Exit Coach Radio

What Is Exit Planning? - John Brown

Definition of Exit Planning: Exit Planning is the comprehensive approach to designing an exit strategy from a business.

It encompasses setting exit objectives (When does the business owner want to leave? To whom will he or she sell the business? etc), pulling together a team of trusted, professional advisors (a CPA, an Attorney, a Financial Advisor, etc) to participate in developing planning ideas and writing down each aspect of the transition sequence in the form of a Road Map that explains exactly what steps will be taken, when and why.

From Business Enterprise Institute Founder, John Brown

 

To hear John's full interview, and 1 minute highlights, check his folder under "index" at www.ExitCoachRadio.com - Come listen for a minute!

Work with Specialists When It Comes to Patents and Trademarks - Marc Hankin

Marc Hankin of Hankin Patent Law discusses the importance of working with specialists in this sometimes confusing area of the law. The interview was conducted by Bill Black, The Exit Coach, on The Exit Coach Radio Show - the Information Station for Baby Boomer Business Owners contemplating Business Succession and Exit Planning.

 

Listen to other content by this advisor - See the "ADVISOR INDEX" on right from the Home Page 
Or listen to our many other top Advisor Guests' 20 MINUTE INTERVIEWS and 1 MINUTE AUDIO TIPS

To get updates on new content and a Weekend Summary , text "EXIT" to 22828 or CLICK HERE

We have dozens of Advisors booked and we add new content daily, so come back often! 

Please mention Exit Coach Radio to your friends!

Family Business Meal Discussion Turns to Succession Planning - Bill Black

Family owned businesses face unique challenges. And managing the relationship between family members and the business is one of them. Sometimes it seems you can never separate the two. Take a minute and a half to watch this video, as a dinner with the folks turns to a discussion about succession planning.

https://amandaportal.com/advisor/view/145/62cb35ca7a4d

A Quick Word About Why We Do What We Do - Bill Black

NOTE: THE VIDEO MAY TAKE A MINUTE TO LOAD - CLICK "PLAY" AND "PAUSE" WHILE YOU READ THIS AND IT WILL PLAY SMOOTHLY

In this brief video, we spell out what we do and why we do it. We are here to help our community of listeners to learn as much as possible from as many people as possible about a variety of topics. When you look at the topic of Exit & Succession Planning, you need to (a) Set Goals about Timing, Treasure and Target, (b) Assess your strengths and weaknesses, (c) create an action plan (d) assemble and coordinate your team and (e) execute the strategies in a prioritized order.

But first it helps to get ideas, strategies, tips, precautions. So we have lined up over 90 Top Advisors in the fields of Law, Accounting, Valuation, Management, Operations, Insurance, and Mergers & Acquisitions to talk to you, here -- every day we will load new, fresh, relevant content.

In 2014 we will add in additional content, such as Webinars, Surveys, Assessment Tools and Checklists -- so you can be well-planned!

So JOIN US for a minute a day -- and tell your friends -- it's more interesting when you learn together!

Happy Holidays, and Happy New Year,
From The Exit Coach Radio Show

Bill Black

A Christmas Holiday Greeting

Please take one minute to view our animated Christmas Card Greeting. We hope that all of your wishes for this holiday season come true!

CLICK HERE

One for the Grandkids - Merry Christmas!

Here's a quick video for the grandkids (note: takes a few minutes to upload so please be patient - to pass the time, click play and write down 3 things you love about each of your Grandkids!)

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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 100 Advisor Guests booked and we add new content daily, so come back often! 

Please mention Exit Coach Radio to your friends!

Your Human Resources Approach May Be Costing You Money - Audrianne Adams-Lee

In this interview, Audrianne Adams-Lee, Founder and CEO of HR Network, Inc., shares ideas and precautions that can help Employers understand the necessity of creating a caring culture with Employees through proper HR techniques and strategies. 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 90 Advisors booked and we add new content daily, so come back often! 

Please mention Exit Coach Radio to your friends!

