Exit Coach Radio

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.

 

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.

How To You-proof your business - Bill Black

This week we’re going to focus on making sure that your business runs well without you working in it.

The less dependent the business is on you, the more options you will have when you decide its time to sell your business or become an absentee owner,  If you do sell, it will sell faster and for more money.

Buyers are looking for well-run businesses with systems and processes and trained employees.

Tomorrow we will work on the first steps of making your business you proof.

In the meanwhile, write down the top three things you do for your business. 

 

And now, a word for all the SOLO Owners out there - Bill Black

Every Business Day Bill Black, The Exit Coach, records The AUDIBLE, a 60 second exit planning tip of the day -- this one is for all of the SOLO business owners out there (you know who you are!)

For the past three days I've run a story about a business owner that had not kept his valuation up to date in his Buy-Sell agreement and when his partner died, his widow hired an attorney which resulted in an expensive legal battle. He had to close his business down.

I’ve had numerous questions from people that say “I am a solo business owner -- what should I do to plan in case anything happens to me”? So I have included a link to a document called Business Continuity Instructions.  It’s the first document your family will want to find if anything happens to you.

Click on the link in today’s post to get your Business Continuity Instructions at no cost

Tomorrow I will give you a link to a buy sell agreement review checklist

THE BUSINESS CONTINUITY CHECKLIST IS NOW AVAILIBLE IN THE PREMIUM CONTENT SECTION

 

 

 

 

 

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From Short to Bankrupt - Bill Black

For the past two days I've been telling a story about a client of mine who was having an unpleasant meeting with his recently deceased partners wife.

She got shorted in the buy sell proceeds due to an out of date by sell agreement valuation and inadequate life insurance proceeds.

He was sheepishly trying to explain to her how the situation happened.  It wasn't that they had not planned it's just that they failed to keep the plan up to date.

The end of the story is it she hired an attorney and there was a very expensive legal battle that ruined the relationship and the company and it went out of business.

Don't let this happen to you, pull out your buy sell agreement today and make sure it protects your family in the event anything happens to you.

In the next episode we'll discuss a checklist you can use to make sure your agreement is up to date.

A Day That No One Thought Would Ever Come - Bill Black

Every Business Day Bill Black, The Exit Coach, records The AUDIBLE, a 60 second exit planning tip of the day -- today''s is a start of a series of 3 episodes that stres the importance of keeping your Buy-Sell up to date

My client couldn't sleep because he had a very important meeting the next morning

The widow of his recently deceased partner was coming in to talk.

He wasn't sure about the nature of the conversation but he knew it was not going to be pleasant.

After his partner died suddenly, my client at first couldn’t even remember where the Buy Sell agreement was. It had been close to 10 years since they had looked at the document

But he had a sinking feeling.

Sure enough when he located it, he realized that they had forgotten to do the annual valuation updates that the agreement called for … the value was grossly out of date. So was the amount of life insurance that they had taken out to fund the buyout in case either partner died.

So, my client did what anyone would do in this situation – he called his attorney.

I'll continue the story tomorrow.