Afleveringen
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When preparing to sell your business, thorough financial and tax planning is vital. Understanding the tax implications of different sale structures, such as stock deals versus asset transactions, can make a significant difference to your final proceeds.
Bill Snow emphasises the importance of having your accountant run actual calculations as if the sale were happening. This proactive approach can lead to substantial tax savings and help you choose the most beneficial sale structure.
By engaging in comprehensive financial and tax planning before negotiations, you can secure a more favourable deal and maximise the value of your business sale.
Watch the episode here: https://succession.plus/uk/podcasts-uk/mastering-the-art-of-selling-your-sme-insights-from-ma-expert-bill-snow/
Get started by knowing how sellable your business is right now. Check out our Business Sellability Scorecard to find out.
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Are you focused on the end game? Building an exit strategy may seem counterintuitive when just starting out, but it can serve as the ultimate guide to success and freedom. Richard Walsh highlights the importance of focusing on the end goal to maximise business value and create the freedom to live life on your terms.
One of the key insights from his discussion is the importance of creating an exit strategy right from the beginning. This strategy becomes a powerful tool, helping you stay focused and make decisions that align with your long-term goals. By having a clear vision of your desired exit, you can align every aspect of your business with that goal, ensuring you're building something of high value that can be scaled and eventually sold.
As Richard says, "If you get to the end and you're having a really good time, making great money, and you don't want to exit, you can move the goalpost and keep going for five more years. It’s a beautiful thing."
Are you ready to focus on your end game, build a business that offers freedom, profit, and impact, and create your own success story? Start the conversation today and explore how to make a lasting impact on your business journey.
Watch the episode here: https://succession.plus/uk/podcasts-uk/richard/
Get started by knowing how sellable your business is right now. Check out our Business Sellability Scorecard to find out.
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Zijn er afleveringen die ontbreken?
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Considering an exit strategy for your law firm?
In this podcast episode, valuable insights are shared from personal experience of successfully exiting a legal practice, with guest Jay Sahota offering his expertise. Jay, a seasoned legal professional with a diverse career journey, has a wealth of experience from his early days at a prominent city law firm to founding his own practice. His candid storytelling sheds light on the nuances of building, growing, and ultimately exiting a legal practice.
A key takeaway is the importance of trust and clear agreements in business partnerships and exits. Starting a business requires aligning with partners on the vision, goals, and processes. Trust is crucial, but having clear agreements ensures everyone is on the same page and can prevent future disputes.
When exiting a business, having a well-structured deal with clear terms and conditions is vital. It's also important to work with experienced advisors to draft a legal agreement that reflects everyone’s interests.
These lessons are now used to mentor and train law firms, helping others avoid common pitfalls when building and exiting a practice.
What are your thoughts on trust and clear agreements in business? Share your insights in the comments!
#LegalPractice #BusinessExitStrategy #Entrepreneurship #LawFirmManagement #SuccessionPlanning
Watch the episode here: https://succession.plus/uk/podcasts-uk/building-growing-and-exiting-a-law-firm-insights-from-jay-sahota/
Get started by knowing how sellable your business is right now. Check out our Business Sellability Scorecard to find out.
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Does it feel like your business is running you instead of supporting the life you want? In this episode, Kris Ward from "Win the Hour, Win the Day" talks about how to change that. She shares tips on overcoming common challenges when trying to grow and organise a business and introduces her "Super Toolkits" concept. These toolkits help create simple, easy-to-update guides that save time, ensure consistency, and remove the roadblocks that slow down growth. Start with tasks you do every day to see quick results, and soon you’ll have more clarity and alignment across your team.
Listen to learn how to:
Increase your business's value for a successful exit.
Create effective plans for selling your business.
Understand how standard procedures can boost your business’s worth.
Use super toolkits to make your operations smoother and more efficient.
Build a business that's easy to sell and grow.
Kris Ward, the expert behind "Win The Hour, Win The Day," is a well-known business coach who helps owners increase their business’s value and plan successful exits. Her practical advice on using super toolkits and simple procedures is perfect for anyone looking to build a profitable, scalable, and sellable business.
Watch the episode here: https://succession.plus/uk/podcasts-uk/kris-ward/
Get started by knowing how sellable your business is right now. Check out our Business Sellability Scorecard to find out.
