Exit Strategy Archives - PowerTips Unscripted

Best of PowerTips: Creating your Business Exit Roadmap with Ashley Micciche

June 16, 2022 00:28:59

Did you know that 81% of business owners want to stop working in their business in the next 10 years?

Yet, most business owners are paralyzed and doing nothing about their exit, because the process seems overwhelming to the point that they don’t know where to begin. So, how does one focus on their business while planning an exit? Guest Ashley Micciche has the answer.

Ashley Micciche is the co-owner and CEO of True North Retirement Advisors in Clackamas, Oregon. She specializes in designing, building, and implementing custom-designed exit plans to help her business owner clients secure their final and most important business decision – the exit from their business.

Victoria and Ashley talk more about:

Understanding how to pick an ideal successor
Determining post-exit financial needs
Establishing a target departure date
And more…

Click Here to Access the Business Valuation Tool

Finish Big, by Bo Burlingham, is the book Victoria referenced during the show.

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3 Distinguished Keynotes
40 Visionary Speakers
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28 Industry Leading Success Partners
A Legendary Welcome Party. This Year it Will Have an 80s Theme!
And Much, Much More…

Ep.158: Creating Your Business Exit Roadmap with Ashley Micciche

July 29, 2021 00:27:41

Did you know that 81% of business owners want to stop working in their business in the next 10 years?

Victoria and Ashley talk more about:

Understanding how to pick an ideal successor
Determining post-exit financial needs
Establishing a target departure date
And more…

Why Should You Focus on Building Value in Your Company?

We have Value Builder Certified Consultants who are standing by to help you with building your Exit Strategy. Click here to contact us for more information on how we can help.

We have an entire content track at The Annual Remodelers Summit dedicated to the Value Builder System and determining the right way to build value in your company, whether you are ready to exit now or in the future. Click here for more information on Summit and the Value Builder Track.

Ep.136: How to Build, Accelerate and Harvest the Value of a Company with John Warrillow

January 21, 2021 00:35:10

Small business owners spend a lifetime building a company and have one shot at getting their exit right.

Yet waiting to pounce on this unsuspecting group is a legion of financial mercenaries, private equity predators and corporate giants set up to prey on owner’s lack of experience when it comes to mergers and acquisitions.

These financial engineers use sleazy tactics like “strategic pacing,” “re-trading,” and “proprietary deal flow” to dupe owners into selling their life’s work for pennies on the dollar.

Our guest in this episode, John Warrillow, passionately advocates owners reframe how they approach their company from thinking of it as a job to building a transferable and valuable asset.

John is the founder of The Value Builder System™, a simple software for building the value of a company used by thousands of businesses worldwide. He is a past Keynote Speaker at our Remodelers Summit and has been a guest here on PowerTips Unscripted in milestone episodes 01 and 100.

Victoria, Mark and John talk more about:

The selling trends that John foresees with business owners who were hit hard during the pandemic.
The biggest mistakes John sees owners make when it’s time to sell.
The evil tricks large corporations and private equity groups use to pray on inexperienced owners.
How owners let potential buyers know they are interested in selling without looking desperate.
When owners should tell their employees they are thinking of selling.
And more…

Take the Value Builder PreScoreTM Assessment and Discover How “Sellable” Your Business is

Whether your exit is on the horizon or years away, the PREScore™ assessment will prepare you personally for a successful transition into your next chapter while enabling your business – and your people – to continue to thrive without you. More importantly, the changes you would make to ensure your business is more “sellable” will also make it stronger and more profitable.
[Click Here to Get the Link to the Assessment]

Ep.134: Preparing a Successful Exit Strategy with Dave Leff

January 7, 2021 00:35:49

Have you given any thought to your exit strategy? How are you going to leave your business when you’re ready to retire and enjoy your remaining years?

It is never too early to start, and you should really be planning for that day, no matter how many years you have left.

There are many options when it comes to planning a successful exit and our guest, Dave Leff, joins us to talk more about his process, one that he is closing on within the next few weeks.

Dave, President/CEO of Leff Construction – Design/Build, explored a number of different options over the past five years and ultimately determined that an Employee Stock Ownership Plan (ESOP) was the direction that provided the best outcome.

Victoria, Mark and Dave talk more about:

When Dave first started thinking about exiting his company.
The main things Dave did to prepare his exit strategy.
The main options Dave considered for your exiting and the pros and cons of each option.
The decision to go with the ESOP option.
How an ESOP works and the benefits and challenges.
And more…

Do You Need Help With Your Exit Strategy?

