Episode 029: How To Protect Your Business And Grow It For An Eventual Exit with Michael Ringel
Manage episode 349939524 series 2943785
[00:01 - 02:20] Opening Segment
- Michael started bringing together entrepreneurs in collaborative mastermind environments
- He discovered that most business owners don’t know the value of their businesses and often don’t have a plan for exiting
[02:21 – 15:00] How To Protect Your Business And Grow It For An Eventual Exit
- He advises thinking about the value of your business is key to retirement income planning
- The key to successful exit planning is to have a clear understanding of the value of the business and to add value to it before selling
- The difficulties for financial professionals to focus on exit planning, as most are focused on today rather than tomorrow
- There are a lot of family dynamics that come into play when a business is sold, and it can be stressful for the business owner and their family.
- Locking in key employees and creating systems that add value are key drivers of increased value
- Client diversification is important to ensuring that a business’ top clients account for a smaller percentage of revenue
- Franchising can be an effective way to increase the value of a business without having to sell it outright
[15:01 - 21:41] Closing Segment
- Michael shares how protecting your business is important, and there is a variety to do this by focusing on growing your business so you can eventually exit.
- Salim Omar, CPA invites listeners to reach out through the website, https://www.cpamarketinggenius.com/our-team!
- Final Words
Connect with Michael Ringel on his:
Website: Strategies For Wealth
LinkedIn: Michael Ringel
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“Since all roads lead to an eventual exit. It's really important to spend the time to realize the value of your life's work, which is the value of the business. So, protect, grow, and eventually exit your business.” - Michael Ringel
"Most business owners think about how to get into business, but rarely think about how they're going to get out. So, the day after you start your business, or even beforehand, should be part of your business plan is to start thinking of the ways that you might want to get out of your business and what it might do for you." - Michael Ringel
"What people don't understand is when it comes to selling anything. It doesn't matter what the valuation is, it's a matter of what somebody's willing to pay for it." - Michael Ringel