The show is intended to serve as an informational resource for acquirers of businesses, sellers of businesses, and those committed to intentional, strategic growth. The business is called Strategic Growth Council. If we break these words down, strategic connotes being “intentional and disciplined and focused and structured.” Growth is about “self discovery and improvement, but also business growth in term of revenue improvement.” Council is about a circle of wise elders providing advice and counsel – for one another.
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The show is intended to serve as an informational resource for acquirers of businesses, sellers of businesses, and those committed to intentional, strategic growth. The business is called Strategic Growth Council. If we break these words down, strategic connotes being “intentional and disciplined and focused and structured.” Growth is about “self discovery and improvement, but also business growth in term of revenue improvement.” Council is about a circle of wise elders providing advice and counsel – for one another.
Many firms focus on issues that affect them right now, such as marketing, HR, sales, cash flow, and so on. Having or formulating an exit strategy for them is unrealistic since they do not expect to sell their company anytime soon. However, you cannot avoid departing your business, and research found that over 70% of businesses had no exit strategy at all. Having an exit strategy plan as soon as necessary can benefit you and your business since you will have a clearer picture of what your business will be in the future, giving you recommendations on how to develop it today.
In today's podcasts, Kit invited Gerald Radican of Veritas Financial, and Rick Scruggs of Financial Designs and they talked about the importance of having an exit strategy in your business. The episode starts with telling background information about our guests and what are the benefits of formulating exit strategies for your business. They also share the ideal Time Frame to set to have a successful exit strategy and what are the factors to look at during the set time frame. They notably said that in every business, solutions, and processes are different from each other as they said no one solution fits all. They also share some case examples from their experience and lastly they provide some insights and lessons learned from their many years in business.
If you're interested in learning more about organic growth, growth by acquisition, or the increase of capitalization of your company, this will be interesting and useful for you.
Key Takeaways
The Benefits in Collaboration with Firms That Can Advise Exit Plans in Businesses. The Optimum Time Frame in Selling Business and The Factors To Look at Doing Due Diligence is Still Important in the Exit Plan Strategy The Difference between Our Guest from The Others Challenges and Big Lessons That The Guests Learn in This Business Journey
Quotes
Every situation is going to vary. It's going to depend on the size of company ownership, and tax status as an S-corp or C-Corp. So one size does not fit all. - Gerald
It's lonely at the top, in the sense that you have no one on your team to talk to about succession, selling the business, or planning to sell the business until the moment is right. -Kit
I would say that what differentiates us is We run a personal financial plan parallel to a business plan every time we work with business owners and we come in often to find out that no business owners ever really do a personal financial plan. - Gerald
What sets us apart from other businesses is that we want to listen first, then ask excellent questions before offering answers. - Rick
The show is intended to serve as an informational resource for acquirers of businesses, sellers of businesses, and those committed to intentional, strategic growth. The business is called Strategic Growth Council. If we break these words down, strategic connotes being “intentional and disciplined and focused and structured.” Growth is about “self discovery and improvement, but also business growth in term of revenue improvement.” Council is about a circle of wise elders providing advice and counsel – for one another.
