Shows
Business Exit SuccessEp #099: Top 3 Investing Mistakes I Avoid To Make More MoneyDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode, I dive into the top three investment mistakes that can derail your financial future and how to avoid them. Learn why timing the market is nearly impossible, the dangers of selling in a down market, and the stress caused by checking your accounts too frequently. I share my personal experiences and practical tips to help you make smarter investment decis...2024-07-2408 minBusiness Exit SuccessEp #098: 6 Money Lessons I Wish I Knew Earlier For Lasting WealthDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode, I share six essential money lessons that can transform your financial future. I discuss common financial mistakes and offer practical advice to help you avoid them. Whether you're just starting out or you're a seasoned business owner, these lessons will guide you towards making smarter financial decisions and building lasting wealth. Tune in to learn about the power...2024-07-1713 minBusiness Exit SuccessEp #097: Avoid These 9 Bad Money Habits to Build Wealth Do you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode, I dive into the importance of understanding and breaking free from bad money habits that can hold you back from financial success. Drawing on over 15 years of experience as a Certified Financial Planner, I share nine common money mistakes and practical tips on how to overcome them. From the pitfalls of paying yourself last to the dangers of ge...2024-07-1008 minBusiness Exit SuccessEp #096: Balancing ROI and ROL: Ensuring a Fulfilling Life After Business ExitDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode, I dive into investing in life beyond financial gains emphasizing the importance of Return on Life (ROL) versus Return on Investment (ROI), sharing personal experiences and practical strategies for business owners planning to exit within the next five years. Discover how to balance financial success with a fulfilling life, ensuring a smooth and satisfying transition out of your business. 2024-07-0305 minBusiness Exit SuccessEp #095: Navigating CEO Transitions: Strategies for New CEOs and Exiting Founders with Matt SharrersIn this episode, we delve into the world of leadership transitions with Matt Sharrers, an expert in CEO succession and advisor to private equity firms. Learn about the critical strategies for new CEOs, the importance of a shared exit plan among business partners, and how to navigate the emotional and practical challenges of stepping down. Whether you’re a founder preparing to step aside or a leader ready to take the reins, this episode offers invaluable insights and actionable advice. Resources: Matt Sharrer's Website: https://mattsharrers.com/home-2/ Matt's Book: The Second CEO: Ac...2024-06-2638 minBusiness Exit SuccessEp #094: Exit Planning For Business Partners: Why Business Partners Need to Plan for Exit and How to Get StartedIn this episode, we tackle the crucial topic of exit planning for business partners. With more than half of privately held companies having multiple owners, the process of transitioning out of a business can be complex and challenging. Join us as we dive into why it's essential for business partners to have a shared exit plan and how to navigate the journey successfully. Key Discussion Points: Understanding Exit Goals: Why it's common for business partners to have differing exit goals and how to align them. Exit Options: Explore the seven different ways to transition and exit...2024-06-1906 minBusiness Exit SuccessEp #093: 7 Essential Questions to Answer Before Exiting Your BusinessIn this episode, we dive into the crucial considerations every business owner must address before exiting their business. Join us as we explore 7 essential questions that will help you strategically plan your transition and achieve a successful exit. Whether you're looking to retire within the next five years or just starting to think about your future plans, this episode is for you. By addressing these seven questions, you'll be better prepared to make informed decisions and set yourself up for long-term success. Tune in to learn how to align your personal, financial, and business goals for a...2024-06-1206 minBusiness Exit SuccessEp #092: How to Sell Your Business Tax-Free with a Charitable Remainder TrustDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode, we dive into the benefits of using a Charitable Remainder Trust (CRT) to maximize the proceeds from selling your business. Learn how CRTs can help you avoid capital gains taxes, provide a large income tax deduction, and create a lasting charitable legacy. Discover the steps to set up a CRT, real-life examples, and key considerations to ensure this strategy align...2024-06-0508 minBusiness Exit SuccessEp #091: A Business Owner's Guide to Retirement and Exit Strategy Using Employee Stock Ownership Plans (ESOPs) with Kelly Finnell, J.D., CLU, AIF® Do you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode, we delve deep into Employee Stock Ownership Plans (ESOPs) with one of the nation's leading experts, Kelly Finnell. With over 40 years of experience, Kelly brings a wealth of knowledge and practical advice on how ESOPs can serve as a strategic tool for business owners looking to exit while ensuring a legacy of success and employee success. In today...2024-05-2937 minBusiness Exit SuccessEp #090: 10 Critical Areas Impacted By Your Business ExitDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode, we explore why establishing an exit strategy is not just wise but necessary for the wellbeing of both the business and the business owner. Despite the excitement of daily operations and growth, many small to mid-sized business owners overlook the necessity of exit planning. Without a solid plan, the impact of an exit can ripple out and affect everything you'v...2024-05-2208 minBusiness Exit SuccessEp #089: Overcoming the Top 5 Barriers to a Successful Business ExitDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode, we explore the top five barriers that entrepreneurs face when exiting their businesses and provide actionable strategies to overcome them. Discover how to address the lack of clarity on core problems, understand the financial implications, manage non-financial risks, and ensure leadership continuity. We also delve into the emotional challenges and how to prepare for a smooth and regret-free transition. I wil...2024-05-1511 minBusiness Exit SuccessEp #088: Mastering the Deal of a Business Exit: Insights from M&A Attorney Alex PrasadDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode, I interview Alex Prasad, a seasoned M&A attorney and entrepreneur and we dive into the crucial aspects of business exits and M&A law, exploring the profound impact of building relationships in successful business transactions. Discover practical strategies for business owners to navigate the complexities of selling a business, understand common misconceptions, and learn how to maximize sale value...2024-05-0845 minBusiness Exit SuccessEp #087: 7 Tax-Saving Strategies for Business Owners Selling Their CompanyDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode, learn about seven critical strategies to eliminate, reduce, or defer taxes when selling your business. We'll explore various tax-efficient methods, from leveraging real estate and Qualified Small Business Stock to structuring installment sales and investing in Qualified Opportunity Zones. Whether you're