill Black, The Exit Coach Radio Show - the Information Station for age 50+ business owners.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Please help spread the word by clicking "share" below
Friday Mar 07, 2014
Friday Mar 07, 2014
Leo Klijn, Exit Strategy Planning, Henberger, discusses the importance of understanding your perspective and your Advisors' perspectives when you think of Exit 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.
Get our E-book "100 Words from 20 Advisors"
"Come Listen for a Minute"!
Please help spread the word by clicking "share" below
Thursday Mar 06, 2014
Thursday Mar 06, 2014
In a previous article, we looked at what happens to a company when one owner becomes disabled. In our example, the company had a buy-sell agreement that covered the death of an owner, but failed to adequately address the cash flow implications of a lifetime event (divorce, disability, bankruptcy or retirement of a shareholder).
Few owners (or their advisors) give much thought or analysis to the
likelihood of a lifetime transfer. Instead they focus all of their attention on
dealing with the least likely event—an owner’s death. Yet, in our experience,
lifetime transfers occur much more frequently, and when they do can cause huge
problems.
Thursday Mar 06, 2014
Thursday Mar 06, 2014
In this 20 minute interview, Charla Lenarth, President & CEO of the Orange Chamber of Commerce, discusses how and why Chambers of Commerce are a crucial element to the local business owner's business initiatives.
The interview was conducted by Bill Black, on "The Chamber of Commerce Corner" a feature of The Exit Coach Radio Show - the Information Station for Age 50+ Business Owners contemplating Business Succession and Exit Planning.
Listen to other content by Charla Lenarth- See the "ADVISOR INDEX" on right from the Home Page
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS
To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE
We have over 200 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Thursday Mar 06, 2014
Thursday Mar 06, 2014
Adam Lomax of Oxygen Funding discusses the best timing to call someone to discuss the benefits of Factoring. (1min). The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Baby Boomer Business Owners contemplating Business Succession and Exit Planning.
Listen to other content by this advisor - See the "ADVISOR INDEX" on right from the Home Page
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS
To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE
We have over 200 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
Thursday Mar 06, 2014
Thursday Mar 06, 2014
Barry Davis of Insperity explains some of the benefits of working with a large national PEO if you have Employees in Several states. The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Baby Boomer Business Owners contemplating Business Succession and Exit Planning.
Listen to other content by this advisor - See the "ADVISOR INDEX" on right from the Home Page
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS
To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE
We have over 200 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
Thursday Mar 06, 2014
Thursday Mar 06, 2014
In this 1 minute highlight, Charla Lenarth, President & CEO of the Orange Chamber of Commerce, talks about some of the extra benefits that business owners can get from their Chamber of Commerce versus other Business Networking groups.
The interview was conducted by Bill Black, on "The Chamber of Commerce Corner" a feature of The Exit Coach Radio Show - the Information Station for Age 50+ Business Owners contemplating Business Succession and Exit Planning.
Listen to other content by Charla Lenarth- See the "ADVISOR INDEX" on right from the Home Page
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS
To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE
We have over 200 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Wednesday Mar 05, 2014
Wednesday Mar 05, 2014
6 little things that make a big difference to the value of your company<?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" />
With the Sochi Olympic Games that took place last month, it is interesting to reflect back on some of the big events of the 2014 Olympic Games.
In
Bobsledding The Russians edged out Latvia and the
United States, who finished second and third, with an overall time just .09
seconds better than Latvia. Zbigniew Brodka of Poland won the Men’s 1500m
Speed Skating by .003 seconds, and the
Men’s 1000m Speed Skating was won by only 0.04 seconds.
Wednesday Mar 05, 2014
Wednesday Mar 05, 2014
International Business Law Specialist Kenneth August talks about a recent client experience.You can hear the interview in it's entirety at your leisure starting Sunday morning. Also check out John Livingston's interview from 11/6. (1min) The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Baby Boomer Business Owners contemplating Business Succession and Exit Planning.
