Why We Plan

As we all know, every action comes with consequences. When owning a business, for example, business owners will experience various consequences depending on what decisions they make. Something else to keep in mind, however, are the unintended consequences of their actions.  

The decisions owners make when running or deciding the sell their business don’t only impact them. Their decisions will impact their entire staff, customers, and family. Don’t let the unintended consequences of their decisions impact their business or their key people.  

In this podcast, John Brown and Elizabeth Mower discuss the consequences your business owner clients might face and the people that need to be informed of all major business decisions. 

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When planning for your future, it is common that plans change. Over the years, your goals might shift, the vision for the business can change, you could experience a dramatic change in your family dynamics or key employees. There could even be a detrimental shift in the market. Regardless of the reason, your Exit Plan is a living, growing document that needs to be reviewed and potentially updated every few years.  

In this podcast, John Brown and Elizabeth Mower discuss how, in their experiences, many owners have the misconception that the Exit Planning Process is a “one and done” type of activity. However, the plan is never finished. The most successful Exit Plans we have seen have business owners and advisors that are both open to change and are able to adapt. People often have a resistance to change but remind your business owner clients that change is okay and sometimes necessary to reach their goals.  

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Far too often, the downfall of many small business owners is they are unaware of the resources available to them to assist them with the sale of their business. They also don’t know what they don’t know, especially when it comes to their finances. Occasionally, owners don’t fully understand their finances, or perhaps they have inaccurate data. In this podcast, we uncover what resources business owners can take advantage of to ensure a smooth transition from their businesses.  

Join John Brown, Founder of BEI, and Marla DiCarlo, CEO and Co-owner of Raincatcher, LLC, as they discuss the buying process and the benefits of working with a business broker. Business brokers are also often able to negotiate more favorable terms if the owners can put in the work ahead of time.  

Owners put their blood, sweat, and tears into their businesses. Don’t let a lack of knowledge of available resources and best practices jeopardize a successful Exit Plan. 

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Every Exit Planner advisor knows that one of the first steps of the Exit Planning process is to figure out the gap between what a business owner currently has and what he/she might need by the time they finally exit the business. What assets can help contribute or might be a liability? Do you have the right management team in place? What are the areas to focus on first to ensure we are able to close this gap?

In this episode of Why We Plan, Founder of BEI, John Brown and President of BEI, Elizabeth Mower, discuss the importance of the initial steps to Exit Planning to ensure business owners will be able to close this gap in a timely manner. Every business is different meaning that every Exit Plan is different. Be sure to not make assumptions and ask the right questions at the beginning of the process to ensure the rest of the Exit Planning project runs smoothly. Listen to this week’s podcast to hear John and Elizabeth’s suggestions on how to most efficiently close the gap.

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Although more than half of business owners plan to leave their business in the next 5 years, 80% or more of business owners do not have a plan.  This could be because many business owners have the wrong expectation of what Exit Planning is – they don’t realize that it shouldn’t take up all their time if done properly. Planning now will save you time down the road. 

In this episode of Why We Plan, John Brown, Founder of BEI, and Elizabeth Mower, President of BEI, discuss why owners can and should make time to plan for their future and the future of their business. Are you asking your clients what is taking all their time? Are they trying to do too much in the business themselves?  Owners can make the necessary time for planning by having a strong management team in place and learning how to delegate to the management team. As an advisor, you can help them figure out where their gaps might be and help them develop the right management and consulting team.  

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