Our business coaches and consultants at Remodelers Advantage are standing by to help you formulate your strategy. It’s never too early to start and you will find that there are many steps you should be taking now to insure a more successful exit later. [Click Here to Learn More]

Ep.49: How, Who, and Why to Build a Leadership Team with Steve Barkhouse

January 30, 2019 0:32:51

You’re not running a successful company unless you have a good work/life balance. But there’s only one way to sustainably grow your company without sacrificing your life, and that’s by having a strong leadership team.

Steve Barkhouse stops by to give Victoria and Mark a crash course in how and why you should have a leadership team — and who should be on it.

Steve is the president and co-owner of Amsted Design-Build in Ottawa, ON. Steve has a well-deserved reputation as a thoughtful, logical, and caring business owner. Steve founded the company in 1989, and it now produces over $10 million annually. He’s a long-time member of our top-performing Roundtables group, and the recipient of the 2018 Remodelers Advantage Impact Award.

Steve and his co-owner decided to start a leadership team at their owners retreat about a year ago. They researched the different models, and picked the Entrepreneurial Operating System. Steve talks about why EOS was the right fit for Amsted, and also about the other systems they didn’t pick. He details their process, including:

The differences between a leadership team and a management team
The importance of having a facilitator
How they picked their leadership team and got lucky
The six benefits of a leadership team
How often they meet
Who runs the meetings
What the agenda is
And a whole lot more…

Forming the leadership team was the best decision he ever made. “Outside of joining Remodelers Advantage, of course,” he says.

Ep.30: How to Create a Financial Plan with Sacha Millstone

August 22, 2018 00:30:24

Business plans, marketing plans, any plan serves as a map to a goal. Your financial plan is no different.

You need to set your goal, write it down, and commit to it. Our Roundtables members do this regularly for their businesses. But too many people get anxious when it comes to looking at their personal financial plans, says guest Sacha Millstone, a financial planner and wealth manager.

Sacha discusses how to get past the anxiety about your personal financial planning with Victoria and Mark in this episode.

Sacha started the The Millstone Evans Group in the Washington, DC, area in the late 1990s, and now has a team of 10, with offices in Washington, DC, Denver, CO, and Boulder, CO. She has helped hundreds of clients achieve their financial goals by creating a written plan and helping them put it into place.

When you’re running a small business, you can get so absorbed in your work financials that you avoid looking at your personal situation. But you have to, says Sacha. And while you can do a financial plan to get you to retirement, it’s difficult. There’s so much emotion around money that you may need someone to advise, coach, and hold you responsible.

There’s so much good advice in this episode! You’ll learn:

The magic of compound interest
Why not to use the word “budget”
Where your investments are — and what to add
Why insurance — especially for yourself — is so important
How to mitigate risk in your investments
What the Monte Carlo analysis is
And a whole lot more…

You’ll also hear why Victoria’s idea of summer fun for kids includes financial quizzes. This episode breaks down the importance of financial planning for remodeling business owners in ways that will make you think differently about the whole subject. It’s never too late to plan.

For more information about Sacha, her business, and how she can help, go to the Millstone Evans Group’s website. If you have questions, drop her an email at sacha.millstone@raymondjames.com or give her a call at (800) 201-4554.

Ep.17: Building a Sustainable Family Business with Wayne Rivers

May 16, 2018 00:38:27

According to the U.S. Bureau of the Census, roughly 90% of U.S. businesses are family-owned and the Remodeling industry is well represented by closely-held firms, typically started by a founder and then handed down through multiple generations.

Family-owned businesses often run into obstacles and challenges, usually driven by “soft issues” such as communication, emotions, past conflicts, bringing spouses into the business, etc. However, what many of these struggling firms lack is a common vision or mission from a business perspective.

In Episode 17, Victoria and Mark welcome Wayne Rivers, President of The Family Business Institute, to the show to discuss more about his unique approach in working with these types of businesses.

Wayne’s approach is very different and he talks about his tried and proven, step-by-step strategic planning method for maximizing BOTH the success of a business AND their family harmony.

Wayne is a well-known thought-leader, speaker and author on the subject of family-owned businesses; his latest book is Our Family Business Crisis: and How It Made Us Stronger. Wayne is a Wall Street Journal Expert Panelist and has appeared on the Today Show, CNN, MSNBC, CNBC and the Retirement Living Network.