Listen to other content by this advisor - See the "ADVISOR INDEX" on right from the Home Page
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS
To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE
We have dozens of Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
Wednesday Mar 05, 2014
Wednesday Mar 05, 2014
John Livingston of Plethora Businesses talks about the importance of Employees in the Business-Sale process. John's full live show will be up early in the morning - but you can listen to it anytime! Tell a friend, y'here? #ExitCoachRadio.com - The Information Station for Baby Boomerr Busines Owners. The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Baby Boomer Business Owners contemplating Business Succession and Exit Planning.
Listen to other content by this advisor - See the "ADVISOR INDEX" on right from the Home Page
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS
To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE
We have dozens of Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
Tuesday Mar 04, 2014
Tuesday Mar 04, 2014
In this 20 minute interview, Matthew Capell, January Partners, discusses an alternative for owners who want to transition out of their businesses but may be too small to sell to an outside buyer or Private Equity Fund.
The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Age 50+ Business Owners contemplating Business Succession and Exit Planning.
Check back to listen to other content by Matthew- See the "ADVISOR INDEX" on right from the Home Page
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS
To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE
We have over 175 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Tuesday Mar 04, 2014
Tuesday Mar 04, 2014
In this 1 minute highlight, Matthew Capell, January Partners, explains the concept of a "Search Fund" and how it can help owners who want to transition out of their businesses.
The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Age 50+ Business Owners contemplating Business Succession and Exit Planning.
Check back to listen to other content by Matthew- See the "ADVISOR INDEX" on right from the Home Page
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS
To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE
We have over 175 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Monday Mar 03, 2014
Monday Mar 03, 2014
Numbers are black and white right? Not
really. When you hire an investment
banker to sell your business, they "normalize" the company's numbers to present the best
version of financial performance. What do they look for, and what can you do in
advance to help the sales
process? In this article, we identify the top 10 EBITDA adjustments, so you can have a better
chance at selling your company at the highest price.
Monday Mar 03, 2014
Monday Mar 03, 2014
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!
ExitCoachRadio.com - Come Listen for a Minute!
Monday Mar 03, 2014
Monday Mar 03, 2014
Aaron Weiner shares another tip about considering your real estate needs to enhance your business value. The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Age 50+Business Owners contemplating Business Succession and Exit Planning.
Listen to other content by this advisor - See the "ADVISOR INDEX" on right from the Home Page
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS
To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE
We have dozens of Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
Sunday Mar 02, 2014
Sunday Mar 02, 2014
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.
Sunday Mar 02, 2014
Sunday Mar 02, 2014
In this 20 minute interview, Jason Kwiatkowski, President, Valuation Support Partners Ltd. discusses the enormous amount of business transfers that will take place in the future and the best ways to prepare your business to sell or transfer effectively.
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 Jason- 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!
Sunday Mar 02, 2014
Sunday Mar 02, 2014
In this 1 minute highlight Rhett Bray discusses how the methods used to control costs have not worked to reduce costs of benefit. The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Baby Boomer Business Owners contemplating Business Succession and Exit Planning.
Listen to other content by this advisor - See the "ADVISOR INDEX" on right from the Home Page
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS
To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE
We have dozens of Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
Sunday Mar 02, 2014
Sunday Mar 02, 2014
We have a NEW E-Book, called "100 Words From 20 Advisors", available It contains written highlights from 20 of our Guests on Succession and Exit Planning, Growing Your Business and it's FREE Click on the Picture for your copy
Saturday Mar 01, 2014
Saturday Mar 01, 2014
A great question for the business owner is – “what is most important; having an “A” level plan with “B” level execution, or, a “B” level plan with “A” level execution?” This can lead to a great discussion, yet, is it the right question? What if you approach your planning to make sure where you KNEW there was passion for execution at the “A” level and then built an “A” level plan. The right question – How do we get an “A” level plan with “A” level execution? Not accepting anything but an A-GAME leads to excellence and market differentiation. Invest time to ask the right question.
When your sales people are selling – do they ask the right question(s)? Are the questions asked so the salesperson can discover information – or, are the questions asked so the clients can discover clarity?
Friday Feb 28, 2014
Friday Feb 28, 2014
Business owners constantly look to improve their business –
they look to improve the health of their company. How many questions do they consider as they
look to understand how to improve their business?
