Serve Strong Finish Strong

In this episode, my guest and I dive into the critical aspects of planning business exits, emphasizing the need for consistency and structure. The episode highlights the importance of preparing for exit strategies 3-5 years in advance to ensure predictability in valuation. The role of strategic planning and advisors in facilitating this process is vital. 

A key point is the significance of having a structured advisory board, even for small businesses, to maintain accountability and effective planning. This team, including CPAs, financial planners, and attorneys, plays a pivotal role in guiding business owners through the nuances of exit strategy, offering valuable advice on tax and financial matters to position them for a successful negotiation and minimize risks.

We also explore various exit strategies, with a particular focus on the benefits of an options strategy over a single-event exit. This approach, backed by expert advice from CPAs, attorneys, tax advisors, and financial wealth advisors, aims to prevent regrets in the sale process. 

Dan Smit stands as a testament to the power of experience and vision in the entrepreneurial world. With a rich history spanning 25 years as a serial entrepreneur and CEO, Dan has spearheaded multiple companies within the medical billing and technology domains, successfully acquiring and integrating related businesses before making a strategic exit in 2020. His acumen for business development was honed early on during a 7-year tenure managing a business unit within a commercial collection agency. In 2021, Dan established Growth Point Partnership, further expanding his portfolio by acquiring That’s My Idea Marketing in 2022.

Beyond the boardroom, Dan is a family man, celebrating nearly 26 years of marriage, and is a father to three daughters. His life in Oak Grove since 2022 is complemented by a love for biking, swimming, skiing, and travel, always cherishing moments with his family and two dogs. His ambition is fueled by a burning desire to create a comprehensive business resource organization for entrepreneurs, offering services from Fractional COO support to marketing and accounting. Dan's enduring drive and determination are the keystones of his success, inspiring his continuous journey in shaping and mentoring the entrepreneurial landscape.

To learn more, visit:

www.servingstrong.com

Listen to more episodes on Mission Matters:

www.missionmatters.com/author/scott-couchenour

In this insightful episode, I team up with Roxanne Coffelt, an experienced CPA and business advisor, to tackle the complexities of financial management and business valuation for small businesses. 

We start by addressing common financial pitfalls that business owners face, such as inadequate bookkeeping and financial management, which can lead to significant issues like IRS audits. I highlight the importance of understanding and optimizing the eight key drivers of business value, as outlined in the Value Builder System, focusing on aspects like financial performance, growth potential, and the diversification of revenue streams.

We also explore, among other topics, the concept of recurring revenue and its influence on business valuation, using practical examples like security companies with ongoing services.

Wrapping up the episode, we delve into the different approaches to business valuation, clarifying the distinction between valuation and calculation. Roxanne stresses the importance of considering a range of value drivers, including management depth and industry trends, in any valuation process. We also highlight the significance of clear agreements among business owners on valuation and sale processes, especially in multi-owner scenarios. 

Roxanne wraps up by advising listeners on the importance of long-term exit planning and maintaining robust financial statements.

Roxanne Coffelt graduated cum laude from Drake University in Des Moines, Iowa in 1986 with an accounting degree.  Shortly after she left behind 10 years working in the printing/publishing industry to go into public accounting.

After working for a local firm, a sole practitioner, and the “Big 6” firm Ernst & Young, Roxanne started her own practice in Des Moines in 1993.

In 1999, in anticipation of the printing plant where her husband worked closing, Roxanne sold her practice.  She ended up relocating to Shanghai, China for two years.

Returning to the United States in 2004 brought Roxanne to Warsaw, Indiana. In 2010 she received her CVA (Certified Valuation Analyst) designation. After working for another firm for many years, she decided to establish her own practice in the fall of 2017.

After working for other firms, and watching people pay for financial statements that just end up filed in a drawer, Roxanne wanted to help her clients use the information in those statements to help improve their businesses.

In 2022 Roxanne became a Certified Value Builder.

Roxanne is married to her husband Bob of 38 years and has two grown children and two grandchildren.  Daughter Kelsey is a board-certified behavior analyst and son Sheldon is currently in school after serving almost 7 years in the U.S. 3rd Infantry Regiment honor guard (The Old Guard) at Fort Myer/Arlington Cemetery.

You can find her here:

https://www.coffeltcpa.com/

https://www.linkedin.com/in/roxannecoffelt/

To learn more, visit:

www.servingstrong.com

Listen to more episodes on Mission Matters:

www.missionmatters.com/author/scott-couchenour

In this episode, Jeff B Eschliman and I delve into the transformative power of personal growth and the search for balance through pivotal life moments. Jeff recounts a critical juncture in his life at 38, spurred by a revealing doctor's appointment. This incident became a catalyst for an "awakening" in 2008, altering his view of success and life balance. Jeff's journey towards enhancing his physical and mental well-being is both inspiring and instructive. We introduce an intriguing perspective, advocating for harmony over balance in life, drawing parallels with the worlds of music and sports.