Victoria, Mark and Wayne discuss the Institute’s unique way of working with their clients; topics include:

Identifying reasons why family-owned business struggle
Transitioning from one generation to the next
The importance of the founder establishing vision early and often
The dangers of working AT the business instead of working ON the business
“The Magic Bullet” – Business planning methodology and subsequent positive side-effects
Going in through the “business door” vs. “family door” when dealing with conflict
Dealing with and resolving “soft issues” families face when working together
Describing a few steps in the Institute’s 10 step process of working with businesses
And more…

A great episode regardless of whether your company is family-owned or not. Many of the concepts discussed about business planning methodology will apply to any business, regardless of ownership structure.

We loved having Wayne as a guest… and we’re even more excited to have him as a featured speaker at the 2018 Remodelers Summit in New Orleans in September.

If you are interested in working with Wayne, his Information is below:

Wayne Rivers
President, Co-Founder
The Family Business Institute
4050 Wake Forest Rd, Ste 110
Raleigh, NC 27609
877-326-2493
Website: www.FamilyBusinessInstitute.com

Ep.13: Buying Out Your Business Partner with Rick Goldstein

April 18, 2018 0:27:34

Business partnerships are a foundation that so many of our R/A Roundtables Members have built their remodeling businesses on… Whether it’s a family or a group of professionals coming together to form a business, each has its own story along the way.

In episode 13 we take a closer look at a scenario where one partner wants to buy another out and take sole ownership of the business. Victoria and Mark welcome Rick Goldstein of Mosaic Design + Build to the podcast and discuss the process that Rick went through recently to buy his partner out of their firm in Atlanta, GA.

Rick has been the Co-Owner, and now sole owner, of Mosaic for more than 12 years and has been an avid member of the Remodelers Advantage family for many years. Rick and his partner made the decision to move toward a buy-out years ago and Victoria and Mark discuss and ask about the challenges they ran into and lessons-learned along the way.

Victoria, Mark and Rick talk more about:

Developing a shareholders agreement – covering ownership transitions, scenarios, exit strategies, etc.
Obstacles to overcome (timing, emotional steps, valuation, etc.)
Bringing in consultants such as a business valuation firm to get an agreed-upon base line
Factors that are calculated in the valuation process
How roles and responsibilities play-in to the buy-out process
Getting accountants and attorneys involved to hammer out how to physically make the transition
Communicating to the company’s leadership and team regarding the process
Top three pieces of advice for any owner looking to make this transition

Whether you are considering this move for your remodeling business or not, Rick’s story is fascinating and definitely worth a listen!

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Ep.07: Is an ESOP Right For Your Remodeling Business?

March 7, 2018 00:26:56

When it comes to succession planning and determining an exit strategy from your remodeling business there are plenty of options to consider.

Many of our Roundtables members have either sold or handed their businesses off to the next generation, for example… but all of them will tell you that making that determination early in your company’s lifespan can be critical to the success of your plan.

In today’s Episode of PowerTips Unscripted, Victoria and Mark explore an area of succession planning that is somewhat new to the remodeling industry, by talking with Anthony Mathews, a thought-leader in the area of creating and maintaining ESOPs, or Employee Stock Ownership Plans.

Anthony has spent the past 40 years helping business owners and employees transform their companies into communities of stakeholders through the creation and maintenance of ESOPs – many of them for construction companies. Most recently Anthony has spent the last decade at the Rady School of Management at the University of California, San Diego, teaching future business leaders and advisors.

Anthony describes what he refers to as a “Succession Crisis” in this country where closely held companies get to the end of their life span and simply close or liquidate. When that happens, the owners may (or may not) receive full value in the business, employees lose their jobs and towns and cities are faced with yet another business that is no longer a part of their business community.

Anthony, Victoria & Mark discuss:

What type of company sets up an ESOP? Size? Number of Employees? Characteristics?
What is the process of establishing an ESOP?
What are some of the challenges companies face?
What makes an ESOP different than a 401K, Profit Sharing or other plan?
What are the Tax Advantages that companies and employees will see?
How does having 10-30 owners effect the company culture?
Anthony’s 4 phase process of determining if an ESOP is right for a business

Is an ESOP right for your remodeling business?

If you are a current R/A Roundtables Member, Anthony has offered a FREE initial consultation to help determine if an ESOP is the right solution for your company.

Anthony can be reached using the following contact information:

Anthony Mathews
Rady School of Management
University of California, San Diego
Office: (858) 822-6010
E-mail: amathews@ucsd.edu

Exit Strategy