In August of 2022, Space Monkey Partners presented at the BEI National Conference, and over the past year, the team at Space Monkey Partners have had the honor of collaborating with Exit Planning Advisors to test and refine strategies for finding, engaging, and converting business owners who require exceptional Exit Planning services. 

Here are some key insights they shared with us from working with several advisors in the BEI Network over the last year: 

Add Personality to Your Messaging

Clients not only want to know what you do but also if they will like you. Our message testing has shown that lead results are the most successful when advisors share their personality with business owners who are contemplating selling their business. Finance is a relational business, and people want to connect, so don’t hesitate to show more about yourself! 

Make the Client the Hero

Although it might seem contradictory to the first learning, making your client the hero in your messaging always fosters stronger relationships. Avoid being the person with a dynamic personality that draws people in, but then only talks about themselves. By focusing your message on solving the customer’s problems, they feel heard, understood, and are more likely to take the desired action. 

It’s Early!

Many business owners are still unaware or don’t understand Exit Planning, so you are dealing with a mostly unaware audience. Embrace the fact that you need to educate them and be patient. We recommend starting with “low hanging fruit,” by targeting those closer to selling (1-2 years away) rather than your ideal clients (5-10 years away). Our top-performing search term was “sell my business,” indicating that those closer to a sale or transition are more willing to take action.

Position Yourself as the Expert to Build Trust

Given longer lead times, you can build trust over time by creating educational content about Exit Planning. Utilize videos, write articles for trade publications, and engage on LinkedIn to stay top of mind. AI-generated content can help get you started, and you can add your personal touch to it. Additionally, considering a BEI Growth or Engagement License designed to help with content creation and distribution is another way to leverage your marketing efforts and increase brand awareness not only about you and your firm, but about the Exit Planning services you provide.

Give Them an Easy Yes

During our tests, we tried various calls to action, including “schedule a consultation,” “take an assessment,” and “download a case study.” The case study required the least commitment but yielded the highest conversion for capturing email addresses. The lower the involvement, the stronger the conversion at this stage.

Build Awareness Together

Consider collaborating on an awareness campaign or advertising venture with BEI and other Members. Pool funds or host a webinar with panelists from different specialties. Together, we can make Exit Planning a norm for all business owners, just as insurance is now a standard practice.

Maximize Your Relationships

Business owners know other business owners. Discover what your clients enjoy doing and invite them to bring a friend along. Overcome your fear of selling and be authentic. Your offerings are valuable, and people will recognize that and want to share it with their friends.

We are grateful for the opportunity to clarify and test messaging with amazing Exit Planning Advisors. We encourage you to continue your exceptional work for your clients, and we’ll keep sharing critical insights for clarifying messaging and generating leads.

Our favorite quote was from Joe Sweeney at Cornerstone Wealth, who told a partner firm:

“Walk, Trot, Run, Sprint, Exhaust Yourself to run down Space Monkey. They will, full stop, change your life, save you hundreds of hours with an amazing experience along the way, enjoying the relationship and heart of very special people.”

We feel the same about you, Joe!

If you haven’t fine-tuned your story or want to develop a high-impact, lead generating campaign for your professional practice, feel free to reach out to Keith Lauver at ke***@sp*********.partners . 

To learn more about Space Monkey Partners, their work, and how working with BEI Members have provided impactful marketing insights for advisors like you, watch the recording of their recent webinar:

For many business owners, the decision to exit their business is a significant milestone in their entrepreneurial journey. Whether it’s retiring, selling the company, or passing it on to the next generation, the post-exit phase is both exciting and challenging. Business owners often have a vision of what they want their life to be like after the exit, however realizing that vision and taking the steps necessary to ensure it happens takes careful planning and execution. This is where advisors play a pivotal role in helping business owners envision and achieve their post-business exit lifestyle, not just for themselves, but for their family and the legacy of their business. 