As the conversation progresses, I reflect on my past experiences with plate spinning, a metaphor for juggling multiple life goals, which often leads to burnout. To combat this, Jeff shares his unique "life harmony system," crafted from business processes, that helps prioritize personal and professional aspects of life. This system, which Jeff has been practicing for over a decade, includes a one-page life plan featuring core values, purpose statements, and monthly goals. 

Jeff's "Day of Zen" concept, a dedicated monthly day for reflection away from work and family, is a key component of this strategy. The discussion also covers the importance of strategic life planning for business owners, particularly as they approach retirement, emphasizing intentionality and the creation of 'whitespace' in one's schedule.

Don't miss this episode if you're interested in learning about life harmony, strategic planning, and personal growth from seasoned professionals. Whether you're a business owner or simply someone seeking a more harmonious life, Jeff's insights and practical advice are invaluable.

Jeff Eschliman is a seasoned corporate veteran with over 30 years of experience and a profound understanding of the elusive concept of work-life balance. His journey is one of transformation and realization. 

Once living what many would call a dream life - surviving a war, enjoying a lucrative career, extensive travels, and the comforts of a family and luxurious possessions - Jeff faced a turning point at age 38. In a routine doctor's appointment, he was confronted with a life-changing choice: accept a limiting prognosis or redefine his life on his own terms. Choosing the latter, Jeff embarked on a mission to help others do the same.

Find Jeff here:

https://jeffeschliman.com/

https://www.linkedin.com/in/jeffeschliman/

To learn more, visit:

www.servingstrong.com

Listen to more episodes on Mission Matters:

www.missionmatters.com/author/scott-couchenour

In this episode, I'm joined by Jennifer Butler, Chad Tourin of Coastal Wealth to discuss the vital role of personal financial planning for business owners. The conversation begins with a focus on the necessity for entrepreneurs to separate their personal and business finances, emphasizing the dangers of relying solely on business assets for retirement. We highlight the broader scope of personal financial freedom, which includes not just savings, but also relationships, personal plans, and overall well-being.

Midway through, the dialogue shifts to the concept of "freedom" in the context of retirement planning. The speakers explore the importance of being prepared for future economic shifts, including a potential depression in the 2030s, and the need for diverse investment strategies to mitigate market risks. They also discuss the evolving landscape of banking and investment, and how business owners can adapt to these changes.

We conclude with a discussion on the unpredictability of life events and their impact on business and personal finances. Personal stories illustrate the importance of planning for the unexpected. Jennifer and Chad share their insights on being proactive financial advisers, helping clients navigate through their financial journey with personalized strategies, especially as they approach the later stages of their business and personal lives.

Jennifer Butler: Jennifer is dedicated to making a difference in people's lives. She is committed to building long-term relationships with her clients and helping them reach their goals is her number one priority. Drawing on her knowledge, experience, and world-class tools, she helps build financial freedom for her clients. Whether your goals include preparing for milestone life events like retirement or college, protecting your family's future or you’re simply looking for life, disability income or long-term care insurance protection, she promises a new level of attention, insight and capability.

Find Jennifer here:

https://mycoastalwealth.com/jbutler

Chad Tourin: Chad Tourin, President of the Private Client Group at Coastal Wealth, a MassMutual firm, is a former CPA and attorney with a strong background in financial planning, particularly for business owners and high net worth individuals. His expertise includes asset protection, exit planning, wealth management, and more. Since joining Coastal Wealth in 2018, Chad has achieved significant recognition, including being named 2020’s Advisor of the Year and membership in prestigious groups like Society 1851. He's also a noted contributor to various media outlets. Passionate about community service and financial education, Chad actively engages in speaking engagements and workshops, including at Nova Southeastern University, and supports children's health and well-being through non-profit involvement. He holds degrees from the University of Florida and a law degree from Florida International University. Chad enjoys family time, sports, and community involvement in his personal life.

Find Chad here:

https://mycoastalwealth.com/ctourin

To learn more, visit:

www.servingstrong.com

Listen to more episodes on Mission Matters:

www.missionmatters.com/author/scott-couchenour

How often have you been down the road on an initiative and thought to yourself, "Why am I doing this?" You're just like the rest of us. We tend to shoot first, then aim - something that carries more potential for regret as we age.

My guest, Mary Rapaport, is an expert on strategic thinking. Although her work is primarily with organizations, I wanted to tap her knowledge on how you and I can be more strategic in our 4th Quarter planning and execution.

Mary and I discuss 4 important insights when it comes to being more strategic: 1) being future-focused; 2) having an ecosystem mindset; 3) employing outside perspective; and 4) being adaptive.

I really think you'll benefit from this episode. It will give you back your agency (your ability to see options and choice).

My guest is Mary Rapaport, the creator of the Strategic Playground Workshop and the Chief Xceleration Officer at Xcelerate.  Mary brings over two decades of expertise in organizational transformations, change initiatives, brand strategy, and learning strategy. With a proven track record in transforming organizations to align strategically with company goals, Mary has a talent for helping others develop their strategic thinking. Her knack for creating immersive learning experiences leads to those transformative "aha" moments that unlock the full potential of individuals and teams. 

You can find Mary here:

https://xceleratebiz.com/

https://www.linkedin.com/in/maryrapaport/

To learn more, visit:

www.servingstrong.com

Listen to more episodes on Mission Matters:

www.missionmatters.com/author/scott-couchenour

In this episode, my guest shares from his 5 decades of business creation. We cover a laundry list of things to keep in mind when building a strong business that can one day thrive without you, giving you more options.

We also talk about how important it is that you surround yourself with the right advisors. You cannot make the journey into your 4th quarter successfully without this. Making a lasting impact in your 4th quarter is not accomplished in a vacuum. We really do need each other.

We talked about how making mistakes aren't always detrimental to your future. In fact, they serve as great catalysts for growth and development.

Join us as we talk about these topics and more.

ROBERT LAMBERT is the Founding Partner of the Samurai Business Group, LLC. He is an accomplished business development executive who provides comprehensive and highly focused educational programs for aspiring top salespeople. 

Bob built a monumentally successful career in strategic business development, sales, sales management, and product and service marketing. His impressive corporate clientele of Global 50 and Fortune 500 companies has generated millions of dollars in revenue and sustained profitability. He is also an award winning entrepreneur, having founded four successful start-up companies.

Bob is also an avid and learned networker who believes that businesspeople are defined by their professional relationships and how they manage them. He is an ambitious connector of like-minded individuals, spurring many on to greatness by virtue of his quality introductions. Bob is also steeped in community involvement, faith, and charitable endeavors.

To learn more, visit:

www.servingstrong.com

Listen to more episodes on Mission Matters:

www.missionmatters.com/author/scott-couchenour

Today we delve deep into the hallmark of being physically fit, dispelling myths that hold us back in later life, and discussing how physical wellness is intertwined with mental health and financial stability. 

This episode is a treasure trove for founders and business leaders navigating their 50s and beyond. Patrick offers time-effective fitness tips for the busy professional and elaborates on how physical wellness contributes to becoming a dominant force in your own life. Whether you're seeking ways to improve your health, optimize your time, or prepare holistically for life’s next chapter, this episode offers actionable insights. We compare the running of a business to running a healthy life.

Patrick W. Becker retired from a 28-year career in the US Army Reserve in 2017 as a Lieutenant Colonel. During his career, he held a variety of staff and leadership positions, culminating in his assignment as an Area Coordinator for the Army Reserve's Command & General Staff College instructional unit in the western US.

Shortly before his retirement, he opened his own health & wellness practice where he provides access to information, support and a positive Community to anyone wanting to live a better life.

He also guides his entrepreneurial-minded clients to create their own successful businesses to create impact across generations.

Patrick is also a founding member of the 123 HELP App, LLC partnership preparing to launch a new app for homeowners enabling them to connect with reliable emergency service providers in a time of need.

In addition to his entrepreneurial interests, Mr. Becker has also been employed for over 16 years by United Healthcare, where he is currently a Program Solutions Manager for the Community & State Government Operations segment. He manages a remote team of 6 analysts across the US supporting numerous Medicaid reporting requirements and is responsible for their career development and advancement.

A native of western Pennsylvania, Mr. Becker has been a full-time resident of the Phoenix metropolitan area since moving to Arizona in 1992. He is the proud father of one son who is attending Law School at the University of Pittsburgh.

You can contact Patrick using these links:

Facebook: https://www.facebook.com/HealthCoachPatrick

Instagram: https://www.instagram.com/ThrivingWithPatrick

Mobile: 1-602-509-5763

This is the second time we spoke with Patrick on the topic of living a healthy 4th quarter. Here's a link to our first episode together: 

https://t.ly/patrickbeckernov1

To learn more, visit:

www.servingstrong.com

Listen to more episodes on Mission Matters:

www.missionmatters.com/author/scott-couchenour

In today's episode, we dive into a financial strategy that could redefine your approach to wealth management in your 4th quarter of life: the 1042 exchange. Joining us to demystify this lesser-known, yet highly effective, tax minimization strategy is Chas Woodhull, a financial advisor who specializes in helping business owners and financial professionals save tens of millions of dollars in taxes. 

