Episode 4 – Do business owner’s understand their retirement needs?

As one has set out to build a business to fulfill their entrepreneurial goals they also looked at the business for as a means to build the lifestyle they imagined. Often a business owner’s largest asset is their business. In a recent study Gina Miller discusses in the podcast, only 50% of business owners know what they would need and over 40% responded as having no idea. A fundamental key for succession is to develop independent wealth outside of the business. Where do you stand?

Champ Rawls a Partner of The Rawls Group and Gina Miller who is a Partner with Bennett Thrasher in their Dispute, Valuation and Forensics department discuss VALUE.

As you listen to this episode you will walk away with key take a-ways and will realize you will want more. Click to visit the “Business Value: How to Determine and Grow Value topic page to easily access the additional episodes in the series.

Other topics discussed in the series:

• 1 – How do you define value?
• 2 – How do you increase business value?
• 3 – How do you determine business value?
• 5 – Do you think business owners generally know the value of their business?
• 6 – When should owners start planning for transition?
• 7 – What are the first steps to begin to transition the business?
• 8 – What cash flow considerations should business owners evaluate when deciding sell vs. grow?

Many people put off succession planning because they think it means retirement, exit, and the end. However; succession planning is just the beginning. It gives the owner options in terms of what “their next” looks like, whether that be growth, philanthropy, or a new business venture. Our process focuses are addressing 10 key areas of what we call the Succession Matrix.

Click the following link for more drill-down resources on The Succession Matrix, or check out our Facebook post.

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We can help you with insights, other resources, and see if it makes sense to work together. At the very least, in 30 minutes, you may get some ideas you can apply to your business right away.