Advanced Exit Planning Training
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Exit Planning Boot Camp
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Terms & Conditions
Terms & Conditions This Membership Agreement (“Agreement”) is made and entered into by and between Business Enterprise Institute, Inc. (“BEI”) and the individual identified as Member (or user) in the membership (user) account in BEI’s website through which these terms and conditions are being presented, reviewed and agreed (“Member”). Member and BEI agree as follows regarding Member’s participation in the BEI Network of Exit Planning Professionals, access to the tools and resources in Member’s online account, and use of any BEI tools to which Member has purchased or holds a license (“Membership”): MEMBERSHIP LEVEL. Member wishes to participate in BEI’s membership network through a particular level of membership that has been selected by Member (“Membership Level”). Each Membership Level includes the rights, privileges and online access as published by BEI in its description of such Membership Level on the date the Membership Level is selected by Member. BEI may change the rights associated with each Membership Level as BEI adjusts the products and services associated with each Membership Level in order to serve BEI’s customers to the fullest extent. MEMBERSHIP TERM. If Member holds a promotional or complimentary Membership, the Membership expires on the date stated in the membership offer/confirmation that BEI sends to Member. For any paid Membership, the minimum Membership term is one (1) year, beginning on the initial start date of the Membership, except that BEI’s Associate Membership is a month-to-month membership with a minimum duration of only one month. If Member holds a paid membership, the Membership will renew automatically for additional periods after the initial minimum period based on Member’s payment frequency, unless terminated pursuant to Section 13 of this Agreement. CHANGING THE MEMBERSHIP LEVEL. Member may upgrade his/her Membership Level at any time during the Membership, and any such upgrade begins a new one (1) year commitment by Member if the Membership Level to which Member upgrades includes a one-year minimum commitment, beginning on the effective date of the upgrade. At the time of an upgrade an additional Membership Fee (defined below) may be due. Member may also downgrade to a lower Membership Level at any time after completing the required initial commitment associated with any new Membership or Membership upgrade. MEMBERSHIP FEES. Member will pay to BEI the membership fee on the payment schedule made available by BEI and selected by Member in an online or printed membership application/renewal/update (“Membership Fee”). The first Membership Fee payment is due on or before the start date/effective date of the Membership and any recurring or renewal payments (along with their amounts) will be described in Member’s membership information and/or confirmation. Subsequent Membership Fee payments for ongoing Membership are due on or in advance of Membership services being provided to Member by BEI in the amounts and on the schedule provided by BEI. After the initial minimum period of Membership, BEI may increase Member’s Membership Fees with sixty (60) days advance written notice to Member. Membership Fees are non-refundable. If Member holds a free, complimentary or promotional Membership, no Membership Fee is due unless or until Member decides to purchase a paid Membership. CREDIT CARD AUTHORIZATION. Member agrees and gives express written consent to BEI to charge all fees connected with Member’s Membership to the credit card provided by Member. Member specifically represents to BEI that Member has the ability to authorize charges to credit card numbers provided by Member to BEI, and Member will indemnify BEI for any costs it may incur as a result of Member’s unauthorized credit card use. If BEI provides Member with notice that Member’s credit card will not process any fees due pursuant to this Agreement, Member will immediately provide BEI with an alternate working credit card number or valid method of payment. ADDITIONAL PRODUCTS AND SERVICES. In addition to memberships, BEI provides additional products and services to its members. Member may request such products and services at the prices provided by BEI at the time of the order/request. Member hereby authorizes payment for such products and services to be charged to Member’s credit card on file with BEI unless Member provides (and BEI accepts) a different method of payment at the time of the order/request. BEI POLICIES AND PROCEDURES. BEI may provide additional policies and procedures applicable to all members on its website, which will be publicly available in the footer region of BEI’s primary website at www.ExitPlanning.com. BEI reserves the right to update its Policies and Procedures periodically and will provide email notification to all members of any such changes. It is Member’s responsibility to be familiar with BEI’s Policies and Procedures during the term of this Agreement. Member agrees to comply with all rules and requirements stated in the BEI Policies and Procedures. LIMITATION OF LIABILITY. Member agrees that BEI is not responsible to Member or any other party for any liability whatsoever (including negligence) with respect to any loss or damage, including special, indirect or consequential loss or