considering selling now or in the future, understanding these options can save you substantial amounts in capital gains and o...2024-05-0111 minBusiness Exit SuccessEp #086: Safeguarding Your Wealth: The Role of Prenups for Business OwnersDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos Discover how a prenuptial agreement can safeguard your assets and ensure a smooth process in the event of unforeseen circumstances. I discuss why prenups are crucial for business owners, outline the potential risks, and provide a step-by-step timeline for implementing a pre-marital agreement. Resources: Timeline of Getting a Prenup Before Marriage 2024-04-2408 minBusiness Exit SuccessEp #085: 10 Key Strategies to Increase Your Business Value Before ExitingDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode, we dive into effective strategies for business owners looking to maximize the value of their businesses in preparation for a successful exit. Discover 10 essential tactics, from reducing owner-dependence and creating Standard Operating Procedures (SOPs) to fostering recurring revenue and diversifying suppliers. Whether you're contemplating selling your business to retire or transitioning it to the next generation, these actionable tips will...2024-04-1706 minBusiness Exit SuccessEp #084: How Asset Protection Can Save Your Business: Essential StrategiesDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos Uncover essential asset protection strategies to safeguard your personal and business assets. Learn about choosing the right business entity, banking best practices, insurance, intellectual property protection, succession planning, and Tenancy by the Entirety. Protect your legacy and ensure your business thrives. 2024-04-1006 minBusiness Exit SuccessEp #083: Early Exit Planning: Why It's Crucial for Business Owners Without an Immediate Plan to TransitionDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos Regardless of whether you're in the growth cycle of your business with no plans to leave your business anytime soon, preparing for an eventual transition will be essential. We explore the hard truths about the importance of being proactive rather than reactive in planning for the future, ensuring that your business, team, and family are well-prepared for any unforeseen circumstances life may throw...2024-04-0305 minBusiness Exit SuccessEp #082: Planning With the End in Mind: How I Explain It To Business OwnersDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode I explain the critical concept of planning with the end in mind, especially tailored for successful business owners contemplating succession, selling their business, or transitioning into retirement. By using a mountain climbing analogy, we explore the dual objectives of reaching the summit (accumulation phase) and safely descending (distribution phase), highlighting the importance of preparing for both stages of your finan...2024-03-2704 minBusiness Exit SuccessEp #081: 4 Essential Questions Every Entrepreneur Must Ask Before Selling Their BusinessDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode, we dig into four essential questions every entrepreneur must ask themselves before business succession planning and selling their business. We address common reasons business owners delay exit planning and succession planning ranging from being too overwhelmed in the daily operations or just simply not knowing where to start. Listen in and gain actionable advice on how to navigate the exit...2024-03-2005 minBusiness Exit SuccessEp #080: Scaling and Exiting a Family-Owned Business for 8-Figures with Ivan and Mariana PolicDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this inspiring episode, we dive deep into the remarkable journey of Ivan and Mariana who navigated the complex path from burnout to achieving an 8-figure business exit. With firsthand insights into the challenges of working within a family business, building a robust succession plan with their father, and the strategic maneuvers that led to tripling their revenue, this episode is packed with...2024-03-131h 01Business Exit SuccessEp #079: Five Key Strategies to Improve Your Financial HealthDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode, I discuss five key financial strategies for entrepreneurs, focusing on building personal and business emergency funds, effective debt repayment, and smart investing both inside and outside of the business. I offer practical advice for managing financial risks, enhancing cash flow, and achieving financial independence. Meant for business owners seeking to improve their financial health and secure their finan...2024-03-0605 minBusiness Exit SuccessEp #078: When Should Retiring Owners Sell Their Business?Do you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode of the podcast, we dive into critical questions that many retiring business owners face: "When is the right time to sell my business?" "Will selling my business fund retirement?" "What to consider before you sell your business and retire." This discussion is aimed at entrepreneurs and business owners contemplating retirement, seeking to bal...2024-02-2806 minBusiness Exit SuccessEp #077: Maximizing Philanthropy and Taxes: A Strategic Guide to Donor Advised FundsDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos Discover the power of a Donor Advised Fund (DAF) in this episode. We dive into the strategic benefits of using DAFs for impactful donations and significant tax reductions. Learn how business owners and high-earners can leverage DAFs to optimize tax benefits during peak earning years, understand the process of donating appreciated assets like stocks, mutual funds, and ETFs for a doubl...2024-02-2105 minBusiness Exit SuccessEp #076: Exit Planning Strategies to Avoid Regret After a Business SaleDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this podcast episode, I discuss the critical aspects of exit planning, financial planning, and life after business for entrepreneurs and business owners. It outlines a comprehensive approach on how to make a regretless choice when considering a business sale, emphasizing the importance of financial readiness, business valuation, and personal fulfillment post-exit. Learn how to navigate the complexities of tr...2024-02-1407 minBusiness Exit SuccessEp #075: Mastering Your Exit: Key Strategies for Business Owners Ready To SellDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos Exploring the critical signs of readiness for a business exit, this episode delves into the emotional, financial, and operational preparedness needed for a successful transition. From addressing the challenges of burnout and economic downturns to the importance of early planning and the role of advisors, we provide invaluable insights for business owners contemplating their exit strategy. Whether due to retirement pressures or the d...2024-02-0705 minBusiness Exit SuccessEp #074: What Should I Do With The Cash In My Business Account?Do you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode I discuss effective cash management in businesses with our latest podcast episode, "What Should I Do With The Cash In My Business Account?" We explore strategies for emergency fund maintenance, smart investment choices, and optimizing financial growth. Ideal for entrepreneurs and business owners, this episode will discuss actionable insights on leveraging business capital for sustained success. 