Exit Planning Advisors must ask targeted questions in order to have effective conversations with current and prospective business owner clients.
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Exit Planning To-Do #1: Write it Down!
It’s critical that as an Exit Planning Advisor, you simplify the owner’s Exit Planning to-do list by having them start the process by writing their plans down. Written plans have major benefits if done properly and if the right items are included.
Make the Most of the Initial Exit Planning Meeting
As an Exit Planning advisor, having that all-important initial conversation about your client’s exit strategy is essential to protect their legacy, reach exit goals and enable successful continuation of the business after the exit.
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Building Engagement & Advisor Teams One Step at a Time
In this blog, we sit down with BEI Member, Eddie Drescher, Financial Advisor with Haycox Financial Group, to discuss lessons learned through Exit Planning, the importance of the first Exit Planning engagement, and how he develops his team of advisors.
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Why Should Advisors Consider Exit Planning?
When advisors incorporate Exit Planning into their practice and move beyond transactional planning, they position themselves as the indispensable advisor that owners turn to for all their business planning needs. In turn, advisors reap benefits of differentiation, increased revenue, and many more.
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Business Advisors Are Changing How They Work With Clients
Business advisors can encounter a lot of competition, but nothing drives engagement quite like connection. Exit Planning provides a perfect opportunity to differentiate, strengthen client relationships, as well as capitalize on established relationships in new ways – ultimately providing you with a competitive advantage over your competition.
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Preventing Problematic Phone Calls from Clients
BEI Member Bruce Willey shares techniques & resources that have helped him prevent uncomfortable phone calls from owner clients who have made huge, life-altering decisions without consulting their advisors.
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Headwinds and Exiting
As a bicycle rider I appreciate the importance of avoiding headwinds on a long ride, especially as I near the finish line. A headwind means it will either take more effort or more time to arrive at my destination by the designated time. When I’m already tired neither option is very appealing. And so it is as you approach the end of your journey as the owner of your business: headwinds mean you will have to put in more effort or more time to exit your business in style.
Like me, I expect you’ve had a long, interesting and challenging journey: starting your business, growing it, contracting it, growing it again until it has reached its current stage. You’d like to successfully end your journey, but question whether or not that’s possible.
If you are like most Baby-Boomer owners, your excitement about the journey just isn’t what it used to be: the difficulties and trials never seem to end. But now that you are within sight of your destination, you find yourself riding into stiff headwinds.
You are not alone. Every owner faces three significant headwinds that increase the difficulty of a successful business exit. One is our flat economy–today and for the foreseeable future. The second is the substantially higher tax bill you’ll pay when you sell your business. And last, but not least, is the mediocre investment climate that depresses the amount of income you can expect from your sale proceeds and other investments.
Compared to the pre-Great Recession period (1975-2007), these headwinds can double (if not triple) the time and effort you’ll need to create and preserve financial security upon your business exit.
I doubt that this list of headwinds surprises you, but most of us fail to appreciate (much less react to) the effect they have on our ability to enjoy a financially successful life after we sell our businesses. Ignoring these headwinds has serious consequences: it makes for an exhausting last leg of the ride.
The Economy Just Ain’t What It Used To Be
To grow a business in today’s economy to a value sufficient to provide financial security for you when sold is an uphill ride into a strong headwind.
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Taxation: The Bite Just Got Bigger Headwind Number 2
Two principal ways tax increases negatively affect business owners, and what you can do to overcome them.
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Return on Investment: My, How Times Have Changed! Headwind – Number 3
Conservatively estimate the likely investment return you anticipate from the sale proceeds.
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A Business Owner’s First Whiff of Freedom
Typically a business needs years of preparation to enable its owner to exit successfully.
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