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
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.
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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.
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