The Importance of Financial Statements in the Exit Planning Process - Bill Black

Whether you plan to transfer your business to an insider or sell to a third party, demonstrating your company’s financial stability through sound financial statements is a crucial step in successfully exiting your business. When you first meet with an Exit Planning Advisor, he or she will want to determine your company’s current financial status, an assessment that involves

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Customer Diversity Will Help You Sleep At Night - Bill Black

We’ve been talking about creating a culture of independence. We are going to wrap up this chapter today as we talk about customer independence.

 If you´re too dependent on any one customer, your business will be highly unstable. Try to work your customer concentration down to a point where your largest customer represents no more than 15 percent of your revenue. You´ll sleep better at night and have a more valuable company when it comes time to sell.

What percentage of your overall revenue did your largest customer represent last year?

Rank your customers by the percentage of your overall revenue each represents. How can you increase sales to your smaller customers or find new customers so as to lessen your customer concentration without shrinking your revenue?

Employee Independence - Bill Black

For the last couple of days we’ve been talking about creating a culture of independence. Today we are going to talk about employee independence.

If you´re too reliant on any one employee, you are at significant risk if that employee chooses to leave and at a disadvantage when it comes to negotiating his or her salary.

To avoid this situation, nurture a pool of people you want to hire. Some executive search firms offer a bench-building service that proactively recruits a short list of candidates who could fill your key roles so that you have a "bench" of people to go to in the event of an employee defection.

Ask yourself and your key management these questions:

How easy would it be to replace your most important sales & marketing employee?

Rank your employees from easiest to most difficult to replace. What can you do to become less dependent on those most difficult to replace?

The Importance of Vendor Independence - Bill Black

Today we’re going to continue talking about your business developing independence to increase it’s “Sellability”. Today we are focusing on suppliers.<?xml:namespace prefix = "o" ns = "urn:schemas-microsoft-com:office:office" />

If your business is dependent

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The Switzerland Structure - What it is and why it matters - Bill Black

A business´s “sellability” requires that the business not be overly reliant on any one customer, employee or supplier. The name "The Switzerland Structure" was inspired by Switzerland´s focus on neutrality. Most businesses we talk need to start making improvements in this area to maximize the value of their company.

Over The next few days we are going to discuss The Switzerland Structure and how it applies in 3  areas of your business: your suppliers, your employees and your customers. We will discuss ideas you can put into play to increase your independence, thereby increasing the ease of sale and the value of your business to a buyer in the future.

Check back tomorrow and we will start talking about evaluating your independence and what you can do to improve in in the area of your suppliers.

A Must Read Handbook for Every Business Owner - Phil Calhoun

As a seasoned veteran in the financial services world, Phil Calhoun of Beta Benefits has worked with Business Owners, and built his own business structure. He had an idea a few years ago to pull together a "dream team" of advisors from every field that a Business Owner would need state of the art advice from. "Ricing to The Next Level" is the result, a 200 page book consisting of 20+ brief chapters from over a dozen advisors. Phil also discusses Medicare and the Affordable Care Act. You can reach Phil at 1-800-500-9799. 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 90 Advisors booked and we add new content daily, so come back often! 

Please mention Exit Coach Radio to your friends!

The Changing Landscape of Employee Benefits - Brian Sullivan

In this 20 minute interview with The Exit Coach, Bill Black, 25 year insurance veteran Brian Sullivan of Martin J Wolff & Company, Inc., discusses the recent changing landscape in Employee Benefits and what every business owner should consider. Brian is located in the Los Angeles area and can be reached at (323) 931-1745. 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 90 Advisors booked and we add new content daily, so come back often! 

Please mention Exit Coach Radio to your friends!

 

Funding Opportunities that Work Today - Adam Lomax

Adam Lomax, COO of Oxygen Funding, helps businesses to accelerate their growth by accelerating their cash flow. If your company is experiencing a "growth ceiling" because your cash flow is holding you back, listen to Adam's 20 minute interview with The Exit Coach Bill Black as he discusses client stories and examples of how companies have been able to grow faster with his help. You can reach Adam at 1-800-790-3419. 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 90 Advisors booked and we add new content daily, so come back often! 

Please mention Exit Coach Radio to your friends!