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Are you considering selling your business? It’s essential to plan for your future, not just the future of your business.
In a recent podcast conversation with Jamie Waller, the discussion focused on the importance of preparing for life after selling a business. As an entrepreneur, it's easy to become absorbed in getting the business ready for sale, but what about the next steps for yourself?
Jamie, who has successfully sold multiple businesses, emphasises that life without purpose can lead to unhappiness. It’s crucial to have a plan for life after the sale—whether it’s starting a new venture, exploring new opportunities, or following personal passions.
By planning well and leaving room for others to grow, you can ensure a smoother transition and open the door to new possibilities. After all, nobody ever went bust by taking a profit.
Watch the episode here: https://succession.plus/uk/podcasts-uk/exit-strategies-for-entrepreneurs-insights-from-jamie-wallers-journey/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Many businesses rely solely on referrals for growth, but while referrals are valuable, they may not be enough to sustain long-term success.
With over 20 years of experience in building consulting businesses, Michael Zipursky is a trusted advisor to thousands of consultants worldwide, empowering them to achieve profitability and scale. As the founder of Consulting Success, he has honed his expertise in marketing strategies that drive business growth, making him a go-to resource for professionals seeking to elevate their business valuation.
Michael emphasises the importance of imperfect action. Instead of waiting for the perfect marketing plan, he suggests testing strategies in the market. Ultimately, clients will determine whether a plan resonates and delivers results. By taking imperfect action, businesses can gather real-world feedback, allowing them to adjust and refine their strategies. This proactive approach enhances the effectiveness of marketing efforts.
Michael's insights into the evolving landscape of marketing and the art of attracting ideal clients offer a wealth of knowledge for business owners looking to maximise their long-term success. Stay tuned for more insights on building a strong marketing system and achieving sustainable business growth.
Watch the episode here: https://succession.plus/uk/podcasts-uk/michael-zipursky/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Are you truly leveraging the power of revenue to drive your business forward?
Sam Oliver discusses the crucial role of revenue in shaping a business The key insight? It's all about focusing on delivering value to the buyer, whether it's a customer or an investor.
Understanding the perceived value from the buyer's perspective is vital. It's not about what you think is valuable, but about empathising with the buyer's needs and expectations. By aligning strategies and decisions with the buyer's perception of value, you ensure that every move contributes to the overall success and growth of your business.
Key takeaways:
Mastering the Art of Exiting a Business: Uncover valuable insights and strategies for a successful business exit that maximises your returns and sets you up for future endeavors.
Unlocking the Power of Earn-Out Agreements: Learn how to structure earn-out agreements effectively to ensure a smooth transition and secure additional value for your business post-sale.
Navigating the Tech Startup Landscape: Discover proven tactics for building a profitable tech startup, from initial concept to sustainable growth, and position your venture for long-term success.
The Art of Successful Business Sales: Explore expert strategies for maximising the value of your business and achieving a favorable valuation multiple in a competitive market.
Uncovering Market Needs for Product Development: Gain essential insights into identifying and addressing market needs through effective product development strategies, setting your business up for sustained growth and success.
Watch the episode here: https://succession.plus/uk/podcasts-uk/sam-oliver/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Are you an accounting firm owner wondering about the current trends in the industry and how they affect your business's value? Dive into the concept of exit strategies and the most crucial factor to consider when preparing for a successful sale.
James Gosling, a seasoned M&A expert in the accounting and legal sectors, discussed the essential elements that make an accounting practice attractive for acquisition, ultimately impacting its valuation. Here's the crucial takeaway:
In today's market, private equity firms are seeking accounting practices with well-established client relationships, minimal dependency on the principal owners, and a strong focus on profitability. As an accounting firm owner, ensuring that your business runs efficiently and can thrive without your direct involvement is crucial in maximising its appeal to potential acquirers.
It's clear that preparing for a successful exit involves meticulous planning and strategic positioning. By focusing on factors such as client relationships, internal financial reporting, and service offerings, you can significantly enhance the attractiveness and value of your accounting practice.
Watch the episode here: https://succession.plus/uk/podcasts-uk/james-gosling/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Are you juggling working in and on your business? This episode of the Exit Insights podcast explores the importance of a strategic offboarding and delegation mindset for business owners.
