Exit Coach Radio

In this 1 minute highlight, Tim Voorhees, Managing Partner of Matsen Voorhees Law Offices discusses the four elements of successful planning.

Transcript: 

Tim: When you look at the elements of tax planning, you'll see there are four main ingredients. First is charitable planning. You get the income tax deductions, the tax-free growth, et cetera. Second is discounting, where when you move assets from one trust to another, you can often compress the value, what we call a squeeze and a freeze, or a squeeze and a freeze by Voorhees. Third, you have low-interest loans which work really well in the current low-interest environment. And then fourth is life-insurance. I put life insurance up there as one of the top four vehicles for efficient tax planning. In particular, what happens is, if you fund insurance correctly, you can do it very tax efficiently in the front end, the money grows tax-free and the money comes out tax-free. And that way, we find that the insurance is a key component of a lot of these advanced strategies. 

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In this 1 minute highlight, Paul Cronin, Partner & Director of Business Development of the  Successful Transition Planning Institute discusses 3 basic questions to contemplate as you prepare for a fulfilling life after Business Sale or Transition.

Transcript: 

Paul: There are a few essential questions you need to answer, and these are really existential questions. Okay, what's next for me? Number two is, what should I be doing with my business? Number three is, what should I be doing with my life? And when you have a very straightforward process to answer those questions, you end up creating new ideas, new opportunities, and then from there, you can start making decisions about which of these great new ideas are really good and which of them maybe aren't so great after all, until you make better decisions, more thoughtful decisions, or, what we call, more balanced decisions. And whenever you do that, you are more likely to come out with a better outcome, a more satisfactory transition from being the business owner to whatever this new life it is you've decided on.

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In this 1 minute highlight, Larry Sukay, Vice President, Patriot Risk & Insurance Services discusses the concept of Behavioral Risk Management.

Transcript: 

Larry: For about 15 years I did risk management, organizational, operational, and cultural change management for Fortune 1,000 organizations. And during that time period, I pioneered a process which now is referred to as, Behavioral Risk Management. And it's based on the premise that culture of any organization drives the behavior within that organization, and behavior then will drive loss, and if you're able to control your loss, you'll ultimately then be able to control your cost. So, I spent a number of years developing that whole concept and principle. Ultimately, I was doing a lot of work with larger organizations using a lot of continuous processes and proving demming techniques and so forth, and turning these companies around. From a risk management perspective, these were organizations that had high worker's comp cost, they might be organizations where they're experiencing 10% loss as a percentage of payroll. 10% is extremely high, and they had gone through all the traditional means of trying to reduce that loss, and ultimately they just got so frustrated they brought me in, and within periods of time I was able to bring those costs down. 

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Michael Schwerdtfeger is a managing director at Chapman Associates. He provides sell-side mergers and acquisitions advisement to entrepreneurs and business owners exclusively. As a former attorney for Fortune500 companies, Michael is able to use his 20+ years of experience in handling complex business transactions to help guide his middle-market clients to the best outcomes.

Questions Answered:

1) Many of your clients go through the M&A process only one time. What steps do you take to educate them about the process before diving in?

2) How do you set reasonable expectations for your clients?

3) Do clients ever get 'cold feet' during the sale process? 

Contact Info:

Website: www.mbsmergers.com

Email: [email protected]

Bonus Material: 

Michael Schwerdtfeger’s eBook “The Inner Workings of a Deal: Tips for a Successful Transaction” is now available for download on his website. 

Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.

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In this 1 minute highlight, Kim Trowbridge, of AmCheck discusses some of the benefits of working with an outsourced HR/Payroll company.

Transcript: 

Kim: This situation, it was a current client of ours, who is a pharmaceutical company, they were going through some serious aggressive growth initiatives, as such, they acquired two other pharmaceutical companies. They didn't have the in-house resources to manage the acquisition as it relates to the HR functions and their employee benefits and their new hire on-boarding of the other companies. So, we actually took them on as a client in our services to provide them with a back office support. So, new hire on-boarding, making sure all of the employees from the other companies got rolled onto their insurance plans, offer letters were sent out, insurance information was sent out in conjunction with their existing insurance broker, and that company went from 50 employees to 150 employees virtually overnight, so we also plugged in one of our in-house HR professionals on-site to work with their company during that transition for 3 days out of the week. So, we're pretty scalable as it relates to when you talk about companies, growth, and change, we provide them with a foundation that's scalable to accommodate any growth and changes within their business as it relates to the payroll, the HR, and the benefit and administration functions.   

