Month: February 2023

A common challenge we hear from the advisors we talk to is getting the attention of owners so they take action in Exit Planning. Advisors who have developed successful Exit Planning practices understand that they must attract and continue to stay engaged with their clients throughout the life of their client’s business. 

The most successful advisors in the BEI Network use an owner’s immediate concerns as a springboard for larger Exit Planning discussions. Proactive advisors say, “Your concern that key employees could leave with valuable information or relationships is a valid one. Once we know a bit more about your business, we will recommend one or more specific actions that you can take before you hire your next key employee. Any action we take today will also grow your business so that one day, you can transfer it successfully. We’re ready to get to work. Are you?”

As a business advisor, you understand the importance of Exit Planning for business owners. Attracting owners’ attention to something owners believe they can put off for another day, let alone engage them in a long-term planning relationship, is difficult—but successful Exit Planning Advisors know how to do it.

This post, which is the first in a series of related articles, will outline four attention-getting strategies to extract busy owners from their present concerns long enough to plan for the future.

Reach out before burnout.

Typically once owners experience burnout, they feel the need to exit immediately, making it nearly impossible for them to plan for a successful future.  Owners who think they can

postpone taking action until they are “ready” to exit, generally learn—the hard way—that when they are ready to exit, their businesses are not. That’s why proactive advisors reach out to owners before burnout happens, engaging them in a planning relationship that ensures they’re prepared for whatever the future holds.

If you sense an owner’s hesitations or aversions to planning, perhaps you can get them to start small by working on business continuity instructions or mapping out a Buy-Sell Agreement. Oftentimes, once an owner begins planning work, it is easier to keep moving with the plan once the ball is rolling. 

Engage in action-based Exit Planning.

Addressing each client’s top-of-mind problem(s) by asking questions, listening, and providing immediate solutions to pressing issues positions the advisor as a trusted resource to lead the planning team. For instance, if an owner is concerned about a lack of business growth, an Exit Planner might suggest a Stay Bonus Plan to motivate existing and new management to grow the business at the necessary pace. 

In short, successful Exit Planners focus on the actions owners are willing to take today to solve immediate problems, positioning the business to support their exit goals. We’ve collected and refined an extensive list of open-ended questions designed to elicit information and meaningful answers from business owners. 

Drip valuable information.

Exit Planners consistently provide owners with information that highlights both the current and future benefits of taking action today. Action taken earlier on in the process allows for more time to increase business value and improve chances of an overall higher sales price. This information educates owners on the importance of Exit Planning and helps them understand the value of engaging in a planning relationship.

At BEI, we know that curating content and delivering it to your prospective clients in a way that drives brand awareness and more conversations takes time and effort. That’s why we developed a system that takes care of the heavy lifting for you. With a quick assessment, you’ll be able to help owners understand what they’ve done, and haven’t done, to protect their families and their companies should they die or become disabled before they can execute the exits they desire. Start overcoming owners’ lack of knowledge by providing it! 

Link owners’ immediate concerns to Exit Planning.

Proactive Exit Planners leverage owners’ immediate concerns to initiate discussions on  Exit Planning. Showing owners how you can solve their current problems and position their business for a successful transfer in the future opens the door to doing a full, comprehensive plan. By proactively addressing these issues, business advisors can make the idea of Exit Planning less daunting and more appealing to owners.

As a business advisor, you know that the bulk of Exit Planning occurs long before an ownership transfer begins. By understanding these four attention-getting strategies, you can attract and engage successful owners in Exit Planning. By reaching out before burnout, engaging in action-based planning, dripping valuable information, and linking owners’ immediate concerns to Exit Planning, you can help owners understand the importance of planning for the future and position their business for a successful exit.
 

As a business advisor, you understand the importance of reaching out to your target audience in a consistent and effective manner. But with so many responsibilities and tasks on your plate, it can be difficult to keep up with your marketing efforts. 

That’s where automating your marketing engine comes in. By streamlining your marketing process and utilizing the right tools and strategies, you can save time, improve your results, and spend more time delivering better outcomes to your clients. At BEI Exit Planning, we believe that the driving forces behind effective outreach start with the following: 

• Have something good to say
• Say it well
• Say it often
• Say it to the right people

Automating your marketing engine can save you time and effort, allowing you to focus on delivering the best results to your clients. Let’s take a closer look at 5 key strategies for automating your marketing engine.

Invest in a CRM: 

A customer relationship management (CRM) system is a valuable tool that can help you automate your marketing processes and improve your results. From lead generation to customer engagement, a CRM assists in streamlining your activities and improving relationships with your business-owner clients. 

By investing in customer relationship management, you decide how to consolidate your customer data within a central database, enabling you to easily access, update, and analyze information about your clients.  When choosing a CRM, look for a platform that fits your needs and aligns with your goals, and be sure to invest the time and resources necessary to properly implement and utilize it. 

Not sure which platform is right for you? Check out Forbes’ recent article on the best CRM Platforms for Small Businesses.