How do clients KNOW that they are investigating the right
options when they ask the question to start the process? Business owners are easily challenged because
business owners are busy, they are confident and they love solving
problems. With the speed of business
they consider a question – call on life experience and information readily
available and they are “doers”.
Business owners act quickly once they have a feel that they
can improve their business and the results.
Just consider for a moment - What if the initial question is
the wrong question? What if the question
asked is focus too narrowly or is focus on only short-term improvements? What if the question doesn’t consider
long-term succession planning issues?
How does the action impact the long-term is challenging if you don’t
have the goals clarified for the long-term?
Thursday Feb 27, 2014
Thursday Feb 27, 2014
6 Ways You Can Make Your Company A Learning Organization<?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" />
I’m not a big fan of buzzwords. I also have to admit there are times where they actually become useful. The problem with this particular one, “learning organization” is that it’s often misused.
I do believe that if you really
want your company to get better, it needs to be a learning organization.
At the same time, just saying you have one doesn’t make it true. Here are
6 things you might want to think about if you’re really serious about
Thursday Feb 27, 2014
Thursday Feb 27, 2014
In his 20 minute interview, Chuck Kiskaden, President/CEO, Health Benefits Advisors discusses the pace of change in the Benefits field and how he helps businesses keep informed and current.
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 Chuck- 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!
Monday Feb 24, 2014
Monday Feb 24, 2014
In this 20 minute interview, Kevin Weir, Action Coach, discusses the importance of focusing on the tasks that will help you transfer your business more easily and for more value in the years leading up to your Exit.
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 Kevin- 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!
Sunday Feb 23, 2014
Sunday Feb 23, 2014
Are you thinking about selling your business, but you’re not really sure where to start? Do you have an exit strategy in place?
Selling a business is not as easy as selling a house. With a house you know what you’re selling - 3 bedrooms, 2 bathrooms, with a great view, in a popular location. There are probably several similar homes in the local neighborhood that you can look at for comparison and you can always call on the expertise of your local realtor, when considering a potential sale price.
When selling your business, it’s difficult to gauge exactly what you are selling. You may ask yourself: is my company valuable? Is my business sellable?
Your Sellability Score reveals how “sellable” your business is and predicts the likelihood you’ll get a premium over industry average multiples when you’re ready to sell.
The Sellability Score can assist you in answering these questions. This online tool has been developed by best selling author John Warrillow, whose work includes “Built to Sell: How to Create A Business That Can Thrive Without You”.
You simply complete a brief online questionnaire to receive an immediate Sellability Score of between 1 and 100 for your business. You will also receive a 26 page report full of charts and graphs that will give you insights into how buyers evaluate your business.
In just 13 minutes, this absolutely free and confidential self-assessment tool will score your business in a number of key areas and tell you just how sellable your business is.
Put a value on your business using the same methodology company acquirers use and discover how to increase the price you’ll get for your business.
Pinpoint the areas in your business that need improvement in order to maximize the value of your company.
You may not even be considering selling your business at this point; however completing the Sellability Score can help you to plan your exit strategy effectively. It can assist you to build/grow your business in such a way that, when the time comes to sell, your Sellability is maximized to its full potential.
Click here to Get YOUR Sellability Score
Saturday Feb 22, 2014
Saturday Feb 22, 2014
5 Reasons You Need To Spend 20% Of Your Time Marketing - Bill Black
OK, it might not be exactly 20% of your
time, but it will be at least that much if you want to have a continual source
of revenue. One of the big problems you have when you run a small
business is that there are dry spells of not having enough new business to
service.
This problem is caused by a
very simple issue. You haven’t been consistently selling your products or
services. There’s no secret to creating a stream of new business.
You just have to make enough sales calls and voila, new sales appear.
Whether you have a sales
department or not the key is to have a consistent sales effort. Lumpy
sales come from selling then servicing then selling again. You need to
develop a way to both sell and service at the same time. If your company
is small, you need to set time aside for this activity. If your company
is larger and you have a sales staff you need to manage their activity.
The easy part is knowing what
you have to do. The hard part is knowing why it’s important. Here
are 5 things to consider:
1. You’ll
be able to meet your payroll.
I find this is one of the
biggest worries of smaller businesses. If you employ less than 25 people
there probably have been times when you were worried about having enough money
to meet payroll.
