Planning for Business Exit: Start Early and Build Value

Key Takeaways:

1. Start with an exit plan in mind and think about personal goals for retirement or exit.

2. Build a team of professionals, including a CPA, financial advisor, and attorney, to help plan for the future.

3. Focus on creating enterprise value, not just a job for yourself.

4. Evaluate workplace culture and attract employees who are passionate about the business.

5. Continuously reassess and adjust the plan as circumstances change.

Chapters:

Timestamp Summary

[0:00:37] Introduction and discussion about Thanksgiving leftovers

[0:01:21] Importance of exit planning for business owners

[0:02:44] Agitation and discomfort necessary for growth and profitability

[0:03:28] Importance of thinking long term and planning for retirement

[0:05:14] Planning for the future and implementing changes now

[0:05:57] Owner dependence and the need to rely less on the business

[0:07:17] Contingency planning and having a team in place

[0:08:30] Determining who will take over the business and having a written plan

[0:09:16] Importance of due diligence when selling the business

[0:10:38] Focusing on profitability and creating a positive workplace culture

[0:12:03] Importance of having the right team and advisors in place

[0:12:24] Building a new mindset culture in business

[0:13:28] Getting a fresh perspective from a CPA

[0:14:05] Objectively evaluating business performance and financial objectives

[0:14:25] Contact information for getting a second opinion on business finances

[0:14:48] Time to start thinking about 2024

[0:15:17] Focus on the end goal and achieving it

[0:15:24] Disclaimer about investment advice

[0:15:51] Past performance not indicative of future performance

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.