Michele Hecken discusses the crucial shift in mindset needed for business owners to offboard themselves and let their businesses run without daily involvement. Michele shares her journey of learning to offboard herself as a business owner, focusing on working just four to ten hours a week while maximizing growth potential.
This conversation highlights the importance of reevaluating beliefs and pushing boundaries. Michele emphasizes the need to think bigger, challenge limiting beliefs, and design businesses to serve lives, not consume them. It’s about creating a clear vision and aligning business strategies to support that vision.
The key takeaway is that business owners should embrace a strategic offboarding mindset, recognizing that their business should serve their lives, not consume them. By offboarding effectively, teams can be empowered to thrive, create a strong culture, and drive the business forward, setting the stage for a successful exit when the time is right.
Watch the episode here: https://succession.plus/uk/podcasts-uk/michele-hecken/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Are you thinking about selling your business to an Employee Ownership Trust (EOT)? Let's unpack a crucial insight from a recent conversation with Andrew Evans, a tax lawyer, about the sale of EOTs.
One vital lesson from this is the need for patience when it comes to deciding on selling an EOT. Andrew stressed the importance of not rushing into such a significant decision. It's essential for business owners to take their time, seek financial advice, and carefully assess the valuation offered for the business.
Selling to an EOT involves complex considerations, including legal, financial, and cultural aspects. Rushing into a decision without thoughtful consideration can have long-term implications for the business, its employees, and the legacy it aims to leave behind.
By taking the time to seek advice, evaluate valuations, and understand the legal responsibilities as trustee directors, business owners can make informed decisions that align with the best interests of the company and its employees. This approach enhances the likelihood of a successful and mutually beneficial sale to an EOT.
As a business owner or entrepreneur, it's crucial to approach the sale of an EOT with a strategic and patient mindset. Your decision-making process can ultimately impact the future of the business, the employees, and the overall legacy you aim to create.
Watch the episode here: https://succession.plus/uk/podcasts-uk/selling-an-employee-ownership-trust-eot-strategies-with-andrew-evans/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Have you considered your business exit strategy? Many entrepreneurs pour their passion into launching and growing their startups without planning for the eventual exit. As serial entrepreneur Kieron James shares, incorporating exit planning from day one sets up your business for success when the right time comes to sell.
As James reflects, "I think you start thinking about exit literally the moment you either incorporate your business or create your partnership, if that's what your plan is from day one."
When his telecommunications company was acquired after just a few years in business, the experience taught him the importance of having documents "standardised, digitised and organised." By scanning paper records and imposing consistency in digital file names and folders, the due diligence process was simplified.
Another key lesson was the risk of relying too heavily on just a few big customers. When one or two clients drive a large percentage of revenue, it can negatively impact valuation. James advises maintaining a diverse client base to mitigate this issue.
Fundamentally, he emphasises building scalable systems and processes that require minimal customer touchpoints. The goal is to construct an easy-to-find, easy-to-onboard business model focused on delightful user experiences. With the machinery smoothly running, entrepreneurs can demonstrate stable growth trends to prospective buyers.
Finally, James urges business owners to clarify what they want personally from an exit deal upfront. Understanding your goals for retirement, family needs, or the next venture informs the deal terms you can happily accept. With early planning and a scalable model, entrepreneurs can set their businesses up for a lucrative exit when they decide the time is right to pursue new passions.
The opportunity to sell a business can emerge suddenly. It pays to build your exit strategy into the DNA of your company so you can capitalise on the right offer when it comes along.
Watch the episode here: https://succession.plus/uk/podcasts-uk/kieron-james-on-contracts-revenue-and-optimal-exits/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Are you a business owner looking to maximise the value of your business for a tax-efficient exit? Let's dive into a key insight from a recent conversation that could revolutionise your approach to business exit planning.
Marc Adams, a consultant specialising in preparing businesses for exit and helping owners exit tax-free, shared enlightening discussion. Marc emphasised the crucial importance of preparing systems, processes, and operations to boost the value of a business before an exit.
According to Marc, having a solid management team in place is essential for demonstrating that the business can run effectively without the owner's daily involvement. This not only impacts the valuation but also influences the terms and structure of the exit deal.
