Why We Plan

It is not uncommon for a business owner to come to their advisors completely burned out and ready to part with their business tomorrow. However, we also know that when owners do this, they won’t receive what they deserve for their business. Be sure to notice the signs of burnout before your clients become too overwhelmed.

John Brown and Elizabeth Mower sit down this week to discuss the different solutions you can offer those business owner clients that are burned out or showing signs of burnout. Help your clients delegate some of their tasks. You can introduce them to some outsourcing resources to help alleviate some additional unwarranted stress. Offloading even 5% of an owner's responsibilities can significantly impact their attitude and level of productivity so they have enough time and drive to properly plan for their future.

In this podcast, we interview Joe Markovitch, Business Exit Advisor, on how he pivoted his planning approach to incorporate Exit Planning. Joe used to own his own business in Vancouver. During the sale of his business, he learned a lot about the process and realized he wanted to help other business owners find success in this process.

An owner’s biggest asset is often their business as it’s where they have invested most of their financial resources and time. Because of that, it’s also the hardest thing for the owner to step away from. Elizabeth Mower, President of BEI, interview Julia Carlson, CEO and Founder of Financial Freedom Wealth Management Group, LLC, on the importance of advisors having the hard conversations with their business clients and then guiding them through the transition out of ownership.

Julia talks about how she has been able to expand her offerings past her core expertise of traditional financial planning. Whether she is bringing clarity to a management team with assessments or holding an owner accountable to the planning process, Julia knows the biggest value she brings to her clients is peace of mind that with a plan, their business, their family, and their legacy is protected. By giving her clients an inspiring future to accomplish, Julia’s clients find freedom in doing the hard work and the discipline of staying on the path they have created together.

Elizabeth Mower, President of BEI, and Aaron Dube, Business Development Specialist of BEI, discuss the different topics they are discussing with the advisors we support. Many advisors have reported that there is a wealth of knowledge that many business owners simply don’t know about their businesses. Whether they don’t have an accurate representation of what their business is worth, or they don’t know who should be involved in the planning process, many business owners simply feel out of the loop.

In this week’s podcast, we discuss the importance of cleaning out the skeletons in an owner’s closet way before they even consider an ownership transfer.

John Brown, Founder of BEI, interviews Kevin Short, Managing Partner at Clayton Capital Partners, on the topic of deals that fall through because of new information arising in the 11th hour. Kevin has noticed a decline in the number of deals closing because sellers are much more diligent in their background checks today. Don't risk a deal falling through because of a minor detail that could have been communicated and dealt with way before the owner goes to market.

In this podcast, we usually talk about client scenarios and how to best support business owners. Today, we are pivoting to look in the mirror and talk about how advisors can improve their own practice.

We welcome Jared Johnson, CEO of BEI, to speak with Elizabeth Mower, President of BEI, on the topic of the challenges advisors are facing on a day-to-day basis. Large or small, many advisor firms struggle with the same challenges. Learn how to improve your practice with a 1-degree shift and become your client's first call when problems arise.

Although there are many new ways to effectively market your services online these days, are you are doing it right? Now that we are in the social media era, it has been become increasingly important to know how to communicate with contacts online to successfully market your practice.

Sara Grillo is an independent Marketing Consultant and a young mother of 4 children. She has very little time to promote her services in between caring for her children, commuting into the city, back-to-back meetings, and the long list of household duties when she returns home. Sara learned very quickly that she had to be efficient in everything she did.

John Brown, Founder of BEI, interviews Robert DePalo, Director of Business Planning at National Financial Network, at the 2019 BEI National Conference. Robert discusses the strategies he uses to increase his client base through referrals and the tools he uses to keep his clients engaged.

To grow your client base, Robert suggests taking the time to get to know your clients on a personal level. He also advises to educate them through various mediums. Start by providing your clients with the resources they need to be successful. Once you have attracted the clients you want, now you need to keep them engaged through the entire Exit Planning Process through various tools. The BEI automated Newsletter System, EPIC software, and various assessment tools are resources our advisors use to help keep their clients engaged. Learn about more best practices to increasing your client base and keeping your clients engaged in this week’s podcast.

John Brown, Founder of BEI, and Christopher Brodman, President of Metz Lewis Brodman Must O'Keefe LLC, exchange stories about how advisors can help their business owner clients create transferable value. Chris discusses how he has met with business owners who have no idea what their plans are for the future and how he often gets new clients with an already signed letter of intent.

Unfortunately, this is far too late in the process to approach an advisor to help build value in one’s business. Chris explores why the more preparation a business owner can do, the more options they will have down the road. Many owners struggle with contacting an advisor early enough in the ownership transition process to make a difference. Get in front of your business owner clients and prospects as early as you can to ensure you are able to offer them a multitude of solutions.

As we slowly start to see the tax changes getting rolled out from the change in administration, what should business owners and their advisors be looking out for? In this podcast, John and Elizabeth break down each of the primary tax reforms being proposed by the Biden administration. John and Elizabeth discuss different ideas that you could present to your business owner clients.