2024-01-3103 minBusiness Exit SuccessEp #073: What Are The Tax Implications When Selling a Business?Do you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos Are you a business owner planning to sell your business and retire? One critical aspect to understand is the tax implications of such a sale. This episode, "What are the tax implications when selling a business?" dives deep into the essential tax considerations every business owner must evaluate. Learn about the basics of federal and state capital gains taxes, how they...2024-01-2404 minBusiness Exit SuccessEp #072: How Should I Invest My Business Profit? (Real-Life Case Study and Tips for Business Owners)Do you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this insightful episode of our podcast, titled "How Should I Invest My Business Profit? (Real-Life Case Study and Tips for Business Owners)," we delve into the crucial topic of profit reinvestment and financial planning for business owners. Join us as we navigate the complexities of business profit investment through a real-life case study that exemplifies strategic planning and risk management. Lis...2024-01-1706 minBusiness Exit SuccessEp #071: Beyond Your Exit: Planning for Life After SuccessionDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos Are you a business owner thinking about succession and retirement? Discover essential insights in 'Beyond Your Exit: Planning for Life After Succession.' This episode dives into three key areas of strategic planning that are critical for securing your legacy and thriving after you step down from your business. Understanding Your Current Financial Situation: Learn how to evaluate your assets, liabilities, incom...2024-01-1005 minBusiness Exit SuccessEp #070: Why Your Business Needs a Strong Continuity PlanDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In today’s episode, we delve into the crucial topic of Business Continuity Planning, a strategic blueprint every business owner must consider. A Business Continuity Plan is essentially a comprehensive document designed to guide businesses through emergency situations, such as the death or incapacitation of an owner, ensuring the company’s operations can endure and recover smoothly. We cover the key eleme...2024-01-0304 minBusiness Exit SuccessEp #069: The Top 3 Exit Planning Mistakes and How to Avoid ThemDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos In this episode, I discuss the top three exit planning mistakes business owners make when trying to leave and retire from the business. These include: Not knowing the true value of the business Waiting too late to plan until being forced to sell Being too personally attached and involved in the business I'll discuss each of these in more...2023-12-2706 minBusiness Exit SuccessEp #068: Disability Insurance for the Self-Employed: What You Need to KnowWhen you own your own business, everything depends on you – and it can be hard to take off even one day from work. But what if a serious illness or injury prevented you from working and you had no income for months? How would you, your family, or your business survive and what would you live on? In this episode I discuss: How disability insurance works How much protection should I have? How much does a typical policy cost? ----- We help business owners: → Understand the complexity of navig...2023-12-2007 minBusiness Exit SuccessEp #067: Understanding How Life Insurance Works: Term Vs Whole LifeFinancial planning can be boiled down to offensive and defensive strategies. Offensive planning focuses on proactive wealth growth, such as 401k contributions, emergency funds, and reinvesting profits. In contrast, our primary focus, defensive planning, involves safeguarding your wealth, family, and business against unforeseen circumstances through various insurance policies and legal preparations. We spotlight the importance of life insurance as a foundational element of defensive planning, offering a detailed overview of how life insurance works, its key players, and the distinct types available, namely Term and Whole Life insurance. Each insurance type serves unique purposes, from providing temporary...2023-12-1310 minBusiness Exit SuccessEp #066: Avoid This Year-End Business Tax Planning Mistake!In this crucial episode, we dive into a common yet often overlooked year-end tax planning mistake made by business owners: depleting cash reserves to purchase equipment, vehicles, or inventory with the intent to reduce taxable income. While minimizing taxes is a strategy we all can agree on, the risks associated with tapping into cash reserves for tax benefits under Section 179 can leave businesses vulnerable, especially when relying on a Line of Credit (LOC) as a safety net. We emphasize the importance of careful planning and not sacrificing your business's financial health for short-term tax savings. Practical tips...2023-12-0603 minBusiness Exit SuccessEp #065: Marketing Your Home Service Business with Serial Entrepreneur Marcia BarnesIn this episode, I interview Marcia Barnes, a serial entrepreneur who grew a company from $2 million to over $400 million in revenue. She is now the Founder and CEO of Valve+Meter Performance Marketing transforming home service businesses through profitable marketing programs. Her goal at Valve+Meter is to 10x the value of 100 businesses by helping them find new customers to grow their business. She has bought over $500 million of direct-response marketing with more than 80% of them failing. Over the years she has learned you don't grow a business by buying marketing. You grow a business by testing, m...2023-11-2929 minBusiness Exit SuccessEp #064: The Triple Tax-Free Benefits of the HSA (Health Savings Account)In this timely episode, as we approach the end of the year and step into open enrollment season, we unpack the advantages of Health Savings Accounts (HSAs) for both business owners and employees. HSAs offer triple tax-free benefits, including pre-tax contributions, tax-free growth, and tax-free distributions for qualified medical expenses, making them a potent tool for long-term financial planning. Eligibility for HSAs requires enrollment in a high-deductible health plan, with specific deductible thresholds and contribution limits for 2024 outlined for individual and family plans. While not suitable for everyone due to the high deductible requirement, HSAs present significant...2023-11-2206 minBusiness Exit SuccessEp #063: Exit Options: How to Decide Which One Is Best For Me?In this insightful episode 63 of our podcast series, we delve into the nuanced process of planning a business exit, building upon the foundation laid in episode 62 where we explored seven common exit strategies for small business owners. This episode introduces the "Exit Matrix," a valuable tool designed to help entrepreneurs visually compare and contrast these exit strategies based on two critical criteria: the potential to maximize cash proceeds from the sale, and the owner's willingness to remain involved in the business during the transition period. By analyzing the Exit Matrix, listeners will gain a deeper understanding of...2023-11-1504 minBusiness Exit SuccessEp #062: 7 Ways to Exit a BusinessIn this comprehensive episode of our podcast, we explore the diverse landscape of business exit strategies, offering invaluable insights for business owners contemplating their next steps. Titled "Exploring Business Exit Strategies: Aligning Your Exit with Your Goals," this episode delves into the seven most common ways to exit a business, plus an additional insightful option for those contemplating growth over exit. We kick off the discussion with the traditional route of Selling Outright, ideal for owners looking to completely disengage from their business while maximizing net proceeds. The conversation then shifts to Recapitalization, a strategy that allows...2023-11-0806 minBusiness Exit SuccessEp #061: 5 Strategies To Improve the Culture in Your HVAC BusinessIn this episode, I highlight a section from episode #60 when I interviewed John Shirk, a business consultant for HVAC contractors. Listen in as I discuss 5 tactical strategies to improve the culture in your HVAC business and more! ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment! ----- WANT MORE BU...2023-11-0104 minBusiness Exit SuccessEp #060: How to Build a Thriving Culture to Attract & Retain Talent Within Your HVAC BusinessIn this episode, I interview Dr. John Sherk, an operations management consultant specializing in helping HVAC business owners compete for talent with culture and strategy instead of wage wars. We dive deep into specific strategies HVAC owners can leverage including: How to hire and retain top talent so everything in your business doesn't solely depend on you What to do first BEFORE making your first hire Who should be your first hire 5 strategies to immediately improve your culture to attract talent and ensure they stay RESOURCES: Operations Management Consulting: https://www.jo...2023-10-2532 minBusiness Exit SuccessEp #059: How to Sell Your HVAC Company for Maximum Value: Insights from a Business BrokerIn this episode, I interview Patrick Lange, a professional business broker who specializes in selling HVAC companies. We discuss common mistakes HVAC owners make when trying to sell, the value of having maintenance agreements in place, tactics to increase the value of your HVAC company, and more! RESOURCES: Patrick Lange: https://businessmodificationgroup.com/ ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the n...2023-10-1826 minBusiness Exit SuccessEp #058: Revealing The "Hidden Costs" of a Business SaleIn this episode, we break down the hidden costs that can eat into your business sale proceeds. Listen in and gain a clear understanding of intermediary fees, legal costs, and taxes to make informed decisions about your exit strategy. ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment! ----- WA...2023-10-1107 minBusiness Exit SuccessEp #057: The #1 Reason Your Business Will Never SellDid you know that over 80% of small business owners never successfully sell their businesses? In this episode, we delve into the number one deal breaker when it comes to selling your business - owner dependency. If you're looking to one day sell your business, understanding and addressing this critical issue is paramount. RESOURCES: Watch the youtube version: The #1 reason your business will never sell Episode #51: 4 effective delegation strategies to get your time back in business Episode #21: 5 strategies for identifying ideal candidates for your business ----- 2023-10-0403 minBusiness Exit SuccessEp #056: Calculate how much you need to retire in 5 easy stepsIn this episode, I break down a super-simple method to calculate exactly how much money you'll need to retire without the complex math. Discover the 4% rule, learn how to annualize your expenses, and adjust for inflation. RESOURCES: Watch the youtube version: Calculate how much you need to retire in 5 easy steps Calculator Used: https://www.calculator.net/future-value-calculator.html Podcast Episode #54: My 4-Step Framework For a Successful Transition into Retirement ----- We help business owners: → Understand the complexity of navigating a busi...2023-09-2704 minBusiness Exit SuccessEp #055: Assessing Your Potential Successor: Key Questions for Business OwnersDiscover the key questions every business owner should ask when evaluating a potential successor. From assessing their knowledge and skills to evaluating their commitment and leadership abilities, we guide you through the process step-by-step. Don't miss this essential guide for small business owners looking to secure their company's future! ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get...2023-09-2004 minBusiness Exit SuccessEp #054: My 4-Step Framework for a Successful Transition into RetirementDo you need help planning your retirement? → See How We Can Help How ready are you to retire? → Get Your Retirement Readiness Score Watch our Free Retirement Planning videos Are you a small business owner dreaming of a successful transition into the next phase of your life? Whether it's retirement, spending more time with family, traveling, or exploring part-time consulting, this video is your roadmap to break free from the daily grind and achieve financial freedom. Join me as I explain a four-step framework to help you plan your transition into retir...2023-09-1307 minBusiness Exit SuccessEp #053: 12 Estate Planning Essentials For Business Owners (Repost)I'm bringing this episode up to the forefront because of how important it is. Life can throw many curveballs our way. Listen in to gain insights into safeguarding your business, family, and legacy. Learn how you can ensure you're well-prepared for life's uncertainties and can exit your business with peace of mind. ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 G...2023-09-0612 minBusiness Exit SuccessEp #052: Proven Approaches to Business Transition Planning with Laurie Barkman (Certified M&A Advisor)In this episode of Business Exit Success, Laurie Barkman and I discuss the strategies, tips, and proven approaches for successful business transition planning. We discuss valuable insights to help business owners maximize their business's value during times of change. Whether you're navigating changes in leadership, ownership, or structure, we discuss key considerations to ensure a smooth transition that preserves and enhances your business's value. ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal...2023-08-3028 minBusiness Exit SuccessEp #051: 4 Effective Delegation Strategies To Get Your Time Back in BusinessAre you constantly overwhelmed with tasks and struggling to delegate effectively? As a small business owner, your time is precious. In this video, I share proven delegation strategies that I personally use with my business owner clients to gain more time and focus on high-level business growth. ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness A...2023-08-2308 minBusiness Exit SuccessEp #050: How to Invest for Beginners (Inflation, Investment Strategy, Investment Mistakes to Avoid and MORE!)Learn how the stock market works and how anybody who wants to invest for the long term can make money without stress and anxiety. I explain how inflation impacts our money, investing strategy, and investment mistakes to avoid. Enjoy! ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment! ----- WA...2023-08-1608 minBusiness Exit SuccessEp #049: How to Reduce Taxes on Required Minimum DistributionsRequired Minimum Distributions can drastically increase your taxes in retirement without proper tax planning. Learn how RMDs work and three ways to decrease taxes on your required minimum distributions using Roth Conversions, Making Qualified Charitable Distributions, or working longer. ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment! ----- WA...2023-08-0907 minBusiness Exit SuccessEp #048: Taxes When Buying and Selling Stocks: ExplainedBuying and selling stocks, ETFs, or mutual funds can generate capital gains taxes, or capital losses and diminish your returns without careful planning. Understand how taxes work when investing in taxable and tax-advantaged accounts. ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment! ----- WANT MORE BUSINESS PLANN...2023-08-0204 minBusiness Exit SuccessEp #047: How to Calculate the Value of Your Business + Three Essential Tips to Increase ItIn this episode, I explain how business owners can calculate the value of their business and three essential tips to start implementing today to increase the business value over time. ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment! ----- WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Busine...2023-07-2607 minBusiness Exit SuccessEp #046: Why The Value of Your Business is Critical to Your Financial PlanListen in as we dive deep into the often overlooked aspect of business ownership: understanding and leveraging the value of your business within your financial plan. As many entrepreneurs find the majority of their net worth tied up in their business, the reality of an illiquid asset that's challenging to convert into cash poses significant risks to retirement planning and financial security. This episode sheds light on the stark reality that many businesses if placed on the market today, would not sell. This situation becomes problematic for owners who rely on selling their business to fund their...2023-07-1905 minBusiness Exit SuccessEp #045: It's critical to review your listed beneficiaries on your investment accounts, retirement accounts, and life insurance. Here's Why...In this episode I discuss why it's critical to annually review your listed beneficiaries on your investment accounts, retirement accounts, and life insurance policies. We discuss: Who is a beneficiary? A planning mistake I consistently see people make. Exactly how to review and update your beneficiaries on your investment accounts, retirement accounts, and life insurance policies. ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next c...2023-07-1205 minBusiness Exit SuccessEp #044: How to Plan for the Income Distribution Phase of RetirementPlanning for the income distribution phase of retirement is absolutely crucial for business owners who want to secure sustainable income and long-term financial security for themselves and their families. Unfortunately, many business owners overlook the importance of thoroughly assessing their potential income during this critical phase. Failing to plan for the obstacles that may arise can significantly impact the longevity of your retirement income distribution plan and exit strategy. In this episode, we will delve into the essential strategies and considerations for planning your income distribution phase in retirement. We will provide valuable insights on how you...2023-07-0509 minBusiness Exit SuccessEp #043: Tax-Saving Secrets: 7 Strategies Every Business Owner Should KnowTaxes will be the largest expense you'll have throughout your entire life. In this episode, I will discuss 7 business owner tax strategies which include: Hiring Your Kids The Augusta Rule Section 179 General Business Expenses Primary Residence Exclusion (Section 121) 401k Retirement Contributions States with no income tax ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment...2023-06-2806 minBusiness Exit SuccessEp #042: How Compound Interest Can Multiply Your WealthThere's a reason the great Albert Einstein once said: "Compound interest is the eighth wonder of the world. He who understands it earns it…he who doesn’t…pays it." Today I want to discuss: How compound interest works Why it is so important to get started investing much sooner than later How owners and entrepreneurs can take advantage of this concept and build wealth outside of their business ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedn...2023-06-2104 minBusiness Exit SuccessEp #041: Know the Game You're Playing: Insight into Private EquityIn this episode, I want to share some insight into the Private Equity space when selling a business because there are so many traps and mistakes that can be made. I’ll share my experience as the Financial Planner and Exit planning advisor working with clients and the insights I’ve gathered from talking and working with experienced M&A advisors, CPAs, and attorneys. We discuss: What traps and mistakes to look out for when selling to private equity. My experience walking away from a private equity firm How the private equity game works when selling a bus...2023-06-1404 minBusiness Exit SuccessEp #040: Why Business Owners Need a Fiduciary Advisor As Their Financial QuarterbackHaving the right team in place that collaborates and is led by what I like to call a "Financial Quarterback" will be essential to integrating all your personal and business finances and wealth management needs. And that’s what I will talk about today. What is the Financial Quarterback? Who should they be? What qualities should business owners look for when filling this role in their wealth management team? ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a fi...2023-06-0706 minBusiness Exit SuccessEp #039: Unlocking the Art of Disciplined Investing for Small Business OwnersAs a business owner and entrepreneur, a disciplined approach to investing is absolutely essential. It's not just about your investment portfolio or 401k. It extends to every investment opportunity, including private equity and real estate. In this episode, we're going to unveil the secrets of disciplined investing, covering key topics such as: Decoding the significance of a target allocation and how it empowers you to make informed investment decisions Assessing the role of target allocation in determining your participation in new deals Exploring the components that constitute a robust target allocation strategy Discovering how streamlined external...2023-05-3105 minBusiness Exit SuccessEp #038: Exit Planning vs Succession Planning: Unraveling the Key Differences For a Profitable Business ExitAttention Small Business Owners: Gain Clarity on Exit Planning vs. Succession Planning for a Profitable Business Exit! Do you know the crucial differences between Exit Planning and Succession Planning? We will dive into: 🚀 The advantages of developing an exit plan ahead of time for a seamless business transition 🔑 Unveiling the true essence of succession planning and its significance for your business ⌛ Reclaiming your time and freedom through an efficient and successful succession plan 🔍 Essential questions to assess the preparedness of your chosen successor ----- We...2023-05-2405 minBusiness Exit SuccessEp #037: Do I Need To Sell My Business To Retire?Over 90% of business owners depend on the sale of their business to fund their retirement. It's a staggering statistic that highlights the significance of this issue. While owning a private business can be incredibly rewarding and fulfilling, it also presents unique challenges when converting that ownership into liquid assets for retirement. In this episode we will discuss: How to determine if you need to sell your business to fund your retirement Understanding the math on how much you need to fund lifestyle expenses after exit How to fill the retirement income gap How an exit planning ad...2023-05-1707 minBusiness Exit SuccessEp #036: Navigating the Due Diligence Process Before a SaleWhen a prospective buyer is interested in acquiring all or a portion of your business, they will have the opportunity to thoroughly investigate your books and records. They will get the chance to look at, analyze, and review everything. This is the due diligence process. We will discuss: What goes into the due diligence process? When does it begin? Best practices to follow What documents are requested from a potential buyer that you should have prepared in advance? ----- We help business owners: → Understand the complexity of navig...2023-05-1007 minBusiness Exit SuccessEp #035: Deconstructing Your First Phone Call with an Interested Buyer: Tips and InsightsWhat do you do when you receive an "out of the blue" email from an acquirer interested in learning more about your business for a potential acquisition? This is what we are diving into today. We will discuss: How do you respond? Should you take an initial phone call? If you set up a call, what should you expect? What questions will you receive and what should you ask? ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of pre...2023-05-0307 minBusiness Exit SuccessEp #034: Interview on Business Succession, Exit Planning Tips, and Importance of Aligning Business, Personal, & Financial Goals (Not Minding My Own Business Podcast)I was interviewed by Russell Farbiarz from the Not Minding My Own Business podcast and really enjoyed our discussion on: What is exit planning and why it's important for owners in all stages of business Exit planning tips to regain your freedom Strategies to make your business more attractive to a buyer How to delegate more Knowing how much you would need to sustain your lifestyle post-transition Answering the question, "What's Next?" ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level o...2023-04-2625 minBusiness Exit SuccessEp #033: Managing Risk After Selling Your BusinessIn this episode, we discuss how to think through and evaluate your tolerance for risk after the sale of your business. You've worked your entire life up to this moment, learn how to protect what you've worked so hard for. ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment! ----- 2023-04-1906 minBusiness Exit SuccessEp #032: The Three Retirement Income Buckets and How They Are TaxedOver 90% of business owners depend on the sale of their business to fund their retirement. At the same time, less than 20% of businesses actually sell. This ends up being a huge risk for business owners who are looking to transition out of their business and retire. Listen in as we discuss the three retirement income buckets, how they are taxed, and why accumulating assets in each will reduce your risk. ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of...2023-04-1209 min
NOT Minding My Own BusinessNOT Minding My Own Business: Episode 45 with Tom PoltersdorfReady for our next episode of NOT Minding My Own Business? Our show features the business owners, operators, and influencers in the Berks County area. In this episode, we are joined by Tom Poltersdorf, from Beyond Your Exit Wealth Management!2023-04-0624 minBusiness Exit SuccessEp #031: When It's Too Late: The Consequences of Not Planning Your Business Exit StrategyHave you ever thought about what you'd do if someone was interested in buying your business? Would you be prepared to have that conversation? Whether you plan to sell your business, pass it down to your children, or close up shop entirely, having an exit strategy in place is critical to navigating this process. Unfortunately, many business owners don't think about this until it's too late. In this episode, we discuss the consequences of not planning your business exit and six reasons why you should have an exit strategy much sooner than later. We...2023-04-0508 minBusiness Exit SuccessEp #030: Building Tax-Free Wealth Using the Roth IRAAre you a business owner looking to maximize your retirement savings while minimizing your future tax burden? In this episode, we dive deep into the benefits of using a Roth IRA. We discuss contribution limits, how to utilize the "backdoor" Roth IRA conversion, the flexibility it can provide in having access to your contributions, and much more! We cover: What is the Roth IRA and how is it taxed How to take tax-free withdrawals in retirement How high-income earners (above the phaseout limit) can still use the Roth IRA What are the benefits for your beneficiaries...2023-03-2908 minBusiness Exit SuccessEp #029: Investing for Retirement as a Business Owner Who Has Employees: The Traditional 401k vs Safe Harbor 401kDid you know that 34% of entrepreneurs have no retirement savings plan for themselves? And many do not provide retirement benefits to their employees. So we kick off this episode by discussing common misconceptions preventing owners from setting up a plan for themselves and their employees. We discuss common myths around setting up a 401k plan, explore the pros and cons of the Traditional 401k vs Safe Harbor 401k, and provide insights into which strategy may best suit your business. We cover: Common misconceptions that prevent owners from setting up a 401k plan The pros a...2023-03-2212 minBusiness Exit SuccessEp #028: Investing for Retirement as a Solopreneur: The SEP IRA vs Solo 401kAs a business owner, saving for retirement can be a daunting task. Unlike employees of larger companies who often have access to employer-sponsored retirement plans, business owners are responsible for creating and funding their own retirement accounts. For the solo business owner that's where the SEP IRA and Solo 401k come into play. In this podcast episode, we explore the pros and cons of each plan and provide insights into which plan may be best suited for your business. We delve into the challenges that solo business owners face in saving for retirement, provide guidance on how t...2023-03-1508 minBusiness Exit SuccessEp #027: How to Recession Proof Your BusinessRecessions are a natural part of the economy and come with a number of challenges that are out of our control. How can owners best position themselves and their business to thrive in this environment? It all comes down to preparation and setting yourself up for an advantage. In this episode, I will share how to prepare yourself and your business to take advantage of a recession economy. We cover: How to make sure you have access to capital The importance of having a strong financial history How much to keep in an emergency ac...2023-03-0809 minBusiness Exit SuccessEp #026: How to Invest in an Uncertain MarketInvesting your life savings in the market can be a rollercoaster ride, and it's not uncommon to feel overwhelmed by the emotional ups and downs. Unfortunately, these emotions can lead to irrational decision-making and negatively impact your long-term investment strategy. In this episode, I will share the impact emotional investing can have on your returns, investing principles to follow so you don't react to market losses, and strategies to help position your money for long-term success. WHAT YOU’LL LEARN: Mistakes investors make when the market goes down How to take advantage of a dow...2023-03-0110 minBusiness Exit SuccessEp #025: Common Business Readiness Issues When Considering an ExitLess than 20% of businesses that go to market will sell. The majority of those that do, sell well below the owner's desired value. Why is this? Listen in as I discuss the top four most common business readiness issues and how to fix them. Addressing these four issues alone will set you apart from the remaining 80% of businesses that have no chance of selling. In this episode I share: The top mistakes owners make when trying to sell their business How are buyers looking at businesses to determine if it is valuable or not The