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Exit Planning is a very broad term that you'll hear a lot more of in the coming years. The concept has been around for many years but recently gained momentum through Exit Planning Institute's CEPA pr…

Exit Planning is a v…

Exit Planning is a very broad term that you'll hear a lot more of in the coming years. The concept has been around for many years but recently gained momentum through Exit Planning Institute's CEPA program. The goal of exit planning is to ensure your personal, financial, and business goals are aligned so all three are fulfilled when you're ready to make a change (Retirement, sell your business, transfer to kids, etc.). There's a few thousand advisors with the designation. Most play in the wealth advisory, legal, accounting, or business transaction space. I'm what's often called a Value Advi…

In my experience working with business owners, the journey to selling a business is often as unique as the business itself. However, three common insights consistently emerge from those who've navigat…

In my experience wor…

In my experience working with business owners, the journey to selling a business is often as unique as the business itself. However, three common insights consistently emerge from those who've navigated this path. Understand the true value of your business before hand.  There's more to it than a simple website that you plug in numbers. Ask me more if unsure. The emotional journey.  It's not just about letting go. It's also about those you leave behind. It's about making sure you understand what the journey is like before hand so you don't have regrets afterward. The significance of the…

Okay, just kidding on the bar part.When working with multiple advisors, it's important that each one knows their part and stays in their lane. Here's how to work together best: Meet in advance and a…

Okay, just kidding o…

Okay, just kidding on the bar part.When working with multiple advisors, it's important that each one knows their part and stays in their lane. Here's how to work together best: Meet in advance and agree upon who is playing what role in the process Sit around the owner but don't gang up. Everyone is important. Ask initial questions to ensure we're addressing the right pain Take copious notes to show your interest Discuss the roles with the owner and who solves what pain. Speak clearly and don't ramble. Keep it simple. Don't speak over one another. Your time will come. Confirm ne…

Your business journey as an owner will always end with a Final Chapter. How you approach the Chapter will define you and your family from now on. Please enjoy the video and pass along to those own…

Your business journe…

Your business journey as an owner will always end with a Final Chapter. How you approach the Chapter will define you and your family from now on. Please enjoy the video and pass along to those owners that may benefit from an exit planning discussion Rich Hall Rich Hall Group, LLC www.richhallgroup.com Exit Planning Advisor

When I work with family businesses to explore exit options, the conversation always comes around to value. That's what buyers want - transferrable value. The transition to value-based is not easy. Em…

When I work with fam…

When I work with family businesses to explore exit options, the conversation always comes around to value. That's what buyers want - transferrable value. The transition to value-based is not easy. Emotions run high as the business grapples with changing the business model that was more than just a source of income; it was a part of their identity. Implementing strategic changes like the following: Streamlining operations New marketing strategies Measure performance against industry benchmarks Increased profitability and fiscally responsible growth Reducing family funding that's not dire…