This is not an unusual
situation. Most smaller business owners I’ve talked with tell me that
from time to time they are really worried about meeting payroll.
Sometimes they even stop paying themselves.
This problem is always caused by
new sales drying up. If you spend 20% of your time creating new business
you’ll have enough business in your pipeline at all times. You might even
get to stop worrying about not meeting payroll.
2. New
customers are more profitable than old customers.
Old customers just don’t make
you as much money as new customers do. You might not increase prices
charged to your older customers. Old customers often aren’t getting
leading edge projects. Old customers might even start thinking of your products
as commodities.
New customers will buy your
latest and greatest. New customers will value what you do. New
customers will often pay you more than old customers for the same products.
The trick is to not only get
new customers, but to have your old customers think of you as a new
supplier. This will help you keep all your customers profitable.
3. Customers
are going to leave your company.
Customers go away.
Sometimes they go out of business, sometimes they sell their businesses and
sometimes they decide they want to use a different supplier. If you don’t
have a pipeline of new customers to replace the ones that go away you’re going
to have less business.
Having a new stream of sales
prospects allows you take the loss of customers in stride. It’s tough to
lose a customer. If you have new customers you’re working on the ones
that slide away won’t hurt as much.
If you spend 20% of your time
scouting for new customers you probably won’t have to worry about losing the
few that disappear. You must plan for some reduction in your customer
base every year. If you don’t have a way to replace them, eventually
you’re going to have problems with cash flow.
4. You’ll
have created a strategy for creating new sales.
Sales is hard work. Most
small companies just use brute force to get new business. They just make
calls and hope that good things happen.
Marketing is the strategic side
of sales. If you spend 20% of your time making sales calls you’re going
to get tired of having doors slammed in your face. You’ll probably find
ways to get better results. This is called marketing. Marketing is
all about strategy. Spending time working on new business every week will
automatically help make you a marketing whiz.
5. You’ll
start to learn about the difference between sales and marketing.
Sales and marketing are two
very different activities. Sales is all about tactics and marketing is
all about strategy. I recommend that you first start spending your 20% of
your time on marketing and then start selling.
Once you’ve put together strategies
for selling, use those strategies for the 20% of your time you spend on
sales. If you first plan how you’re going to be successful you’ll likely
be more successful. It’s very simple, but few people actually start with
marketing. You can be different and get better results just by making
this change.
If you want your company to
prosper you have to make sales and marketing part of your week, no matter how
busy you get. I know that you’ll be tempted to put sales on the back
burner when you get busy. If you do, just know that there will be a time
when your business slows down. Is this something you want?
Saturday Feb 22, 2014
Saturday Feb 22, 2014
In this 20 minute interview, Nick Yocca, owner - The Yocca Law firm, discusses several reasons why California Business Owners are contemplating moving to lower tax climates, and the potential benefits of such a move.
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 Nick - 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!
Friday Feb 21, 2014
Friday Feb 21, 2014
To grow a valuable business – one you can sell – you need to set up your company so that it is no longer reliant on you. This can be easier said than done, especially when, like a PR consultant or plumber, what you are selling is your expertise.
To
scale up a knowledge-based business, you first have to figure out how to impart
your knowledge to your employees, so that they can deliver the goods. However
it can be difficult to condense years of school and on-the-job learning into a
few weeks of employee training. The more specialized your knowledge, the harder
it is to hand off work to juniors.
The
key to scaling up a service business can often be found by offering the service
that prevents customers from having
to call you in the first place. You have to shift from selling the cure to
selling the prevention.
Fixing
what is broken is typically a hard task to teach; however, preventing things
from breaking in the first place can be easier to train others to do.
For
example, it takes years for a dentist to acquire the education and experience
to successfully complete a root canal, but it’s relatively easy to train a
hygienist to perform a regularly scheduled cleaning.
It’s
almost effortless for a real estate manager to hire someone to clean the eaves
trough once a month, but repairing the flooded basement caused by the clogged
gutters can be quite complex.
For
a master car mechanic, overhauling an engine that has seized up takes years of
training, but preventing the problem by regularly changing a customer’s oil is
something a high school student can be taught to do.
