Many firms focus on issues that affect them right now, such as marketing, HR, sales, cash flow, and so on. Having or formulating an exit strategy for them is unrealistic since they do not expect to sell their company anytime soon. However, you cannot avoid departing your business, and research found that over 70% of businesses had no exit strategy at all. Having an exit strategy plan as soon as necessary can benefit you and your business since you will have a clearer picture of what your business will be in the future, giving you recommendations on how to develop it today.In today's podcasts, Kit invited Gerald Radican of Veritas Financial, and Rick Scruggs of Financial Designs and they talked about the importance of having an exit strategy in your business. The episode starts with telling background information about our guests and what are the benefits of formulating exit strategies for your business. They also share the ideal Time Frame to set to have a successful exit strategy and what are the factors to look at during the set time frame. They notably said that in every business, solutions, and processes are different from each other as they said no one solution fits all. They also share some case examples from their experience and lastly they provide some insights and lessons learned from their many years in business.If you're interested in learning more about organic growth, growth by acquisition, or the increase of capitalization of your company, this will be interesting and useful for you. Key TakeawaysThe Benefits in Collaboration with Firms That Can Advise Exit Plans in Businesses.The Optimum Time Frame in Selling Business and The Factors To Look at Doing Due Diligence is Still Important in the Exit Plan StrategyThe Difference between Our Guest from The OthersChallenges and Big Lessons That The Guests Learn in This Business JourneyQuotesEvery situation is going to vary. It's going to depend on the size of company ownership, and tax status as an S-corp or C-Corp. So one size does not fit all. - GeraldIt's lonely at the top, in the sense that you have no one on your team to talk to about succession, selling the business, or planning to sell the business until the moment is right. -Kit I would say that what differentiates us is We run a personal financial plan parallel to a business plan every time we work with business owners and we come in often to find out that no business owners ever really do a personal financial plan. - GeraldWhat sets us apart from other businesses is that we want to listen first, then ask excellent questions before offering answers. - Rick Featured on this EpisodeChristopher LisleGrowth strategy advisor for the ecosystem of investors, IBanks, and the companies they work with (middle market).Linkedin: https://www.linkedin.com/in/kit-lisleWebsites: Acclaropartners.com / http://strategicgrowthcouncil.com/Contact: kit@strategicgrowthcouncil.com / 703-867-7269 Gerald J RadicanPartner At Veritas FinancialProfile: vfwealth.com/team/gerald-radicanLinkedin: https://www.linkedin.com/in/gerald-j-radicanWebsite: https://vfwealth.comRick Scruggs, CLU, ChFC, C(k)PPartner At Veritas Financial | Principal at Financial DesignsLinkedin: https://www.linkedin.com/in/rick-scruggs-clu-chfc-c-k-p%C2%AE-5257a729Website: https://www.financialdesigns.com/Book Mentioned in the EpisodeThe Checklist Manifesto By Atul GawandeLink: http://atulgawande.com/book/the-checklist-manifesto/Words from our SponsorsThanks to our sponsors Acclaro Growth Partners, a strategic consulting firm serving middle-market mergers and acquisitions. You can visit acclaropartners.com. Our other sponsor, of course, is Strategic Growth Council, not the podcast, but the Peer Advisory Council slash virtual roundtable slash mastermind group for senior execs and business owners. Contemplating what an acquisition, a sale, or just strategic growth? Strategic Growth Council collaborates with participants in the M&A ecosystem, such as private equity groups, lenders, investment banks, and relevant service providers. Visit strategicgrowthcouncil.com to learn more. Chapters00:00 Introduction02:07 Rick’s Background03:01 Gerald’s Background05:31 The Benefits of Having an Exit Plan07:08 Fair Market Value10:17 Good Time Frame for Selling the Business13:42 Factors to look at during the Set Time Frame16:03 Due Diligence is important17:25 Different size, Different Process22:58 Insights from Experience and Mistakes25:20 Case Examples28:13 Differentiating our Guests From Others32:24 Challenges and Big Lessons From Our Guests40:34 How to Contact the Guests41:54 ConclusionThis podcast was produced by Heartcast Media.
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