Are you ready to exit your business? Bernice Ross is here to help you find out! Bernice is a real estate coach extraordinaire, a nationally syndicated columnist, and author at Inman. In this episode, she joins Renee Williams to ask important questions that will help you determine whether you’re ready to exit your real estate business. Get your notepads ready and assess whether you can sell your business today or in a few years! Plus, get tips to help you plan for your retirement and ready to enjoy life after business. Stay tuned!
Exiting real estate: Is your business ready for you to leave?
By Bernice Ross
1) If you were to die today, do you have the systems and support people in place that would allow your business to continue without you?
2) Do you have a written business plan that you follow?
3) Do you have a CRM that contains all of your clients’ most current contact information including a history of when you last contacted them and how many referrals each person has generated?
4) Do you have a system for staying in regular face-to-face contact with the people in your referral database, and have you seen at least 150 of them in person at least three times during the past year?
5) Have you branded your business with a brand that references real estate, your location and the types of clients you serve rather than using your name?
6) Does your business have a specific niche and/or client type, and do you have a website and social media presence based on that niche?
7) Do you have a lead generation system that creates a consistent stream of leads that convert into closed business?
8) If a CPA showed up tomorrow morning to check your books, would your books be in order?
9) Can you document your net profit for the past three years and would the documentation stand up to an IRS audit?
10) Do you have a specific plan for what you will do after you retire?
11) Do you have enough money in investments and/or passive income to meet all of your current financial obligations that are not business-related?
12) Do you have sufficient funds or resources to cover any potential health care costs for both you and your family?
If you answered yes for 10-12 questions: You are prepared to exit the business with a reliable income.
If you answered yes for 7-9 questions: You have a good foundation, but you still need to make some major adjustments before you are fully prepared to obtain the best possible price for your business.
If you answered yes for 6 or fewer questions: You have quite a bit of work to do to prepare for a successful sale of your business.
Mentioned on this episode:
RealEstateCoach.com - https://realestatecoach.com/
Bernice Ross, Author at Inman - https://www.inman.com/author/berniceross/
** Episode Website **
https://www.reneewilliamsgroup.com/post/how-to-know-when-you-re-ready-to-exit-your-real-estate-business-with-bernice-ross
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