For
an IT services company, restoring a customer’s network after a virus has
invaded often takes the know-how of the boss, but preventing the virus by
installing and monitoring the latest software patches is something a junior can
easily be trained to do.
When you’re selling your expertise, it can be tough to hire a team to do the work for you. As ironic as it sounds, sometimes the key to getting out of doing the work is to offer a preventive service, which not only maintains your business income, but also eliminates the need for someone to call you in the first place.
Thursday Feb 20, 2014
Thursday Feb 20, 2014
When co-owners are united in striving toward common business goals such as growing revenue, building business value and increasing cash flow, the business dynamics can be wonderfully positive and strong. These owners move together to reach common goals. Contrast that bright picture with what can happen when, suddenly perhaps, the goals of the owners diverge.
Most closely held business owners are full-time employees (and more) in their businesses. What happens when one of the owners wants or needs to leave the company?
Possible reasons for leaving are many, ranging from boredom to more dramatic and unexpected events such as the sudden disability of an owner. Let’s use owner disability to illustrate some of the significant issues raised when ownership goals are no longer aligned.
When disability strikes an owner, the company will endure substantial hardships, both economic and operational. More importantly, in the absence of a buy-sell agreement, the disabled owner’s income stream from the company also may evaporate. This problem confronted Steve Hughes, one of three equal shareholders in a growing advertising agency.
At age 38, Steve suddenly had a stroke. As with many stroke victims, his recovery was incomplete. Physically, he was the picture of health (his golf game even improved!); but he totally lost his ability to speak and read. Doctors told Steve he would never be able to return to work.
Steve’s firm had a buy-sell agreement, but it covered only a buyout at death and an option for the company to buy Steve’s stock if he were to try to sell it to a third party. Trying to find and sell closely held stock to a third party is a difficult proposition anytime; Steve’s disability made it impossible. Even if his fellow shareholders had wanted to continue his salary, they did not have the resources to do so indefinitely.
As a result, the company and Steve were left in a classic dilemma—the company, or rather the remaining shareholders, wanted to purchase Steve’s stock so that its future appreciation in value, due now to their efforts alone, would be fully available to them. Conversely, as Steve’s family soon realized, the owners of closely held stock rarely receive current benefits in the form of dividends. The profits of a closely held corporation are either accumulated by the company or distributed to the active shareholders in the form of salaries, bonuses and other perks.
In short, Steve’s family would not get what it needed most—cash—to replace the salary Steve was no longer earning. Steve’s partners faced the prospect that their efforts to increase the value of the business would reward Steve as much as themselves.
This dilemma could be solved only by a buyout of Steve’s stock. His family then could receive a fair value for his business interest when they otherwise would receive nothing (until the company was eventually sold or liquidated). Meanwhile, ownership would be left with those responsible for the company’s success.
The Hughes buyout faced several problems arising from the now-divergent goals of the owners. Prior to Steve’s unexpected disability event, joint contributions of time, effort and capital created unanimity among owners. Now, one owner needs cash, while the company and the other owners want to retain earnings for growth.
Further, the remaining owners want to pay as little as possible over as long a time period as possible because they (or the company):
- Will pay for acquiring that value with after-tax dollars; and
- Want to preserve, not spend, capital on a non-productive asset such as stock of the company.
Before Steve’s stroke there was mutual agreement and understanding among the owners. After his disability, there are radically different owner wants and needs. The result: Owner discord and impaired business performance.
Typically, we must address four major issues that arise in situations like this:
- Agreement on the business value.
- Funding for the buyout.
- Agreement on the payment terms of the buyout.
- Payment to the departing owner with the least income tax consequences.
A buy-sell agreement drafted before such transfer events occur and when mutual ownership objectives unite all owners can anticipate and manage each of these issues.
If you would like to discuss in more detail ways to prevent problems in a transfer of ownership, please contact me.
Wednesday Feb 19, 2014
Wednesday Feb 19, 2014
There are
many things in the bundle when you package your business for sale besides your
financial bottom line. There is your
company’s goodwill and your company’s facilities whether they be leased or
owned. In both instances, your physical
plant – be it warehouse, office, or retail – is a reflection on your company. Be mindful to make them a valuable asset in
the sale package, not a liability.