With a lifetime spent in a business-centric family and a deep understanding of the challenges business owners face, Chas brings a wealth of knowledge that founders in their 50s and beyond simply cannot afford to overlook. As you navigate your 4th quarter, understanding the 1042 exchange could be your game changer for preserving wealth, facilitating seamless business transitions, and securing a financial legacy for generations to come. Don't miss this invaluable episode as we explore how to fully leverage the 1042 exchange in your favor.

NOTE: Nothing contained in this episode is to be considered tax advice. It is for informational purposes only. Please seek a professional for any tax or financial questions.

Chas Woodhull is a private wealth advisor at Gallagher Pool Wealth Management. He is an accredited investment fiduciary and certified exit planning advisor. Investing in his first company at the age of 8 – Chas has a lifelong love of investing. He started working in wealth management in 2018 as an intern for Gallagher Pool. In 2020, Chas started his full-time career as a financial advisor at Northwestern Mutual. Specializing in working with business owners, his focus is to help clients pursue their goals by building a strategic plan with their finances in order to grow, preserve, and transfer wealth.

Chas graduated Magna Cum Laude from the University of Dayton with a liberal arts degree focused on Finance and Philosophy. He also attended the University of Southern California where he studied economics until transferring to the University of Dayton.

When he isn’t working, Chas loves cooking, exercising, and spending time with his family. He also enjoys hiking, learning, and spending time with his German Shepherd, Duke. Chas is involved in Dayton Rotary, frequently attends charity events, and loves being an active community member in Dayton.

You'll find him here:

https://www.linkedin.com/in/charles-woodhull/

https://www.gallagher-pool.com/team/chas-woodhull

To learn more, visit:

www.servingstrong.com

Listen to more episodes on Mission Matters:

www.missionmatters.com/author/scott-couchenour

In this episode, we're diving deep into an essential skill that can be a game-changer for founders, especially those navigating the pivotal 4th quarter of life: the power of impactful communication. Face it, as a founder over 50, your communication skills aren't just a nice-to-have; they are pivotal in leveraging your lifetime of experiences and wisdom into a transformative and rewarding 4th quarter. 

So stay tuned as we delve into the nuts and bolts of communicating your way to success.

Oh, and listen toward the end of our conversation when David offers a free ebook!

With over thirty years of experience as a Presentation Empowerment Coach, my guest, David Doerrier specializes in transforming intelligent individuals into extraordinary speakers and facilitators. David is positioned to help you structure and deliver your content logically and captivatingly, leaving a lasting impact on your listeners – almost like magic!

His mission is to revolutionize your communication and enable you to wow, inspire, and connect with any audience. Whether you are presenting your next big idea, conducting a virtual training, or providing eLearning voiceover, David has the skills and strategies you need to succeed.

You can find David here:

https://www.linkedin.com/in/daviddoerrier/

https://presentyourwaytosuccess.com/

To learn more, visit:

www.servingstrong.com

Listen to more episodes on Mission Matters:

www.missionmatters.com/author/scott-couchenour

What do Jennifer Aniston, twins, Maslow, and the limbic brain have in common? Today's episode.

We're fortunate to continue our dialogue with David Bovis. We'll delve into the intricate mechanics of brain neurons, aiming to provide clarity on the neurological processes during change. 

I spoke with David on a previous episode which can be accessed here:

https://podcasts.apple.com/us/podcast/rewired-inspired-life-changes-and-brain-adaptation/id1628610694?i=1000605168658

If you're contemplating a significant shift in your profession or personal life, this discussion will offer a deeper understanding of your brain's response and those influenced by your decisions. Such insights are invaluable in steering through the multifaceted nature of change. And, as with our previous conversation with David, I believe you'll find this exchange both enlightening and enjoyable.

David Bovis is a time-served precision engineer and mould-maker who has >30yrs experience in 'WCM/Lean' change environments across Europe.

David became operations director, consultant and advisor, working with regulated professional services companies like Grant Thornton.

David established Duxinaroe in 2013, and has worked for over a decade to refine the BTFA product, joining forces with Levent in 2020, to bring it to market as a digital offering.

You'll find David here:

https://www.duxinaroe.com/

https://www.linkedin.com/in/duxinaroe/

To learn more, visit:

www.servingstrong.com

Listen to more episodes on Mission Matters:

www.missionmatters.com/author/scott-couchenour