Back with us once again is Vince Mastrovito, Exit Planner at Prometis Partners. Vince is a serious succession planner: he’s a certified business exit consultant, CBEC, a certified exit planning advisor, CEPA, a certified value builder, CVB, a certified disc plus coach CDVC, and 2019 Member of the Year at the Exit Planner Institute. He brings enthusiasm to finding creative solutions for each of his clients and helps them understand and identify what their value is to move them forward. Vince offers some ways to increase business valuation by lowering your bottom line.
In his interview, Vince discusses the importance of evaluating your business expenses, especially during COVID. He outlines some areas that may seem small but can add up to big savings on your bottom line. Vince also discusses why it is crucial to separate business expenses from personal expenses. He also suggests getting your debt taken care of well before planning an exit, as it can prolong the succession process. Lessening your expenses and debt can make the transition out of your business easier, so don’t miss out on Vince’s valuable insight.
- 4:59-5:57: How you can generally cut down on overhead costs by examining small-medium sized day-to-day expenses.
- 6:26-7:26: COVID and cash burn rate in relation to profits and losses.
- 9:03-10:05: Evaluating technology tools and productivity.
- 15:36-16:31: How overuse of discretionary expenses can bring the value of your business down.
- 17:10-18:12: Business owners need to distinguish between business expenses and personal expenses.
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