The conversation shed light on the fact that businesses often fail to sell because owners seek more than what buyers are willing to pay. By focusing on strategies to maximise operational efficiency and building a strong management team, business owners can significantly increase the value of their business before considering an exit.
Watch the episode here: https://succession.plus/uk/podcasts-uk/10xing-your-business-for-a-tax-free-exit-insights-from-marc-adams/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Are you getting ready to sell your business? Ever thought about the digital assets you might be overlooking? Marketing expert Chloe Thomas dug into the critical aspects of getting your business exit-ready. One point that really stood out was the importance of owning your digital assets, like domain names, ad accounts, and website hosting.
Chloe reminded us that many businesses forget about these online essentials. Imagine going through due diligence and finding out you don't actually own your crucial online properties. It could be a major red flag for potential buyers, and it's a risk you definitely want to avoid.
So, as you handle the complexities of getting your business ready for a sale, take a step back and ensure that you have full ownership and control over your digital assets. It's a small yet crucial detail that could have a big impact on the success of your business sale.
Have you ever thought about the ownership of your digital assets when preparing your business for sale? What steps have you taken to ensure that you have full control over these essential components of your business?
Watch the episode here:https://succession.plus/uk/podcasts-uk/preparing-your-business-for-sale-the-hidden-importance-of-digital-assets-with-chloe-thomas/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Are you thinking about transitioning the leadership of your family-owned business? Dive into an essential aspect of planning early for successful business exit strategies in family-owned businesses in this Exit Insights episode.
Michael Klein, an expert in family business leadership transitions, delved into the importance of early planning for business exit and the potential challenges that family businesses face during this significant transition. One key insight from the conversation is the critical need for the next generation of family business leaders to carefully consider their reasons for entering the business.
It's essential for the successors to deeply evaluate if their career goals, values, and passions align with the responsibilities of leadership in the family business. This introspection is pivotal as it ensures that the next generation isn't simply stepping into a caretaker or maintenance role, but rather are the right individuals to drive the business forward with enthusiasm and vision.
Michael's expertise highlighted the potential risks of an ill-prepared succession, emphasising the necessity of balance and careful consideration in the transition process. The key takeaway here is the significance of thorough planning and evaluation before assuming leadership roles in family businesses.
By sharing this insight, valuable guidance is provided to family business owners and successors, emphasising the critical need for self-reflection and alignment with the business's vision and values. It's essential to ensure that the next generation of leaders is not only willing but also well-suited to drive the business forward with passion and commitment.
Watch the episode here: https://succession.plus/uk/podcasts-uk/managing-leadership-transition-in-family-owned-businesses-with-michael-klein/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Are you getting your financial planning practice ready for a successful exit strategy? Paul Franco's insights on maximising business value and preparing for a smooth transition are gold for advisors planning their business exit strategy.
One key takeaway from Paul is the importance of prepping your business for sale before its value starts to decrease. As a financial planning practice owner, it's crucial to think about the next stage in your life and have a clear vision of what you'll be doing when you exit your business.
Paul's advice hits home when it comes to being proactive in ensuring that your business is exit-ready, not just for financial reasons, but also for the smooth transition into the next phase of your life. It's crucial to start early and increase the value of your business, ensuring that it's ready when you are ready to exit.
Getting your business ready for sale ahead of time, while it's at its peak value, allows you to exit on your terms, ensuring that your hard work pays off and sets the stage for your next endeavor.
Watch the episode here: https://succession.plus/uk/podcasts-uk/paul-franco/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Are you a family business owner navigating the complexities of succession planning? Take a moment to consider this - the successful transition of a family-owned business is not just about handing over the reins; it's about securing the legacy and impact on the community.
Patrick Woock delved into the critical importance of family business succession. A key insight emerged - the impact of small business owners transcends beyond profits; it resonates within their communities. It's a commitment to service, quality, and the well-being of those they serve.
The nurturing of a family business isn't just about the business itself; it's about preserving the unique value it brings to the local community. As family business owners, understanding this impact on a deeper level can reshape our approach to succession planning, making it more holistic and community-centered.
Watch the episode here: https://succession.plus/uk/podcasts-uk/patrick-woock/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Are you prioritising your consulting business's profitability or looking at the bigger picture of long-term valuation growth?