value fa...2023-02-2209 minBusiness Exit SuccessEp #024: Common Financial Readiness Issues When Considering an ExitDo you know how much money you need from the sale of your business to fund your lifestyle comfortably in retirement? How much is your business worth? Do you have to increase the value of your business to help fund your next chapter? Retirement planning for the entrepreneur is very different compared to the individual working a 9-5 as a W-2 employee. By setting up a plan, you can understand how much your business is worth compared to how much you have saved and invested outside the business, and figure out if you are on track to...2023-02-1510 minBusiness Exit SuccessEp #023: Common Personal Readiness Issues When Considering an ExitHow do you know if you are ready to transition out of your business? Planning for life after the sale and determining what you would do outside of the business is an essential part to having a successful transition. It can help you protect the value of your business by identifying what drivers are motivating you to sell and what future life visions will get you through the hardest part of the exit planning process. Planning well in advance for what your next chapter will look like ensures you will exit your business without any regrets. In this episode...2023-02-0808 minBusiness Exit SuccessEp #022: 12 Estate Planning EssentialsDo you have a plan for what would happen to your family, business and employees if you were to suddenly pass away? Estate planning is an essential part of the financial planning process. It can help you protect your assets, minimize your tax burden and make sure that your wishes are carried out well after your passing. By setting up a plan, you can make sure that your heirs receive the maximum benefit from your estate and that your business (and all of your employees) can continue to run even without you being there any longer. So, in this...2023-01-2513 minBusiness Exit SuccessEp #021: 5 Strategies For Identifying Ideal Candidates For Your BusinessFinding quality employees can be difficult. The people you hire to work for your business can support and help you to achieve the vision you have for your company or they can prevent you from reaching that vision. Unfortunately, too many businesses overlook the role of employee recruitment and retention when planning for their organization's long-term success. In this episode, Tom will share the biggest mistakes business owners make when trying to replace themselves and five strategies you can use to identify innovative candidates when hiring. ----- We help business owners: 2023-01-1106 minBusiness Exit SuccessEp #020: Required Minimum DistributionsUnfortunately, you cannot keep your retirement funds in your account indefinitely. When you reach the age of 72, you generally have to start taking required withdrawals from your retirement plan account. This is an essential end-of-year financial planning topic because if this applies to you and you do not follow the rules of the IRS, you could be paying as much as a 50% penalty on the amount that wasn’t drawn. So, in this episode, I will be explaining what you need to do to ensure you don’t get penalized. ----- We hel...2022-12-2807 minBusiness Exit SuccessEp #019: Planning For Life After BusinessPreparing yourself is the first step to successfully transitioning out of your business. Of course, it is essential to prepare your business for sale, but it is also crucial to make sure you’re ready to enter this next phase of life. If you are a business owner and you’re thinking about selling your business, planning for life after business can motivate you to turn your vision into reality. So, in this episode, Tom will give you three questions to ask yourself to ensure your values are aligned with your exit strategy and long-term plans. ----- 2022-12-1408 minBusiness Exit SuccessEp #018: 3 Perspectives on Timing When It Comes to Exit PlanningTiming and careful preparation are essential when planning to exit your business. How you direct the transition and when you decide to do so will have a big impact on your employees, clients, and yourself. This will also affect the value you are able to extract from what you’ve spent so long building. So, when is the perfect time to transition out of your business? Tom will answer this question in today’s episode and explain why, like so many things in life, it depends on who you are, how you’ve prepared your business, and more. 2022-11-3010 minBusiness Exit SuccessEp #017: The Internal Versus External Options for Business Exit SuccessThere are many common exit strategies for business owners but ultimately the one you choose will depend on your financial, personal and business goals. If you sell externally, there are plenty of unknown variables that can come into play without the right planning. However, if you sell internally you run into a host of other issues. So, how do you know what is the right option for you and your business? In this episode, Tom will be explaining the various business exit options available to business owners who are hoping to transition and the pros and cons of each...2022-11-1614 minBusiness Exit SuccessEp #016: A Typical Business Owner Versus A Value BuilderBuilding a business is hard. Building a sustainable and successful business is even more difficult. So, what separates typical business owners from value-building, long-lasting business owners? In this episode, Tom will share his advice for ensuring your business is set up for the future by asking the right questions, putting the right processes in place and focusing on value rather than revenue. ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective ...2022-11-0211 minBusiness Exit SuccessEp #015: How to Exit Your Business on Your Terms by Preparing for These 5 Major RisksLife happens and things can change in the blink of an eye. If something unexpected happens to you, your business could be negatively impacted if you do not prepare ahead of time. This is why it is essential to have a contingency plan in place in the event of an emergency or worst-case scenario. Death, divorce, distress, disagreement, or disability (known as the 5 Ds) are all major risks that are crucial to prepare and plan for. So, in this episode, Tom will be sharing how to effectively plan for the 5 Ds and what could happen to your business if...2022-10-1908 minBusiness Exit SuccessEp #014: How to Take Money Out of Your Qualified Accounts Without Paying a 10% PenaltyDepending on how well you plan in advance, many people can retire from age 50 or even sooner. Maybe you have been maxing out your retirement contributions or maybe you’ve sold your business for a profit. More than likely, you will have a mix of various accounts to pull income from. The question is, which of these accounts should you pull income from to support your lifestyle in retirement while also being tax efficient—and without running out of money? In this episode, Tom will be answering this question and sharing how to take money out of your qualified acco...2022-10-0513 minBusiness Exit SuccessEp #013: How to Save and Invest Outside of Your BusinessIf you rely on the value of your business to pay for your retirement, you may end up with a lot less money for your golden years than you initially thought. This could come down to your business not being as valuable as you thought, poor bookkeeping or many other things. This is why it is important to find the right balance between your company assets and diversified investments