Understanding the Business Owner’s Vision 

The first step for advisors is to understand the business owner’s vision for life after the exit. This vision goes beyond financial goals and includes aspects such as retirement plans, lifestyle choices, and the legacy they want to leave behind. Advisors must engage in open, empathetic conversations to gain insights into the business owner’s personal aspirations, family dynamics, and the role the business has played in their life. The more trust you can build with your owner clients early in an engagement, the more confident they will be in you to guide them to their post-exit goals.  

Balancing Personal and Financial Goals 

Envisioning a post-business exit lifestyle involves a delicate balance between personal and financial goals. Advisors play a critical role in helping business owners strike this balance. They can assist in creating a comprehensive plan that ensures the business owner’s personal aspirations are aligned with their financial resources, because oftentimes there is a large asset gap that must be addressed in the time before the exit.  This may involve evaluating investment strategies, retirement savings, and estate planning to make sure the business value is at a place where the transition can be executed as smoothly as possible.  

Strategic Timing and Transition Planning 

One of the most important aspects of achieving a successful post-business exit lifestyle is strategic timing and transition planning. Advisors can help business owners determine when it is the right time to exit and how to ensure a smooth transition. This may involve preparing the business for sale, identifying the right successor, or developing a succession plan that aligns with the owner’s vision and the long-term well-being of the company. No matter the age or place in the ownership lifecycle that your client is in, strategic planning takes time to produce a profitable outcome.  

Risk Mitigation and Contingency Planning 

In the pursuit of their post-exit lifestyle, business owners face various risks. Advisors must identify these risks and help clients develop strategies for mitigating them. This can include contingency or continuity plans for unexpected events, diversifying investments, and optimizing tax strategies to protect the wealth accumulated during their entrepreneurial journey. By proactively addressing potential obstacles, advisors help secure the business owner’s post-exit future. 

Family Dynamics and Wealth Transition 

For many business owners, ensuring the well-being of their family is a top priority. Advisors can play a crucial role in facilitating discussions about wealth transition and inheritance. They can help business owners establish family governance structures, educate heirs about financial matters, and promote responsible stewardship of the family’s wealth. Ensuring a smooth transition of wealth to the next generation is an essential part of creating a lasting legacy. 

Maintaining the Business Legacy 

Beyond personal and family goals, many business owners are concerned about the legacy of their company. Advisors can help them preserve the legacy by identifying potential buyers or successors who share the same values and vision. They can also assist in the development of a strategic plan that ensures the business’s continued success after the owner’s exit, thus safeguarding its legacy for years to come. 

Psychological Support and Emotional Preparedness 

Envisioning a post-exit lifestyle is not just about numbers and strategies; it’s also a deeply personal and emotional journey. Owners need psychological support and guidance during this transition. Advisors – either because of their knowledge or with the support of their advisor team – can help clients manage the emotional challenges associated with letting go of a business they’ve built and nurtured, helping them navigate the sense of purpose and identity that often comes with being a business owner. 

Monitoring and Adaptation 

The journey toward a desirable post-business exit lifestyle is not a one-time event but an ongoing process. Advisors should regularly monitor and adapt an owner’s plan as circumstances change. This includes keeping abreast of shifting market conditions, revisiting investment strategies, and ensuring the client’s goals remain aligned with their evolving vision. 

Conclusion 

The role of an advisor in helping business owner clients envision their post-business exit lifestyle cannot be understated. Beyond mere financial planning, advisors serve as navigators, strategists, and visionaries. They are essential in guiding business owners towards a post-exit life that aligns with their personal aspirations, family well-being, and the legacy of their business. 

By engaging in open and empathetic conversations, striking a balance between personal and financial goals, and addressing risks and contingencies, advisors provide invaluable assistance to business owners as they embark on this significant life transition. The ultimate goal is to create a harmonious post-exit lifestyle that allows the business owner to enjoy the fruits of their labor, provide for their family, and ensure that their business legacy endures for generations to come. In this way, advisors play a crucial role in shaping the future for both the business owner and their business itself. 

For more conversation about this topic, watch a recent webinar recording by BEI Member Jim Carlisle and Charis Santille titled, “Find Their Way After Exit Day.”