damage, such as loss of revenue, unavailability of systems or loss of data, resulting from the Membership and the use of BEI’s tools, products and services. Planning ideas and strategies described in BEI content or coaching do not constitute tax, legal, financial, investment, securities insurance or any other type of advice to Member or Member’s clients and BEI has no liability, professional or otherwise, to Member or Member’s clients or contacts as a result of such content or coaching; instead, appropriate professional advisors with direct knowledge of particular facts and circumstances should provide any such advice. MEMBERSHIP RIGHTS. BEI grants Member a limited, non-exclusive, non-transferable right, during the term of this Agreement, to use the marketing, educational, planning or networking/community resources, materials and tools provided by BEI in connection with the Membership and Member’s specific Membership Level. Member should refer to BEI’s published lists of resources, tools and services offered in connection with Member’s Membership (“BEI Materials”). Member may not share, transfer or distribute the BEI Materials other than in the course of engaging in Member’s Exit Planning practice and only during Member’s membership in BEI. Member may only use the BEI Materials during the term of
How Advisors Can Differentiate Themselves: Taking the Burden Off the Owner
Business owners are a rare breed. In founding their businesses, they buck the trend of working for someone. They think differently, act differently, and succeed differently from most people. This means that when it comes to planning for a successful future, they also plan differently. They typically don’t want off-the-shelf advice that every other advisor offers them. They want advisors who are different like them, and who can present creative and tailored ideas that speak directly to their needs. Being different can be a competitive advantage for advisors, but what are some of the ways they can successfully differentiate themselves? That’s the topic we’ll be looking at today. Identify the pain on the owner’s terms Business owners can be proud people. After all, many of them either built their businesses from the ground up or are continuing a legacy that’s close to their hearts. Because they’ve often shouldered the burden of being everything to everyone, many owners either cannot or will not admit when they have problems that might be bigger than them. Sometimes, owners deny the problems they have. Advisors must be able to identify an owner’s unique pain on the owner’s terms. Sometimes, advisors can identify an owner’s pain based on their expertise and objectiveness. But a trap that advisors sometimes fall into is telling the owner what their problem is. Rarely do owners want to be told what to do about something, especially something as important to them as their businesses. It’s often not in their nature to take orders, even from other experts. This is an opportunity for advisors to show how they differentiate themselves. Rather than telling owners what their problem is, advisors should invite owners to tell them what their problem is. The best way to do this is to know which questions to ask, know how to vividly show owners their pain points, and then offer a solution to the problem. For example, an advisor may know that an owner wants to retire in five years and sell the business to liquidate the nest egg, but that the business isn’t worth enough to support the owner’s lifestyle. Instead of telling the owner, “You can’t really do what you want,” the advisor might ask, “How much do you expect to get from your business, and how did you come to that number?” These kinds of questions prompt owners to think deeply about their assumptions. It also leads them to the answers advisors already know. The key is that the business owner comes to the conclusion and chooses to act, rather than being pressured to act by an outside force. This can differentiate the advisor and makes the advisor more amenable to the business owner. BEI is the foremost expert at showing advisors how to identify an owner’s pain points on the owner’s terms, which is a great way to differentiate themselves. We provide questions and materials that let advisors drill into what keeps owners awake at night. Our tools and strategies lay out the best ways for advisors to lead business owners to important conclusions about their futures without telling those owners what to do. These skills are great ways for advisors to show owners how they’re different in the best way possible, leading to deeper conversations and relationships. Vividly show owners their pain points and then offer solutions The questions that advisors ask allow them to gather the information they need to vividly show owners their pain points. It’s one thing to talk about pain points, only to let them escape into the ether once the advisor and owner conclude the consultation. It’s another to show owners where their pain lies and then offer to solve that pain. Again, the key for advisors is to lead owners to the conclusion, not force the conclusion upon them. BEI offers advisors assessments that show owners their pain in vivid detail based on what the owner tells the advisor. This flips the script for most owners: They aren’t having a solution offered for a problem they may not think they have. Instead, they get to see what they themselves have said concerns them about their futures. Once