Here are a
few key precepts to keep in mind when you make key real estate decisions
leading up to the eventual disposition of your company:
·
Remember that the image of your building
reflects your company’s culture and makes a major impression on your employees
as well as your visitors – or potential buyers
·
Be sure to negotiate the transferability of any
lease renewal options
·
Make sure the building you occupy is efficient
and functional for your business operations.
·
Keep the Permitted Use language flexible to keep
your future options open.
Avail
yourself of the services of a competent commercial real estate broker who will
help you plan for these and many other critical considerations that affect your
bottom line.
Wednesday Feb 19, 2014
Wednesday Feb 19, 2014
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!
Tuesday Feb 18, 2014
Tuesday Feb 18, 2014
This brief article is from Scott Donnelly, CPA & Partner, PDM, LLP. Scott was previously interviewed 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.
To listen to other content by Scott - See the "ADVISOR INDEX" on right from the Home Page.
PDM CPAs maintains
long term professional relationships with many of our clients. A key to our
success is ensuring our clients have the right team at our firm as well as
other appropriate consultants. We meet
with our prospective clients to determine what their needs are and also gain an
understanding of why they are changing CPA firms. We also want to maintain open communications
with our clients other consultants such as attorneys, financial planners and
bankers. A key to a successful business
plan and succession planning is maintaining a team of competent
professionals. Our clients success is
our success.
Monday Feb 17, 2014
Monday Feb 17, 2014
The following is the third of a 3 part article by Louis Tucci of L. Tucci Financial LLC.
You can hear his full 20 minute interview here at www.ExitCoachRadio.com tomorrow, Tuesday, 2/18
Developing A Succession Playbook
To assist you in your planning, we recommend writing a succession playbook. Begin by listing every key stakeholder to the business who will be affected by your exit and the impact that the exit has on each person or association. It has been said, “You cannot manage that which you cannot measure,” therefore, taking stock and measurement of those affected by your eventual departure is an important component of coming to grips with the changes the company will face.
Tipping the First Domino – Getting the Process Started
Eventually, when the initial planning is complete, your outside advisors and internal managers are aligned with your thinking and when it comes time to execute, you will need to begin the communication process. We recommend that you organize / schedule the initial conversations with your top managers first in order to gain consensus at the top of your organization. After their questions are asked and answered, it will get progressively easier to communicate both down the employee list as well as to outside parties.
Concluding Thoughts
Succession planning is not an easy task and it is not something you do overnight. There are many moving parts involved with passing the torch, but with the proper succession team and transition planning, you can alleviate many of the headaches associated with this life-changing event. Start planning early; be mindful when considering the impact on your employees, customers, business relationships and vendors; develop a team of individuals who you trust to guide you through the process; have a clear and concise communication plan ready to roll out; and, develop a succession playbook. Having these tools in place will help to eliminate an environment of instability and will provide ease-of-mind as you move on to your future endeavors.
L. Tucci Financial LLC
Louis Tucci
310 Passaic Ave.
Ste 203
Fairfield, NJ 07004
973-582-1003
ltucci@financialprinciples.com
www.ltuccifinancial.com
Securities offered through Securities America, Inc., A Registered Broker/Dealer, Member FINRA/SIPC. Neither Forefield Inc. nor Forefield AdvisorTM provides legal, taxation or investment advice.
All the content provided by Forefield is protected by copyright. Forefield claims no liability for any modifications to its content and/or information provided by other sources.
Sunday Feb 16, 2014
Sunday Feb 16, 2014
The following is the second of a 3 part article by Louis Tucci of L. Tucci Financial LLC.
You can hear his full 20 minute interview here at www.ExitCoachRadio.com on Tuesday, 2/18
Anticipating the Needs and Concerns of Others
We know that anticipating the needs of others has a positive effect on the overall success of a business. To help alleviate the stress and anxiety associated with making this decision, it is useful to anticipate the concerns and needs of others by preparing in advance. One way to do this is by using an outside advisor or team of advisors to guide you through transition planning before turning to ‘insiders’, i.e. those closest to you in the business.