Seller Beware - Traps and Precautions to Watch Out For - Chris Bond

Chris Bond is an Area Director with Murphy Business Financial Corp. in Franklin, Mass. He is a Business Broker with over 14 years experience. Here in his 20 minute live interview with The Exit Coach Bill Black, Chris shares Tips and Precautions for those who want to sell their business successfully. Chris can be reached at (508) 440-5670 or via email at c.bond@murphybusiness.com (20min) 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.

 

It's 2013 - Update Your Marketing Efforts - Jonathan Boring

A great tip from Jonathan Boring of Social Spice Media - (look for his other 1 minute audio tips in the INDEX from his past interview):

Social Spice Media wants to remind you that only 14% of the American public believe traditional advertising such as TV commercials, Banner ad’s, newspapers and radio commercials; whereas over 87% of the American public believe recommendations from their friends, neighbors and co-workers!

Stop throwing your marketing dollars down the drain with yet another direct mail campaign or banner ad that is not delivering the ROI you are looking for, and start using Social Media Marketing to help grow your business!

 

 

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!

 

 

 

10 Critical Considerations for Your Next Lease Term - Aaron Weiner

Lease Intelligence – it’s what you need when it’s time to decide whether to remain in your existing building or find new digs that align better with your business operations and future plans; or knowing what is on the table when you negotiate a new lease or renegotiate your existing one.  Here are some words to the wise from Aaron Weiner, Senior Vice President, Bailes & Associates, Inc. www.weinerproperty.com:

  

·         Negotiate when you can use your tenant improvement allowance, not just how much you get.

·         Keep the Permitted Use language flexible to keep your future options open.

·         Building image affects your bottom line big-time, so choose wisely.

·         Look closely at building operating hours.  This affects your bottom line, too.

·         Reset the operating expense base year for lease options and extensions.

·         Negotiate the tenant default language even though it may feel self-incriminating.

·         A location on a high-traffic street is not always better.

·         A good broker can help you present your financial condition – good or not – in the best light to the landlord.

·         Be aware of both sides of the productivity coin when considering creative office space.

·         Every lease contract leaves room for interpretation, so keep a good broker handy who knows the flex points.

 

 

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!

 

7 Growth Questions for Your Next Management Meeting - Bill Black

For the last several episodes we have discussed the importance of Growing your Revenues.

Here are some questions to discuss with your Management Team:

• Could we replicate our business in another city or even another culture and have it work just as well?
  
• What other products or services would our most loyal customers buy from us?
  
• What would have to change in our company for it to handle 10 times the number of customers?
  
• Could we reach a new customer group if we opened up a new channel (e.g., telephone sales, e-commerce-enabled website)?
  
• Could we more profitably serve smaller customers by making use of a self-serve model?
  
• Could we license our product or service for others to use in return for a royalty?
  
• If someone handed us a check for $10 million with the only stipulation being we had to use it to grow our company as quickly as possible, what would you invest the money in?
  

Can you Grow Through Vertical and Cultural Scalability? - Bill Black

Today we are continuing our series on Growing Your Business

Vertical scalability
If your existing infrastructure (staff, machinery, office space) could handle more customers without adding much to your variable costs, then you have the ability to scale vertically. For instance, a 200-room hotel that averages just 75 guests per night has the potential to scale up more than two times before its owners would have to make any significant infrastructure investments.

Cultural scalability
If your idea works in one culture, could it achieve the same success in other cultures? Often times business owners find that other cultures welcome them with open arms, perhaps even in the area that you have your manufacturing plant set up.

Tomorrow we will discuss several questions you can ask your Management Team.

Where to Start to Get Your Business

Starting a business is hard work. Growing a business is even harder. Often the tasks are all-consuming and there is no time to "plan" - just time to "do". So when the time comes to start planning for an eventual transfer of your business interest -- whether by sale, gift or simply a move to "part-time" ownership, the first place to turn is a diagnosis of where you stand in several key areas. This helps you see what areas need work to get the business in "transfer-ready" shape.

We use a tool called a "Sellability Score" to help owners evaluate where they stack up in  key areas. A sample of what the "dashboard" looks like is below. The input portion takes less than 15 minutes, and there is no cost. To find out your "Sellability Score", click here.