Why We Plan

Elizabeth Mower, President of BEI, interviews Paul Kalra, President of Signature America Insurance and Financial Services, at the BEI National Conference.  

Paul discusses the many examples of disagreements amongst family members when they didn’t have a succession plan in place. When siblings inherit the family business, relationships get tested and greedy characteristics of family members can surface. Learn how to avoid disagreements, resentment, and destroying family relationships with a well-thought-out succession plan. It doesn’t matter how close a family may seem, if a clear, thorough plan isn’t put in place, a business can tear even the closest families apart. As Paul mentions, “by not taking the steps today, you are sowing the seeds of friction later on.”

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We are all guilty of only asking for help when we realize we are in over our heads and can’t solve a problem ourselves. Advisors are guilty of getting stuck in the habit of waiting for clients to come to them when they have a problem. As a trusted advisor, it’s important to take the initiative to reach out before your business-owner clients run into a bad situation.

In this episode of Why We Plan, John Brown, Founder of BEI, and Elizabeth Mower, President of BEI, discuss why a good advisor is proactive, not reactive. They recommend starting conversations early and having them regularly with your clients. Developing a trusting relationship early on can help your clients avoid future problems, but also allow for you to be the person they turn to when the unexpected occurs. Make sure to keep consistent communication with your clients about their goals, expectations, and plans for the future as these can all change at any time.

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Before an owner can ever begin to think about selling their business, they must first understand the reason why they want to sell and how their personal and professional goals play a part. The last thing anyone wants is to go through an entire Exit Plan just for an owner to get seller’s remorse by the end of the process.

In this episode of Why We Plan, John Brown, Founder of BEI, and Elizabeth Mower, President of BEI, discuss the importance of asking the right questions to uncover exactly what the owner wants for their business and what they want after the business is sold. The recommendations you decide to create for your clients need to be aligned with the interests and goals of the owner. The reasons a business owner leaves should greatly affect the suggestions an advisor makes for them. 

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When selling one’s business, there are a few things to keep in mind. Whether your client is deciding to make an inside transfer or sell to a third party, it is important to keep in mind tax consequences. 

In this episode of Why We Plan, John Brown, Founder of BEI and Elizabeth Mower, President of BEI discuss the importance of growing business value and cash flow of your business. John and Elizabeth discuss the importance of having emotional and data-driven conversations with your business owner clients sooner rather than later. After these conversations, you can understand your clients end goals, and recommend the best exit approach for them saving everyone time, money, and effort. 

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In this episode of Why We Plan, John Brown, Founder of BEI, interviewed Nick Niemann, Partner and Practicing Attorney at McGrath North Mullin & Kratz, PC LLO at BEI’s 2019 National Conference.

Nick talks to us about the importance of understanding what business owners are trying to accomplish and putting them on the right path to success. As an advisor, you may commonly encounter contradicting goals among family members when working with a client that owns a family business. Your job is to predict the train wrecks that may lay ahead for them if they keep their goals unaligned. Nick advises that we must all begin planning with the end in mind. When all parties involved have the same end goal in mind, you can be sure you are creating the right Exit Plan. 

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The Exit Planning Process can seem overwhelming to many business owners. Advisors see their fair share of horror stories; everything that can and will go wrong when you do not plan appropriately. We commonly see success when business owners are better informed and start some preliminary planning to set the stage for their Exit Plan. 

In this week’s episode of Why We Plan, John Brown, Founder of BEI, and Elizabeth Mower, President of BEI, discuss the 3 things business owners can do in 90 days to begin the planning process. No need for a large team of advisors, many time-consuming meetings, or large fees to accomplish these three preliminary steps. Business owners can take matters into their own hands and start this process with a few baby steps. Learn how to lessen the stress of an Exit Plan by initiating small wins today that lead to momentum for the next steps when the time is right.

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There is a surprising large number of business owners who have not begun the Exit Planning process although they plan to depart from their business in the next few years.  Even though 80% of business owners believe they need to plan in order to leave on their terms, less than 25% of owners have ever had the conversation about Exit Planning. Most owners don’t know where to start. As advisors, sometimes we get in a habit of waiting for clients to contact us if they have a problem.

In this episode of Why We Plan, John Brown, Founder of BEI, and Elizabeth Mower, President of BEI, discuss how to take the initiative to start these conversations with your clients. They explain how lack of planning could lead to some significant negative consequences. Why wouldn’t you plan for the future of your life’s work? 

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Every business owner has their own reasons for not beginning the planning process. Exit Planning can be very intimidating to many business owners. Maybe the process sounds like too much work, owners do not have the time or resources to plan right now, they could simply believe they do not need to plan, or maybe they just do not know where to begin.

In this episode of Why We Plan, John Brown, Founder of BEI, and Elizabeth Mower, President of BEI, discuss why some business owners may perceive Exit Planning in a negative light and what advisors can do to alleviate some of their common concerns. John and Elizabeth suggest some ways to lessen the stress of the Exit Planning process, including focusing on the overall plan, not the exit itself. You can also break the plan up into digestible phases and focus on the areas where the client wants to start first. Focus on goals/aspirations and assets the owner needs or wants to be ready to exit. Learn about some of the other suggestions John and Elizabeth have to motive those stubborn owners who are not quite ready to start planning. 

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In this episode of Why We Plan, John Brown, Founder of BEI, interviewed Joe Guyton, Founder and Principal of The Guyton Group, at BEI’s 2019 National Conference.

Joe explains his first experience with Exit Planning was with his father. He uncovers the very common mistakes his father made with his business and the huge negative impact it had on him and his family. With better planning, many of these common challenges could have been avoided. Joe also discusses his strategy for getting in front of clients, how to get their attention, and how to start those difficult planning conversations. Business owners want to enjoy the next chapter of their lives after they leave their business. Be the advisor that helps business owners benefit from their life’s work and set them up for success. 

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