owners see their pain in a place other than inside their own brain, the first question they often ask is, “Well, how can I fix that?” This is where it’s the advisor’s time to shine, especially when they can access BEI tools and strategies. Advisors can offer the tailored solutions owners want at the owner’s request through BEI’s planning software. For problems outside of the advisor’s expertise, BEI gives advisors access to experts from other fields who can solve the problem and build referral networks in the process. Stay in front of them with useful content Sometimes, getting advice can feel transactional to business owners. Advisors who can stay in front of owners with useful and relevant content deepen their relationships with those owners and differentiate themselves in the process. But advisors tend to get busy, and hiring a dedicated marketing team can be too costly or simply the wrong fit. How can advisors stay in front of owners under these confines? I talked with a client business owner yesterday who contacted my partner in charge of the account. He told me one of the reasons he’s decided to start planning is from reading [BEI’s] newsletters! Takeaways Successful business owners want tailored solutions because each situation is unique. Advisors must know how to identify the owner’s pain on their terms to offer different solutions, which can differentiate them in turn. Once they’ve identified the pain, advisors must know how to show owners their pain, offer/find solutions, and stay in front of those owners to ease the pain. BEI has tools and strategies that make advisors stand out to business owners. Aliquam scelerisque pretium erat, posuere hendrerit est laoreet quis. Aliquam nec pretium nisi. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Quisque tristique purus scelerisque tempus posuere. Integer sed rutrum magna. Vestibulum vitae lobortis nisl. In aliquet nisi
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Ready to see how plan design and delivery work? “A simple and methodical approach to planning! I love how the planning process is structured – it’s straightforward and easy to follow.” David JeanCExP™, Succession Planning Services at ARB and Director of Altus Exit Strategies, LLC “I earned my CExP™ designation from BEI to better understand and serve our business owners at FNBO. I recently learned and am proud to announce l am the youngest CExP™ in North America! This exciting news is an excellent way to kick off the new year!” Delaney Elliott CExP™, Business Advisor “The BEI CExP™ designation is the standard for Exit Planning certification for business owners. My passion is getting “in the trenches” with business owners and their families, key employees, and professional advisor teams.” Eddie Drescher CExP™, Financial Advisor Add unparalleled value to your practice Find out why business advisors are leveraging BEI for Exit Planning strategy, collaboration, and resources. Speak with us Become a member Add un-paralleled value to your practice Find out why business advisors are leveraging BEI for Exit Planning strategy, collaboration, and resources. Speak with us Become a member A PROVEN Process Better Exit Planning comes from Process and Experience BEI’s Exit Planning process makes comprehensive planning simple, easy to follow and easy to implement. Speak with us Exit Planning Tools PlanIt transforms your Exit Planning to the next level. PlanIt allows you to track, design and execute Exit Planning according to your personalized planning process. Learn more about Planning Network with Advisors BEI Chapters connect the regions best advisors together. Build deep relationships with other Trusted Advisors who can truly impact your business Learn more about Chapters Advisor Collaboration Branded Documents Guides & Resources Client Assessments Client Tracking Advisor Collaboration Advisor Collobration Build a bench of advisors you trust to offer your clients more value See Plans & Pricing Branded Documents Branded Documents Connect with business owners using our customizable marketing materials. Our professionally designed workbooks, brochures, white papers, and newsletters are perfect for uncovering planning challenges and driving the conversation. See Plans & Pricing Guides & Resources Guides & Resources Conduct personalized assessments with ease using our exclusive links and dynamic QR codes for wider audience connection. Generate valuable leads for greater success. See Plans & Pricing Client Assessments Client Assessments Learn about Business Owner priorities in just 5-7 minutes with our client assessment. Use the Assessment Tool to create a visual summary of planning concerns for the future that drives the conversation to a fee engagement discussion. See Plans & Pricing Client Tracking Client Management BEI’s PlanIt software has a sophisticated client management platform that follows our proven plan design and implementation process, ensuring you deliver your exit plan within the timeframe you outlined. See Plans & Pricing market analysis Opportunity Every day, more business owners reach retirement age, resulting in growing opportunities for advisors to develop thoughtful and transformative exit strategies with their clients. Explore Plans & Pricing 6 Million Businesses currently in operation. 200,000 are mid-market businesses. 