Today, Tom is joined by Steve DeTray to discuss the critical aspects of business exit planning, emphasizing the importance of having a succession plan, understanding business valuation, and preparing both the business and the owner for a successful exit. They explore the mindset shift required for business owners, the role of a support team, and the emotional readiness needed for transitioning out of a business. Thinking about selling your business? This episode is for you!

Highlights 01:33 - Mistakes from a rushed business exit. 06:58 - Necessity of a business-owner mindset shift. 11:06 - The critical 5-year runway for exiting. 13:52 - External forces driving involuntary exits. 19:45 - Over-reliance on the business owner. 25:21 - Eight key drivers impacting business value. 29:10 - Preparing the owner emotionally for exit. 31:14 - Importance of purpose post-retirement.

Episode Resources

• Connect with Tom Suvansri
• https://perennialpride.com/
• https://www.facebook.com/perennialpride/
• https://twitter.com/perennialpride
• https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
• Connect with Steve DeTray
• https://www.linkedin.com/in/stevedetray/
• https://www.freedompathplanning.com/about-us/

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