Utilize Marketing Automation Tools: 

Marketing automation tools can assist you in streamlining various marketing activities, such as creating and distributing email and social media content. With these tools, you can quickly and efficiently create high-quality content that aligns with your brand’s messaging and tone.You can also schedule your content ahead of time, ensuring that your message is delivered at the right time to your target audience, increasing the likelihood of engagement and conversions.

Additionally, marketing automation tools allow you to track user behavior, enabling you to better understand their needs and preferences. This data can be used to personalize your marketing efforts, tailoring your messaging to your audience and boosting your conversion rates. Moreover, lead nurturing campaigns can be automated based on behavior data, allowing you to build stronger relationships with potential clients and ultimately increase sales.

Segment Your Target Market: 

Segmenting your target market is a key strategy for ensuring that your marketing messages reach the right audience. Utilize a combination of demographic and psychographic information, such as age, income, and interests to better understand your target audience and deliver tailored messages that resonate. Automating your targeting efforts can yield superior outcomes with increased efficiency and efficacy. 

Personalize Your Communication: 

Personalizing your communication is another key strategy for automating your marketing engine. By automating your communication processes, you can ensure that you’re sending the right message, at the right time, to the right person. 

With the BEI Marketing License, you’ll gain access to: 

• Brandable Marketing Content & Client Reports
• Automated Content Distribution
• Networking and Workshop Resources
• Assessment & Discovery Tools

With these resources, you’ll be able to easily expand the reach of your brand and customize your message to bring in more clients.

Analyze Your Results: 

The final step in automating your marketing engine is to analyze your results. By tracking your website traffic and other metrics like engagement rate, you can see which marketing strategies are working best, and identify areas for improvement. Use tools like Google Analytics to track your progress and optimize your efforts, and be sure to adjust your strategy as needed based on your findings.

In conclusion, automating your marketing engines can help you save time, improve your results, and deliver better outcomes for your business owner clients. By utilizing these five key strategies, you can maximize your efforts, streamline your processes, and achieve your marketing goals. 

Start today and see the results for yourself! Ready to take the next step in your business advisory career? Click here to become the indispensable business advisor to your clients today and build your Exit Planning skill set! 

In the BEI Seven Step Exit Planning Process, the crucial first task is to determine an owner’s post-exit objectives. The value-based goals that a business owner seeks at the time of their transition is ultimately what shapes and guides the comprehensive Exit Plan. 

During this stage, we often suggest that advisors pose the question: “What’s next?”  

Encouraging business owners to look past the day-to-day reality they have been living since the inception of their business is no small feat. However, it is crucial to engage in discussions regarding your clients’ desired lifestyle post-exit in order to determine the necessary steps for achieving their goals. 

For some owners, they just want to be able to live a financially sustainable lifestyle and spend more time with their grandkids. For others, they want to leave an impactful legacy within their community or take on a new business venture. As you’ve spent countless conversations asking clients what their next great adventure entails, have you flipped the script and asked yourself the same question? 

Can Exit Planning be your next great adventure? 

Considering Exit Planning Services 

Exit Planning is a learned skill set requiring training and many years of continued education. This means that those who are introduced to Exit Planning have likely spent many years in another profession or speciality. At BEI, we hear from various professional advisors such as CPAs, attorneys, financial advisors, business consultants, and others who seek a change of pace or a way to differentiate their practice.

We’ve also heard from business owners themselves who have their own stories and experiences exiting their businesses who wish they had more Exit Planning knowledge at the the time of their own business exit. 

Whether you are looking to broaden your core services, stand out from competitors, or to help owners avoid the mistakes you have made, there are several reasons why Exit Planning could be the perfect fit for you. Exit Planning is about creating and maximizing value in a business to be sold for the highest sale price. It’s separate from retirement or succession planning, and many business owners – 80% according to the 2022 BEI Business Owner Survey –  lack a formal, written Exit Plan. 

Exit Planning presents a huge opportunity in an expanding market, making it a valuable addition to your career. However, as with any new venture, it’s important to consider the risks and rewards. Below, we’ve outlined four considerations BEI views as rewards to Exit Planning and how you can make this venture worthwhile.  

Authority Positioning 

According to Forbes, “Authority positioning is one of the top ways in modern marketing to build recognition for yourself, your company, and your brand.” Using authority positioning tactics allows you to show off your expertise to both current customers and the prospects you are working to convert. 

While there are several ways to establish authority and credibility, Exit Planning expertise can be highlighted in a variety of ways. Due to the sheer amount of time invested to become an Exit Planning Advisor, it’s an accomplishment worth highlighting. 

One way to get started with authority positioning is to write content that focuses on Exit Planning for business owners. Whether in the form of blogs, social media, e-newsletters, videos, or something else, you will show potential clients that you have the knowledge and expertise to help them with their Exit Planning needs. 

To further establish your authority in Exit Planning, consider hosting webinars or giving talks sharing your expertise. Sharing your knowledge, whether by presentation, podcast, or in writing, helps further your status as an expert in Exit Planning. 

Be the Quarterback vs. the Coach 

For professional advisors who particularly enjoy the “personal” side of business, Exit Planning may be just the addition you need to mix up your work routine. The comprehensive nature of Exit Planning requires that the advisors take more of a quarterback role as opposed to a coach. 