80% Of Owners want to stop working in the next 10 years 20% Have a written Exit Plan to transition ownership 100% Of Owners will stop being owners at some point Connect Confidence in approaching any planning conversation Learn More Attract Uncover hidden opportunities to grow your practice. Learn More Engage Provide effective planning evaluation suggestions. Learn More Deliver Save time creating custom solutions for clients Learn More More from BEI Articles How to Save a Legacy Business: Lessons from Sam Wo’s Possible Closure Sam Wo, a 115-year-old Chinatown institution, faces closure as its owner retires without a successor. This historic restaurant, known for its simple Cantonese dishes and colorful legacy, highlights the vital… The Business Advisor’s First and Second Mistakes After decades spent working with both advisors and owners, we’ve found that advisors who want to represent owners make two fundamental mistakes in approach. How Advisors Can Differentiate Themselves: Taking the Burden Off the Owner Business owners are a rare breed. In founding their businesses, they buck the trend of working for someone. They think differently, act differently, and succeed differently from most people. This… Load More More articles
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This information can include: your IP address, browser type, domain names, access times and referring Web site addresses. This information is used by Business Enterprise Institute for the operation of the service, to maintain quality of the service, and to provide general statistics regarding use of the Business Enterprise Institute Web site. Please keep in mind that if you directly disclose personally identifiable information or personally sensitive data through Business Enterprise Institute public message boards, this information may be collected and used by others. Note: Business Enterprise Institute does not read any of your private online communications. Business Enterprise Institute encourages you to review the privacy statements of Web sites you choose to link to from Business Enterprise Institute so that you can understand how those Web sites collect, use and share your information. 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When personal information (such as a credit card number) is transmitted to other Web sites, it is protected through the use of encryption, such as the Secure Socket Layer (SSL) protocol. Changes to this statementBusiness Enterprise Institute will occasionally update this Statement of Privacy to reflect company and customer feedback. Business
Championship Advisor Teams: A Super Bowl Strategy for Exit Planning
It’s Super Bowl Weekend! As the San Francisco 49ers get ready to take on the reigning champs in the Kansas City Chiefs, business owners around the country are looking to exit their businesses, but might not have the right resources to reach all of their goals at the time of their exit. Boost business exits with a Super Bowl plan: Form an elite advisor team, focusing on expertise, early strategy, and execution for a seamless transition.
The Power of Collective Expertise in The Business Value Conversation
Collaborative expertise can lead to a remarkable increase in business value. In today’s evolving business world, the synergy of collective knowledge isn’t just beneficial – it’s essential.
Best BEI Webinars of 2023
This compilation of the top BEI webinars in 2023 dives into a diverse array of subjects that have shaped the industry and sparked planning conversations.
From Vision to Victory: The Impact of Goals in Exit Planning
In the dynamic landscape of business, the art of Exit Planning emerges as a pivotal skill for entrepreneurs and advisors alike. At the heart of this strategic endeavor lies the power of goal setting, a tool that transcends mere planning and becomes a compass for navigating the uncertain waters of business transitions. In our experience assisting business professionals and their clients in sculpting their exit strategies, we’ve identified goal setting as the cornerstone of a successful journey. This post aims to explore the profound impact of clear, actionable goals from the perspectives of both business owners and advisors, highlighting its crucial role in charting the course to Exit Planning success. The Importance of Setting Goals for Business Owners Setting goals is an integral part of the Exit Planning Process, serving as more than just a task list. Talking with owners about their goals and objectives has stood as the first step in the Exit Planning framework that BEI has been using since its inception. It’s a strategic maneuver, critical for business owners embarking on this journey. Establishing Targets: Defining personal, family, and business success criteria helps business owners understand the ‘why’ behind their exit, illuminating the ‘how.’ This clarity propels owners on a path filled with purpose and direction. For instance, a business owner aiming to secure a comfortable retirement or to ensure the business’s legacy continues under new leadership will require the use of different strategies and approaches. Road Map Creation: A well-defined goal acts as a beacon, guiding business owners through the complexities of Exit Planning. It transforms anxiety into actionable steps, laying out a systematic approach to reach defined objectives. For example, a roadmap might include milestones such as identifying potential buyers, optimizing business value, or developing a succession plan. Tracking Progress: Goals offer a tangible measure of progress. They help owners gauge where they stand in their exit journey, offering motivation during prosperous times and a re-focus during challenging phases. This could involve regular assessments of business valuation or progress in key areas such as customer diversification or operational improvements. Resolving Conflicts: Planning for an exit can introduce a variety of conflicts, from family dynamics to differing visions among business partners. Early identification and resolution of these conflicts significantly enhance the likelihood of a harmonious and successful exit. Enhanced Decision Making: When business owners set clear goals, they are better equipped to make informed decisions. This becomes particularly important in evaluating offers for their business. A clear understanding of their goals allows them to assess whether a potential deal aligns with their objectives, beyond just the financial aspects. Preparation for Unforeseen Circumstances: The business world is full of uncertainties. Effective goal setting helps owners prepare for unforeseen circumstances, such as market downturns, changes in industry regulations, or unexpected personal events. By having a well-structured Exit Plan, owners can adapt to these changes without losing sight of their end goals. The Advantages for Advisors in Goal Setting Advisors play an integral role in the Exit Planning Process, acting as both strategists and facilitators. Advisor’s Role: Advisors help shape the Exit Plan to align with the owner’s aspirations, acting as a sounding board and providing strategic insights. Their involvement is instrumental in crafting a tailored exit strategy, ensuring that it resonates with the owner’s personal and business goals. Building Relationships: Through the goal-setting process, advisors forge deeper relationships with their clients. This evolution from transactional interactions to trusted partnerships is vital, as advisors become indispensable in guiding their clients through the intricacies of Exit Planning. Team Coordination: Advisors often lead a team of professionals – including CPAs, lawyers, and estate planners – each playing a crucial role in the exit strategy. This coordination fosters trust and cements the advisor’s position as a central figure in the process. Creating a Comprehensive Approach: Advisors, by understanding the goals of the business owner, can create a comprehensive Exit Plan that addresses all aspects of the transition, including financial, legal, and emotional considerations. This holistic approach ensures that no critical element is overlooked. Anticipating Challenges and Opportunities: Advisors can use the goal-setting framework to anticipate potential challenges and identify opportunities. For example, understanding the business owner’s timeline for exit can help in strategizing for market conditions or tax implications. Practical Insights from Surveys and Research Our most recent survey of business owners revealed a critical insight: while the majority have exit goals, only a fraction have translated these into actionable plans. This gap underscores the need for precise, concrete goals. Empirical Evidence of Goal Setting Benefits: Further research into goal setting in business contexts demonstrates that businesses with clearly defined goals show better performance metrics, such as revenue growth and market share expansion, compared to those without clear goals. Incorporating Flexibility in Goals: While the importance of setting clear, concrete goals is undeniable, it’s equally important to build flexibility into these goals. The business environment is constantly evolving, and goals need to be adaptable to changing circumstances. Types of Goals in Exit Planning Exit Planning is diverse, encompassing various goals tailored to individual needs. Foundational Goals: The primary goal is often securing financial independence. This serves as the financial bedrock for other aspirations, ensuring a stable transition post-exit. Universal Goals: These revolve around key questions like ‘how much,’ ‘when,’ and ‘to whom.’ Addressing financial needs, timing, and successor planning, these elements are fundamental to any exit strategy. Values-Based Goals: Values-based goals align the exit strategy with the owner’s ethos and legacy aspirations. These goals add a personal dimension to Exit Planning. Expanding on Values-Based Goals: Values-based goals often include maintaining company culture, ensuring employee welfare, and contributing to the community. These goals reflect the deeper intentions of the business owner and can significantly influence the choice of successor or the method of exit. Balancing Short-Term and Long-Term Goals: A successful exit strategy involves balancing short-term objectives with long-term aspirations. While immediate goals may focus on increasing business valuation or streamlining operations, long-term goals could involve maintaining a legacy or ensuring ongoing
Maximizing Your Business Story: A Year of Messaging & Marketing Insights from Space Monkey Partners
Space Monkey Partners has worked Exit Planning Advisors to find marketing strategies for engaging and converting owners looking for Exit Planning services.
Using BEI’s New Planning Software & The Importance of Technology in the World of Business Planning
To help owners navigate challenges and make informed decisions, you need tools to deliver custom solutions and a tangible path forward to reach their goals