outside of your business. How do you go about growing your wealth outside of your business? In this episode, Tom will share the basics of saving and investing so you...2022-09-2121 minBusiness Exit SuccessEp #012: One Thing Every Business Owner Should KnowWhen looking at your finances, where are you currently sitting and where do you need to be in the future to accomplish your goals? Many business owners have so many things going on in their lives that they don’t get a chance to properly plan for themselves or their families. Calculating your personal wealth gap is a way to identify how you’re doing with your personal planning. So, how do we actually calculate this? In this episode, Tom will explain everything you need to know about your personal wealth gap so that you can reach the retirement and...2022-09-0717 minBusiness Exit SuccessEp #011: The Top 4 Concentration Risks and How To Fix ThemWithout significant diversification in your portfolio, your employees, your suppliers, or clients, you set yourself up for concentration risk. Now, this can happen intentionally or unintentionally. Maybe you rely too heavily on your top performer’s sales achievements, perhaps you have built your company to be dependent on you as the owner. Through this concentration and dependency, you decrease the value of your company and increase the risk of something going wrong if that person or thing you depend on can no longer provide for your business. In this episode, Tom will be breaking down the top four types of...2022-08-2409 minBusiness Exit SuccessEp #010: The Art of DelegatingHow would you rate your ability to delegate? A business owner who masters delegation is essential to ensure everyone can take action whilst understanding exactly what it is they need to be doing. Through developing the skill of delegation, you will be less tied down to your business, you will have more freedom and your team will be a lot more clear on their responsibilities. In this episode, Tom will be sharing four tactical ways you can get better at delegating to your team so that your business runs smoother and more efficiently. ----- 2022-08-1013 min
Business Exit SuccessEp #009: The Top 3 Exit Planning Mistakes and How to Avoid ThemWhen it comes to getting ready to transition away from your business, it’s important that your exit strategy is well thought out. However, many business owners delay exit planning to manage their busy schedules running the business. Unfortunately, this leads to issues when they do eventually exit their business. So, in this episode, Tom will be sharing the top 3 common exit planning mistakes that he sees and how you can sidestep them as you begin to plan your exit strategy. ----- We help business owners: → Understand the complexity of nav...2022-07-2709 minBusiness Exit SuccessEp #008: Building Your Business Exit TeamWhen it comes to implementing a business exit strategy, one of the most important things to do is to assemble a team to help you through the process. Some team members you will be working with before, during and after the process—and then some team members will come in strategically for one assignment only. So, who should you have on your team? And how do you decide who should fill these roles? These are just a couple of the questions that Tom will answer in this episode. ----- We help busi...2022-07-1313 min
Business Exit SuccessEp #007: Managing Your Proceeds After A SaleCongratulations! You’ve received the letter of intent that somebody in interested in buying your business, the sale goes through, and the money drops into your account. But now what? In this episode, Tom shares how to figure out a distribution strategy that gives you your desired rate of return while also managing taxes appropriately. ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 2022-06-2914 minBusiness Exit SuccessEp #006: The Four Types of CapitalWhere is the majority of the value of your company within your business? Surprisingly, 80% of your business value lies within four intangible capitals. Intangible capitals have nothing to do with your financial situation - so what does this mean for the value of your company? In this episode, Tom will be sharing what these four key areas are, why they’re so important and what you can do moving forward to help improve them. ----- We help business owners: → Understand the complexity of navigating a business transition → Assess t...2022-06-1512 min
Business Exit SuccessEp #005: How Much Do I Need To Retire?Coming up with an exact dollar amount for how much you need to retire can be challenging. There are many factors that need to go into this estimate and a lot of things to consider. Rather than trying to get to an exact number, in this episode, Tom will be sharing a framework that will allow you to think out of the box and have a clear idea of what you should be evaluating before your retirement. ----- We help business owners: → Understand the complexity of navigating a business tran...2022-06-0113 minBusiness Exit SuccessEp #004: Maximizing the Value of Your BusinessEvery business owner wants a growing, profitable business with loyal, hard-working employees. You want to create a culture where everyone is thriving and able to provide their best work. However, even with these common goals in mind, many people forget one very important part of creating and running a prosperous business; their business exit strategy. So, in this episode, I will be sharing several areas of your business that you should focus on to maximize the value of your business and create a smooth transition for when you decide to exit your company. ----- ...2022-05-1815 minBusiness Exit SuccessEp #003: Creating a More Efficient Business Through Proper Exit PlanningMany people believe that having a business exit strategy in place will only help them if they plan on leaving their business in the coming years. However, creating an exit strategy can actually help your business become inherently more efficient because you put systems in place, delegate more and start to document all your processes. So, in this episode, Tom will be sharing what exactly an exit strategy might entail and how you can implement some of these processes into your business today. ----- We help business owners: → Understand the...2022-05-0316 minBusiness Exit SuccessEp #002: The Reality of Exit PlanningBuilding a personal financial plan and aligning that with an exit strategy is not as easy as it may seem. It’s important to understand the statistics and the reality of exit planning to ensure you’re truly prepared for what this process entails. So, in this episode, Tom will be sharing common issues business owners face in the lead up to exiting their business and sharing the steps you can take to avoid these in your business exit planning strategy. ----- We help business owners: → Understand the complexity of navig...2022-05-0313 min
Business Exit SuccessEp #001: Welcome to Business Exit Success!Welcome to the inaugural episode of Business Exit Success! This podcast is dedicated to empowering and educating small business owners on how to transition out of their business successfully, while doing so on their terms and living a life of purpose and fulfillment after the sale. Join your host, Tom Poltersdorf, CFP, every other week as he provides actionable strategies on what you can do right now in your business and personal life to get you prepared for a successful exit. ----- We help business owners: → Understand the complexity of navigating a b...2022-04-2611 min