Exit Coach Radio

John "Murph" Murphy, founder of JK Murphy Advisors, specializes in helping business owners be prepared for all kinds of circumstances leading up the sale of a business. So what should an owner have prepared to discuss in case a serious buyer calls? Listen in to find out.

Scott Hunter, President of Unshackled Leadership, helps leaders reach a mindset of success and helps improve communication within the workplace. Originally starting as an engineer studying law, eventually Scott was working as an IP lawyer but couldn’t keep a secretary and lost his wife. He knew something had to change, so he became devoted to learning all he possibly could about improving his communication and life skills. In an effort to turn full-time learning into a viable career, he founded his coaching company, Unshackled Leadership. 

In his interview, Scott shares extremely valuable tips for more effective communication. When communicating, we all want to be acknowledged, appreciated, heard, and known, so the most important component of effective communication is being an empowering listener. Scott talks about the importance of turning off your own internal voice, and giving people your undivided attention. To Scott, success is based on having a group of happy, excited people working towards a clear, common vision they’ve all committed to. Scott’s information is vitally important to helping improve your own attitude, as well as employees’ perception of their workplace.

Addison Adams of Adams Corporate Law, LLP discusses considerations for business owners who are planning to borrow, sell or go public.

Kevin Weir, Action Coach, discusses a common problem of many small businesses - lack of processes and systems that make it hard to transition the business.

Transcript: 

Kevin: When you're trying to sell a business, it's a lot harder to sell a business if it isn't a turn-key operation. If somebody wants to walk in and buy a business and all the systems are sitting in the owner's head, that potential buyer is going to place a discount on that business, because most people who are investing in business aren't going to want to just purely operate it on an ongoing basis. A lot of people who are wanting to buy a business want to be able to have some level of ability to let it operate buy itself. The less systems you have in the business, the bigger the discount. So, what we do, is we help them develop and systematize the business such that it can work without them, because our definition of a business is a commercial, profitable enterprise that works without you, the business owner. To the degree it fits that definition is the degree that you're going to have a much more valuable business. 

Chris Kramer, Managing Director, Strategic Equity Group discusses the decisions and strategies that go into an exit plan and the critical importance of preparing well in advance to have the best options.

The KPI Guy is dedicated to bringing actionable KPIs to small and medium business. We turn data to dollars by designing, implementing and optimizing business performance metrics. You can't manage what you don't measure. Website: kpiguy.com  Email: [email protected]

Hema Dey, of Iffel International, discusses the mechanics of an effective marketing program.

Transcript: 

Bill: We asked marketing strategist Hema Dey for some key ideas and strategies for business owners to think about when developing their marketing plan.

Hema: Marketing is like a war game, so you really need to understand the landscape of the people that you want to sell to, and who your competitors are. We always produce a functional marketing plan. Another thesis, which is three months worth of work, but something that you can actually  go out and say, right, roughy, this is your target market, here are your threats, your competitors, and what you’re up against, and really measure what those gaps are to make sure that the sales model, and I know a lot of people see the word “sales” as a big taboo word, but a business cannot survive without sales and if you apply that right across even the professional service sector…if people can actually put a sales organization within their business, then I think they’ve got it right. 

Back with us again is Heath Goldman, President and CEO of ICON Wealth & Legacy Partners. Heath serves as a financial Architect for business owners and real estate partners. He is also a Provisors member and group leader for estate and succession planning. Heath knows the value of a good plan, and is an expert and helping others protect and create their legacy.

In his interview, Heath stresses the importance of communication, collaboration, and coordination between advisors. In order to make the best plan, these different people must be aware of each other’s actions to avoid any gaps. Clients often struggle with taking the time to understand what their team is doing on their behalf. You may think you know what is going on with your estate plan until the questions begin, and it is essential that the whole team - including family - is on the same page. We all want to leave a proper legacy, so listen to Heath’s tips for doing just that.

• 4:04-5:05: You may think you know what is going on until the questions begin - get on the same page and have these conversations.

Gary Melling of Acquired Insights Inc. discusses the evolution of AI and where we are headed next - and how you can keep up with all of it!

Tom is in the business of compensation design for privately owned companies. He'll describe how he helps business owners construct pay-for-performance strategies that turn employees into growth partners. Compensation (such as salaries, bonuses, commissions) is typically the largest expense on a business's financials. How can this investment be turned into a driver growth? This is the question Tom's firm, The VisionLink Advisory Group, is constantly striving to answer.

Today we tackle these questions: