Exit Coach Radio

A lot is being discussed these days about "right-sizing" office space to deal with some of the changing  trends. Corey has a lot of thoughtful insights and suggestions that you will find interesting in this interview!

In the field of Exit Planning for business owners, the original organization focused on this topic is a company called BEI. For the last 25 or 30 years, BEI has been training professional advisors to do comprehensive and customized planning for business clients, and then equipping those advisors with software and tools to manage each client's Exit Planning journey.

Today I'm joined by the President of BEI, Elizabeth Mower. Elizabeth leads BEI in fulfilling its mission to help business owners benefit from their life's work, and she's joining us today to talk about what she sees happening right now in terms of owners of closely held businesses creating plans for the future. Elizabeth spent the first phase of her career working directly with business clients, but for the last 15 years or so, she has been dedicated to helping advisor deliver better outcomes to their clients.

In this interview we discuss the answers to these questions:

Are business owners doing more or less planning for the future during the COVID-19 pandemic?

What would you say are the ways that the current situation for owners is the same as it was during the Great Recession, and in what ways are things different today?

A lot of business owners are more busy and more stressed out these days, and if we assume that's true regardless of geography and industry, are you seeing any trends or bright spots that would help a business owner take steps today that move them toward whatever it is they want the future to look like?

BEI has a massive amount of content for both business owners and their advisors available for free at BEI's website, which is ExitPlanning.com.

Business owners can also ask their most trusted advisor for a plan that is powered by BEI's planning platform. If they want to find an advisor who is specially trained in Exit Planning, business owners can go to ExitPlanning.com and use the Find an Advisor tool under Resources. Or, to get started in thinking about the future, business owners can take a look at BEI's most recent book, which is called ExitPlanning: The Definitive Guide. You can go to ExitPlanning.com/definitiveguide (or even to Amazon) and get the book. It comes with online self-assessments and checklists that business owners can use to start to map out their futures.

And for professional advisors, we suggest that they go to ExitPlanning.com and follow the blog, listen to BEI's podcast (it's called Why We Plan) or learn more about BEI's tools and resources for advisors.

Our next guest Dana Dattola, Owner of Weaver & Associates, is a third-generation property and casualty insurance broker. She is a certified insurance consultant and a certified risk manager. Dana’s agency often serves as the risk management department of privately owned, growth-oriented businesses who see the value of risk management. She aims to simplify the insurance process, making sure their clients understand the risks and their insurance policies so they can confidently make business decisions.

In her interview, Dana sheds light on insurance in the time of Covid. She discusses business interruption coverage and what you should do if you have it. Dana shares what is happening with employer liability and workers’ comp due to Covid. She also has an offer you don’t want to miss. Among all the uncertainty, be sure to listen to Dana’s expertise to help you stay informed.

• 8:27-9:24: Many agencies are being bought by larger agencies, meaning some of the personal service is being lost and boutiques are doing well.

Sonni Sabahi, Managing Director of ICM Capital Markets, Inc., specializes in whole loan trading and investments. He’s been in the financial and real estate industries for nearly 25 years. ICM Capital Markets, Inc. began in 2008 following the market crash. With the current crisis, his profession is extremely relevant as banks need cash to survive. 

Sonni describes how a residential whole loan fund works and why it can be a good alternative to the stock market as an investment. He shares how defunct loans can become revenue sources for investors. Sonni also explains why the current crisis has led to problems for big banks and how to gain assets at a discount. We always hope to bring new ideas to our listeners, so if you’re looking for new investment ventures be sure to listen to Sonni’s insight.

JJ Richa of Business Vision Advisory shares the role of an Interim CEO.

Kristen Allott is the owner of Dynamic Brains, a company that optimizes brains for high stake events for better decision making, creative problem solving and health.

Lisa Caprelli, Author and Host of the Happy Lifestyle show, shares some great tips on how to live a happy and balanced life.

Chris Yonker shares tips about how to create a Family Business Succession plan while still being able to enjoy Thanksgiving dinners together.

Check out Chris's book available on Amazon: Soul Intention: An Executive's Guide to Building a Life by Choice, Not By Chance

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