Ep #002: The Reality of Exit Planning
Building 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.
Listen in as he explains the importance of having a personal financial plan so you can start investigating strategies on how to grow your wealth in other assets outside of your business. You will learn why so many owners regret selling their business after they’ve exited, the importance of educating yourself on potential issues you may face during your business exit, and how to set yourself up for a successful exit.
Listen to the full episode:
What You’ll Learn:
- The most common issues business owners face when trying to exit.
- The importance of looking at your business through the eyes of a buyer when selling.
- Why it is important to keep your business well-organized if you eventually want to sell.
- How to diversify your net worth.
- How to set yourself up for success when you exit.
- Why so many owners regret selling their business.
- The importance of having a plan for what you will do once you exit your business.
- The benefit of educating yourself.
Ideas Worth Sharing:
- “Folks, you cannot make an assumption that there will be a buyer willing to pay top dollar for your business at the exact same time you are ready to exit.” - Tom Poltersdorf
- “Look at your business through the eyes of the buyer and what drives value to them.” - Tom Poltersdorf
- “You may have a profitable business, but that doesn’t mean that it is sellable.” - Tom Poltersdorf
- State of the Owner Readiness Benchmarking Survey
- The Five D’s One Pager
- Read my article on Exit Planning Statistics Every Business Owner Needs to Know
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