In this episode, Mike discusses exit planning and its significance for financial advisors. He emphasizes the importance of collaboration in the exit planning process, highlighting how financial advisors can play a crucial role in helping business owners prepare for their exit. The conversation covers the core phases of exit planning, the roles of various professionals involved, and the need for financial advisors to build confidence in discussing business strategies with their clients. Mike encourages financial advisors to take ownership of the exit planning process and to foster strong relationships with business owners to ensure successful outcomes.

Takeaways

• This podcast episode is the beginning of a longer series.
• Referrals by nature are about collaboration.
• You own the process of exit planning.
• You're the only person whose maximum compensation occurs after the exit.
• You should be getting revenue along the way during the exit process.
• Every financial advisor is involved in an exit planning process.
• Identifying and onboarding team members is crucial for success.
• Financial advisors need to be confident in business discussions.
• You are the most accountable professional in the exit planning process.
• Collaboration and being human are key to success.

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