What are you missing in your Business Exit plan?
I went through the process of exiting three businesses in the last year. Despite my experience as an entrepreneur and certified exit planning advisor, I found that the process of moving my business from an illiquid to a liquid position was challenging. Truly, there’s no amount of preparation that can prepare you for the emotional rollercoaster you’re going to ride as you exit your business.
What you can prepare for when you exit your business, however, are the blind spots.
In this episode, I explain how to avoid the largest blindspots in exit planning and transitioning your business. I describe the advantages and challenges associated with transitioning a business to employees, family members, or the open market. I also discuss avoiding the familiarity bias and underscore the power of working with a certified exit planning advisor.
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TOPICS DISCUSSED:
The benefits and challenges of selling your business to a key employee
The advantage and disadvantages of transitioning your company to a family member
Selling to an open market and its pros and cons
The biggest blindspot in exit planning and how to fill it
Working with a certified exit planning advisor and avoiding the familiarity bias
The three types of businesses
Why we need to work with coaches outside of our industry
USEFUL LINKS:
NEW Book: Your Baby’s Ugly – Maximize the Value of Your Business NOW or You Will Have Nothing to Sell: https://financiallysimple.com/baby/
The Millionaire Next Door: The Surprising Secrets of America’s Wealthy by Thomas Stanley https://www.amazon.com/Millionaire-Next-Door-Surprising-Americas/dp/1589795474/ref=sr_1_1?keywords=the+millionaire+next+door+book&qid=1661143985&sprefix=the+million,aps,328&sr=8-1
BIO:
Justin A. Goodbread, CFP®, CEPA, CVGA, is a nationally recognized financial planner, business educator, wealth manager, author, speaker, and entrepreneur. He has 20+ years of experience teaching small business owners how to start, buy, grow, and sell businesses. Multi-year recipient of the Investopedia Top 100 Advisor and 2018 Exit Planning Institute’s Exit Planner Leader of the Year.
DISCLOSURES:
Investment advisory services offered by WealthSource® Partners, LLC (“WealthSource”). Nothing herein constitutes an offer or solicitation to buy or sell any security; this video is distributed for informational purposes only. Furthermore, nothing herein should be considered as investment, tax or legal advice and/or used to make any investment decisions. You should consult with a professional adviser to see how the information contained herein may apply to your individual circumstances. All investing involves risk of loss and nothing herein should be construed as a guarantee of any specific outcome or profit. Past performance is not indicative of future results. All market indices discussed are unmanaged, do not incur management fees, and cannot be invested in directly. The statements and opinions expressed are those of Justin Goodbread and do not necessarily represent the views and/or opinions of WealthSource. All statements and opinions are current only as of this video’s original publication date and are subject to change without notice. WealthSource has no obligation to provide revised statements and/or opinions in the event of changed circumstances.
Here at Financially Simple™, we want to help you make informed financial decisions for your small business with confidence. In doing so, we might recommend products and services that offer us compensation when you use them. This compensation is used to help offset the cost of creating the content we give to you for free. We will, however, never suggest products/services solely for the compensation received. As stated before, our goal is to make understanding money for you the business owner, your family, and anyone visiting this website—financially simple.
The Exit Planning Institute’s Leader of the Year is awarded to a nominee who is a CEPA credential holder who has made a significant impact or contribution to the exit planning profession or overall community through innovation and influence and is viewed by the Exit Planning Institute as a thought leader, risk taker and specialist while showing characteristics of collaboration.
Advisors who wished to be ranked in Investopedia’s Top 100 Financial Advisors list either self-submitted answers to questions compiled by Investopedia or were nominated by peers. Rankings were determined based on number of followers and engagement on social media, primary contribution to professional industry websites and their focus on financial literacy. Neither performance nor client experience, however, were considered. No compensation was paid by WealthSource Partners, LLC or Justin Goodbread to secure placement on Investopedia’s Top 100 Financial Advisors List