The Use of Outside Advisors in the Early Stages of Planning
Planning an exit or a succession of your business is a lonely task at best. Having access to a team of experienced and objective external advisors can be very helpful during the initial planning stage. While it might be tempting to look within the organization for guidance and assistance, keep in mind that core employees and/or insiders generally lack the experience needed for this type of planning. In addition, you will also want to give careful consideration to the inherent conflict of interest that exists with insiders / managers, as they are likely to consider the impact that these changes will have on them personally, making it difficult to provide you with completely objective and unbiased advice.
How and When to Bring Insiders into Your Circle of Trust
After an initial stage of planning, where you get educated on the exit options and begin the process of executing on your strategy, you will eventually need to bring specific members of your leadership / management team into the planning process. Determining who to trust (as one of your insiders) and who will be the best and most effective advisors, can be a challenging task and careful consideration and thoughtfulness is in order.
As a general rule, you want to begin with one or two trusted insiders who are working at a strategic level with you in the organization. It is expected that these senior managers can understand what you are sharing and, perhaps, even see the benefits of future ownership of the business in new hands.
An Internal Communications Plan
In any business scenario or situation, communication is a critical component and a key to success. Without clear and concise communication, outsiders (and insiders alike) may begin to speculate or fret over what the future holds. No matter the level of internal input or consensus achieved, it pays to develop a detailed list of all individuals directly impacted by the eventual succession and exit.
For some folks, the owner’s exit may mean a promotion and/or greater responsibility. For others, having the owner move on may mean the end of their employment within the company. In some cases – where the owner manages key relationships to the enterprise – a tailored communication plan is necessary to assure relationships will remain intact and not be damaged through the succession.
The process of detailing the anticipated impact on each of these individuals is hugely valuable to owners and helps them think through the likely scenarios where others will feel the change. Having a documented “Succession Playbook,” which considers all possible scenarios, adds a dimension of organization and planning to this process which should help you, the owner, get a higher level of comfort with this inherently challenging task of communicating change through the organization.
L. Tucci Financial LLC
Louis Tucci
310 Passaic Ave.
Ste 203
Fairfield, NJ 07004
973-582-1003
ltucci@financialprinciples.com
www.ltuccifinancial.com
Securities offered through Securities America, Inc., A Registered Broker/Dealer, Member FINRA/SIPC. Neither Forefield Inc. nor Forefield AdvisorTM provides legal, taxation or investment advice.
All the content provided by Forefield is protected by copyright. Forefield claims no liability for any modifications to its content and/or information provided by other sources.
Sunday Feb 16, 2014
Sunday Feb 16, 2014
In this 20 minute interview, Greg Janes, Sr. Business Credit, Cash Management Consultant , Wells Fargo Business Banking group discusses ideas and strategies regarding Banking Services and how to build a better relationship with your Banker so they can help you prepare for your future needs.
The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Age 50+ Business Owners contemplating Business Succession and Exit Planning.
Check back to listen to other content by Greg - See the "ADVISOR INDEX" on right from the Home Page
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS
To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE
We have over 125 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Sunday Feb 16, 2014
Sunday Feb 16, 2014
In this 1 minute Highlight, Greg Janes, Sr. Business Credit, Cash Management Consultant , Wells Fargo Business Banking group discusses how utilizing state of the art Banking Systems can save you and your company precious time and money.
The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Age 50+ Business Owners contemplating Business Succession and Exit Planning.
Check back to listen to other content by Greg - See the "ADVISOR INDEX" on right from the Home Page
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS
To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE
We have over 125 Advisors booked and we add new content daily, so come back often!
Please mention Exit Coach Radio to your friends!
ExitCoachRadio.com - Come Listen for a Minute!
Saturday Feb 15, 2014
Saturday Feb 15, 2014
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The following is the first of a 3 part article by Louis Tucci of L. Tucci Financial LLC. Owner Preparation for a Future
Exit
L. Tucci Financial LLC Louis Tucci
Securities offered through Securities America, Inc., A Registered Broker/Dealer,
Member FINRA/SIPC. Neither Forefield Inc. nor Forefield AdvisorTM provides
legal, taxation or investment advice.
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