Andy and Jessica welcome you to another episode of The Deal Board! In today's episode, they will dive deep into retirement, how to be prepared for it by planning and setting an effective exit plan, on business and personal levels. This topic is affecting business owners and their long-term plans too, as a result of them keeping their businesses longer than they normally would do, retiring later in life, since they cannot find an income or investment that could provide financial security. Andy and Jessica are joined by Cindy Couyoumjian, author of Redefining Financial Literacy: Unlocking the Hidden Forces of Your Financial Future, who shares her knowledge to help you get the maximum value for your business and achieve the retirement you dreamed of.
Listing of the week: Thomas Kelsey (Fayetteville, North Carolina). Hemp store located in North Carolina that has connections with farms and manufacturers that ensures the quality of their product. Profit: $70,000. Asking price: $220,000. Open for seller financing. Reach Thomas at tkelsey@tworld.com or call him at (910) 300-5130.
Key takeaways:
[3:08] Why do you want to plan your business exit?
[4:10] When should you start to plan your exit?
[5:15] People want to continue the legacy and planning is crucial in order to achieve it.
[7:07] Jessica talks about her program called Prep to Sale.
[8:10] What to do to get the maximum value for your business.
[9:53] Don't believe everything you see online in regards to business valuations, it is better to be unhappy than unrealistic.
[11.20] What is owner-absentee?
[13:00] Select the right team to get your deal done.
[16:30] Why you should plan in advance.
[17:55] Deal of the week: Meili Myles (Utah) sold a consigning furniture store that also offers new furniture. They had been in business for 20 years. Owners already knew the buyer but hired a broker to take care of every detail. Purchase price: $562,000 (cash deal) SDE: Close to $300,000.
[21:46] Cindy Couyoumjian shares why she wrote her book: Redefining Financial Literacy
[23:22] Cindy talks about the REALM model.
[27:02].Where do you put your money after selling your business?
[27:54] There is a way to get higher withdrawal rates.
[29:30] People are scared of the macroeconomic world, Cindy shares her perspective on the subject.
[34:01] Listing of the week: Thomas Kelsey (Fayetteville, North Carolina). Hemp store located in North Carolina that has connections with farms and manufacturers that ensures the quality of their product. Profit: $70,000. Asking price: $220,000. Open for seller financing. Reach Thomas at tkelsey@tworld.com or call him at (910) 300-5130.
Mentioned in this Episode:
The Deal Board Podcast
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United Franchise Group
Transworld Business Advisors
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Call us — (888) 711-9018
Email us thedealboard@tworld.com
Redefining Financial Literacy: Unlocking the Hidden Forces of Your Financial Future, by Cindy Couyoumjian
Cynergy Financial
Free Consultation with Cindy Couyoumjian 1-888-210-8777
Prep to Sell Program
Reach Meili Myles at (801)707-1957 or email mmyles@tworld.com
Reach Thomas Kelsey at tkelsey@tworld.com or call him at (910) 300-5130.
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