Summary:
In the 10th episode of the Confident Wealth Podcast, Bill Bush and Pete Bush talk with Camm Morton from VR Business Brokers. Camm discusses his background and credentials in the business exit sector, how VR Business Brokers works for buyers and sellers, and the best practices involved.
Time Stamped Show Notes:
- 00:40 – Guest Cam Morton is introduced, including spending over 30-40 years in finance. He focuses on helping people deal with business exit planning.
- 01:44 – VR Business Brokers is a world-wide business exit firm that brings buyers and sellers together.
- 02:38 – VR gives a free business valuation to people. 90% of business probably never thought about how they will exit. Plan ahead.
- 05:08 – The steps, which should begin at least two years ahead include: establish a broad range value, figure out what you want to do during retirement, how much money you need during retirement, do you have a team?
- 06:44 – Camm is VR’s exit planning specialist, one of about 600 in the United States that is certified.
- 07:21 – Many companies operate as “lifestyle companies” that aren’t organized for an exit situation. Emotions can run high.
- 09:36 – Finding a buyer requires meeting with buyers in similar industries, list the business without saying who it is, and screen potential buyers and help them with loans and structuring the deal.
- 12:18 – Industries that are easiest to move are well-priced and businesses that do businesses with other businesses. Manufacturing is popular.
- 14:07 – VR has dealt with a client that wasn’t honest about their businesses’ finances and a client that died two weeks after the deal closed.
- 15:54 – Only 10-20% of businesses that are typically $15 million companies and below ever sell.
- 17:03 – Successful business owner’s businesses often represents 80-90% of their entire net worth.
- 18:57 – Concentrate to accumulate. Diversify to protect.
- 19:03 – Camm Morton’s contact information:
Email: CMorton@VRBatonRouge.com
Telephone: (225) 663-5999
3 Key Points:
- Camm is VR’s exit planning specialist, one of about 600 in the United States that is certified.
- Only 10-20% of businesses that are typically $15 million companies and below ever sell.
- Successful business owner’s business often represents 80-90% of their entire net worth.
Tweetable Quotes:
- “We like to be in the half a million to one million, or up to $15 million range as selling price.” – Camm Morton.
- “I think the most common mistake is not knowing the value of your company.” – Camm Morton.
- “You don’t have to be perfect, you just have to be better than the other 80% out there in order to get a decent value.” – Camm Morton.
Resources Mentioned:
