Today, Tom is joined by Steve DeTray to discuss the critical aspects of business exit planning, emphasizing the importance of having a succession plan, understanding business valuation, and preparing both the business and the owner for a successful exit. They explore the mindset shift required for business owners, the role of a support team, and the emotional readiness needed for transitioning out of a business. Thinking about selling your business? This episode is for you!
Highlights
01:33 - Mistakes from a rushed business exit.
06:58 - Necessity of a business-owner mindset shift.
11:06 - The critical 5-year runway for exiting.
13:52 - External forces driving involuntary exits.
19:45 - Over-reliance on the business owner.
25:21 - Eight key drivers impacting business value.
29:10 - Preparing the owner emotionally for exit.
31:14 - Importance of purpose post-retirement.
Episode Resources
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