The Longer the Runway, the Bigger the Plane

John Brown, Founder of BEI, sits down to speak with Kaitlyn Carlson, Founder of Theory Planning Partners, to discuss the difference between working with millennial and baby boomer business owners. Working with business owners for many years now, Kaitlyn has come to realize that it can be difficult to plan with the end in mind, especially for young entrepreneurs just starting their careers. But no matter if your client is a baby boomer who has built the company from the ground up for the last 45 years or a millennial entrepreneur who starts a new business every other year, a wise business owner must plan for the exit of the business one day. Planning takes time, but the earlier you start having these conversations with owners, the better the chance of a successful exit.

The most important suggestion Kaitlyn can give to advisors working with business owners is to do business valuations on an annual basis. This process will get your business owner clients into the mentality of selling their business every year. Like the saying goes, the longer the runway, the bigger the plane.