Lessons on Business Planning and Exit Strategies

Key Takeaways:

Plan ahead and create a checklist to ensure all necessary steps are taken.
Assemble a team of professionals, including a CPA, wealth advisor, and planning attorney.
Have a formal plan for the future of the business, including retirement and succession.
Regularly review financials and key performance indicators to track progress and identify areas for improvement.
Strive to create a business that can operate independently of the owner.

 

Chapters:

Timestamp Summary

[0:00:05] Introduction and disclaimer about the educational nature of the podcast

[0:00:39] Discussion about the movie “Home Alone” and its status as a Christmas classic

[0:01:26] Drawing parallels between the movie and the importance of planning ahead for business

[0:02:37] Emphasizing the need for a checklist and having the right team in place for business success

[0:03:47] Highlighting the importance of having a formal plan and protecting the business

[0:04:56] Discussing the need for standard operating procedures and regularly checking in with the team

[0:06:08] Exploring the mindset of a business owner and investor for enhancing business value

[0:07:20] Stressing the importance of extricating oneself from the business for increased value

[0:08:13] Contact information for discussing exit planning and financial strategies

[0:09:05] Closing disclaimer about consulting with a qualified advisor or professional

 

Powered by ReiffMartin CPA and Stone Hill Wealth Management

 

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Phillip Washington, Jr. is a registered investment adviser. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. Investments involve risk and, unless otherwise stated, are not guaranteed. Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.