Joe O'Mahoney delved into the crucial elements that influence the valuation of consulting businesses. One key insight that stood out is the shift from profit growth to valuation growth. Instead of purely focusing on increasing profits, consider enhancing your intangible assets, such as building your intellectual property (IP) and structuring your business for a higher multiple.
Joe emphasised the significance of IP in professional service firms, particularly boutique consultancies. By developing your own IP, whether it's a process, methodology, or a unique framework, you not only differentiate your business in the market but also reduce founder dependency. This shift can significantly impact your business's valuation, as potential buyers and investors value systems and processes over individual dependencies.
Furthermore, he explored the potential of leveraging AI tools for cost reduction and business development. Tools like Meet Alfred and Crystal Nose can offer opportunities to streamline processes, reduce costs, and gain insights into clients, ultimately contributing to improved business performance.
Joe O'Mahoney shed light on the importance of strategically building intangible assets, embracing AI tools, and shifting the mindset from profit growth to valuation growth. If you're looking to maximise the valuation of your consulting business, these insights can be invaluable.
Watch the episode here: https://succession.plus/uk/podcasts-uk/joe-omahoneys-consultants-guide-to-increasing-your-business-valuation/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Are you familiar with the game-changing impact of transitioning your business from offering services to providing experiences and even transformations?
In this Exit Insights podcast episode with Joe Pine, the author of the influential book, "The Experience Economy," we explored the evolution of adding value to economic offerings for clients. The insights shared shed light on the transition from offering goods and services to providing experiences and transformations, ultimately elevating the economic value a business can offer.
One key takeaway from the discussion was the necessity of determining the true business you are in and recognising the opportunities to shift up the progression of economic value. Understanding this is crucial to creating more economic value, increasing business valuation, and offering clients something far more valuable than just a service or good.
As Joe Pine emphasised, this shift can lead to increased profitability, higher revenue, positive word-of-mouth, and greater engagement with customers. By aligning your business with the mindset of providing time well spent and outcomes for clients, you can position yourself for success in the experience and transformation economy.
Want to learn more about leveraging experiences and transformations to enhance your business value? Consider subscribing to Joe Pine's Substack for the latest insights and cutting-edge strategies. Let's keep the conversation going and explore these game-changing concepts. What opportunities do you see for your business in transitioning to the experience and transformation economy? We'd love to hear your thoughts!
Watch the episode here: https://succession.plus/uk/podcasts-uk/joe-pine/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Ever thought about how you can boost your business's value and set it up for a successful exit? Valuation expert, Dave Bookbinder shed light on a crucial factor: de-risking your business to increase its valuation.
Understanding that valuation is a forward-looking exercise, you can focus on reducing the perception of risk in your business, ultimately increasing its value in the eyes of potential buyers and investors. Dave highlighted the importance of showcasing a reliable and promising future for your business, as buyers are interested in the likelihood of achieving economic benefit streams.
This insight emphasises the significance of taking proactive steps to de-risk your business, such as strengthening customer relationships, creating a culture of engagement, and diversifying key client dependencies.
Understanding the impact of risk perception on your business's valuation can guide your strategic decisions and elevate your business's attractiveness for potential exits or investments.
Watch the episode here: https://succession.plus/uk/podcasts-uk/dave-bookbinder/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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Are you ready for the unexpected in your business journey?
This Exit Insights episode with a seasoned business owner, Mike Reed, dug into the importance of being prepared for an unplanned business exit. His insights from his own experience shed light on the critical need for small business owners to anticipate and plan for unexpected exits.
Mike highlights the importance of not just seeing yourself as a practitioner but recognising your entrepreneurial side. Leading the business, rather than being stuck in the day-to-day operations, is a crucial shift for long-term success.
Additionally, he stresses the invaluable role of seeking external advisors who can provide an objective perspective. Their insight can be game-changing in identifying blind spots and preparing for potential exits, whether planned or unplanned.
His experience resonates deeply with the need to have a solid plan in place, even for unforeseen circumstances, ensuring that the business, its stakeholders, and the owner are well-prepared for any eventuality.
How do you ensure you're ready for an unplanned business exit?
Watch the episode here: https://succession.plus/uk/podcasts-uk/navigating-small-business-transitions-insights-from-michael-reeds-journey/
If you would like to learn more about how to start preparing your business, then you can get more information here: It All Begins with Insights.
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