While there are certainly many instances that will require you to step in and provide resources and knowledge based on your background, you will also manage the creation and execution of the Exit Plan. Further, it will be up to the Exit Planning Advisor to manage the Advisor Team and take that pressure off of business owners. 

For a few professionals, transitioning from a specialist to a more generalized role and assuming the added responsibility of managing tasks and advisors in an Exit Plan can be a significant change of pace.

Increased Revenue & Clients 

Don’t let the thought of Exit Planning being time-consuming deter you as an advisor. You may be pleasantly surprised by how it can be integrated into your current work easily. No matter your area of specialization, with the right strategies and tools, Exit Planning can bring significant added value to your services.

Similar to authority positioning, credibility can go a long way when it comes to securing a new client or obtaining a referral. While building a credible reputation may take time, once clients and peers recognize you as an Exit Planning expert, doors begin to open.  

Stand Out Among Competitors

In a saturated business market, owners have a lot of options on who to hire to help them with their needs. Exit Planning is oftentimes a need that owners aren’t even aware of yet or don’t know how to get started. Owners may start with a narrow lens, which means they’ll rely on education and recommendations from trusted sources about what Exit Planning is and why it’s important for them and their business.

While adding Exit Planning services to your practice might not be enough to differentiate on its own, finding new and innovative ways to market this service can be an advantageous opportunity for you as an advisor. 
 

The Bottom Line 

It’s likely that in your professional life as an advisor, you are used to focusing on your clients and what their “next great adventure” is. However, it’s worth considering how you can enhance your professional life by becoming a Certified Exit Planning Advisor.

Are you tired of playing the waiting game with your clients? 

As a business advisor, it’s time to take charge and proactively engage with them. By doing so, you’ll not only deepen your understanding of their goals and challenges, but also build stronger relationships and stay ahead of industry trends. What kind of advisor are you? Read our recent blog post on Proactive vs. Passive Advisors and take the first step in becoming an indispensable asset to your clientele.

Let’s turn the tables, check out these tips for effective, proactive engagement now!

Proactive client engagement is the process of regularly interacting with your clients in order to:

• Understand their business and personal goals.
• Identify and address potential issues.
• Nurture strong relationships.
• Stay informed about industry trends and changes. 

By engaging proactively, you can provide valuable guidance and support that can help them achieve their desired exit goals.

Benefits of Proactive Client Engagement:

One of the primary benefits of proactive client engagement is that it allows you to identify and address potential issues early on. For example, if you as the advisor notice that a client’s business is struggling financially, you can help them develop a business plan to grow value and determine potential exit strategy options. 

Another benefit of proactive client engagement is that it allows you to develop a deeper understanding of your client’s business and personal goals. This can be incredibly valuable when it comes to a business exit, as you will have a clear understanding of what your client hopes to accomplish. In the Exit Planning world, the ability to create a customized Exit Plan tailored to your client’s specific needs and objectives is essential to becoming an indispensable business advisor. 

Engaging regularly and proactively also allows you to build stronger relationships with your clients. Regularly interact with your core clients to establish trust and demonstrate your commitment to their success. This can lead to long-term loyalty and repeat business, as well as positive word-of-mouth referrals. 

Finally, proactive client engagement can help you stay ahead of industry trends and shifts. By staying informed about the latest developments in your client’s industry, you can help them navigate changes in the marketplace and adapt. Ultimately, assisting your client in staying competitive to achieve a successful business exit should be a top priority as an advisor.

Tips:

So, how can you effectively engage with your clients proactively? Here are a few tips:

• Plan regular check-ins: Set aside time to check in with your clients on a regular basis, such as monthly, quarterly, or even yearly. During these check-ins, discuss their business and personal goals, as well as any challenges they may be facing.
• Be an active listener: Serve as a sounding board for your clients. Listen attentively to their concerns and provide advice when appropriate. Encourage open communication and be open to receiving feedback.
• Keep your clients informed: Share relevant information with your clients. This could include industry news, trends, and best practices. By staying informed about the latest developments in their industry, you can help them navigate shifts in the marketplace and adapt to new technologies. Download our latest Business Owner Survey to stay up to date!
• Provide valuable resources: Offer value to your clients, such as access to resources, training, and experts. Equip your client with the tools and information they need to succeed, so you can help them achieve their desired outcome. 
• Follow up: After each check-in, be sure to follow up with your clients via email or call. Summarize what was discussed and highlight any action items that need to be taken. This will ensure that your clients are on track to achieve their goals, and any issues can be addressed in a timely manner.

Proactive client engagement is not just a one-time event, but should be an ongoing process to ensure the best outcome for your client. Building trust and understanding with your clients is key to long-term success.

To recap, proactive client engagement allows you as the advisor to address potential issues in the Exit Planning Process early on, develop a deeper understanding of your clients’ goals, build stronger relations, and stay ahead of industry trends. Incorporate proactive engagement into your practice process and become an invaluable business advisor to your clients!

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