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A former U.S. Army Special Forces soldier and successful business executive, Jan knows the value of overcoming challenges to strengthen your resilience to lead more effectively. Jan uses the power of story to provide an overview of self-reliant leadership principles to be a more courageous, humble, and disciplined leader. Jan helps leaders become more self reliant through a confluence of Sparta’s discipline, Socrates’ self-awareness, Aristotle’s courage, Emerson’s self-reliance, and Thoreau’s reflective seclusion.

Questions Answered: 

1) Tell me about your expeditions?

2) What does adversity have to do with growing leaders? 

3) How does solitude inform a leader? 

Contact Info: 

Website: http://selfreliantleadership.com

Email: [email protected]

Bonus Material: 

The Littlest Green Beret: On Self-Reliant Leadership is available on Amazon 

Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.

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Peter Cross of ISU Insurance highlights the real cost of a Workers Comp insurance claim to a Business.

Transcript: 

Peter: When you really look at the hidden balance sheet that occurs and goes along with claims, it's not just premiums you're paying, it's the management time that's tied up addressing claims, it's the supervisor's time tied up in addressing claims, and when you really look at what it's costing you, if you spend $10,000 on a claim, they say that it's a $50,000 cost to the business. 

Bill: Oh, is that right? It's a five times magnifier because of the soft cost of administrating and pulling it together and all the paperwork and everything? 

Peter: Correct. For a simple example: if you have someone who's out for about 2 weeks and you've got to replace them, you've got the cost of insurance that would potentially go up, the replacement of that person, the retraining of that person, the lack of productivity that comes out of it, the increased potential for another claim, and all those other things that are residing with it. So, when you start to amplify and put all that detail in, it really can be anywhere from a 3 to 5 times magnifier like that. 

Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.

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Bill Black interviews Dave Wilens and Paul Schempp.

What can you do RIGHT NOW to work on making your Business more Sustainable, Transferable and Valuable in the future? In 13 minutes you can have a FREE online Assessment to find out where you rank in 8 key areas at www.BizGrowth123.com

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Sponsors: BarthCalderon, LLP | Exit & Retirement Strategies, Inc. | BEI |HKA Marketing Communications | Jeffrey M Verdon Law Group |  Albert J Rasch & Associates | Ghassemian Law Group

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Bill Black interviews Bill Anton.

What can you do RIGHT NOW to work on making your Business more Sustainable, Transferable and Valuable in the future?. In 13 minutes you can have a FREE online Assessment to find out where you rank in 8 key areas at www.BizGrowth123.com

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Sponsors: BarthCalderon, LLP | Exit & Retirement Strategies, Inc. | BEI |HKA Marketing Communications | Jeffrey M Verdon Law Group |  Albert J Rasch & Associates | Ghassemian Law Group

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Kevin Ramsier is in the business of middle market mergers and acquisitions and is going to talk about how a management team adds to business sale value.

Questions Answered: 

1) What do buyers look for in a management team?

2) Many entrepreneurs have multiple roles within a company. What does that do to it’s sale value?

3) When should you tell your management team about the sale, and how can they help during the process?

Contact Info: 

Website: www.vesticor.com

Email: [email protected]

Bonus Material: 

Kevin's new book "Don't Sell Your Business Yet" is now available for free digital download on his website. http://www.vesticor.com/free-book/

Visit ExitCoachRadio.com for Audio, Videos, Books and Interactive Tools to Grow Your Business Value, Protect Your Family and Prepare for your Future Transition.

New! Get our iPhone app at the App Store  - search for Exit Coach Radio. Grow your business value by up to 71% - take a free assessment at www.BizGrowth123.com