In this episode of Money Talk With Tiff, Tiffany Grant is joined by Adam Koos to discuss the often overlooked topic of exit planning for business owners. Adam emphasizes the importance of preparing for the eventual transition of one's business, whether that means selling it, passing it to a family member, or another form of exit. Adam shares that one of the biggest mistakes business owners make is starting too late on their exit strategy.

He dives deep into what exit planning entails, how business owners can begin thinking about it regardless of where they are in their business journey, and the critical steps to take. From succession planning, valuation of the company, preparing for potential unplanned events such as illness or disability, to ensuring the business is scalable and attractive to potential buyers, Adam covers key elements that need attention.

Through actionable insights and real-world examples, Adam shares why and how business owners should start planning their exit strategy today to maximize the future value and ensure a seamless transition.

Check out the full show notes: https://moneytalkwitht.com/podcast-show-notes/business-exit-planning/

Takeaways

• Exit planning is crucial for business owners, yet many start the process too late.
• Most entrepreneurs neglect exit planning because they're too focused on daily operations.
• Starting exit planning early can significantly increase a business's market value and reduce risks.
• Succession planning ensures that your business can thrive even in your absence or unexpected events.
• 80% of businesses never sell, highlighting the importance of a solid exit strategy.
• The earlier you plan for exiting your business, the more options and value you'll have.

Resources Mentioned

• elevateandexit.com
• moneytalkwitht.com
• libertaswealth.com

For continued insights on financial strategies and business tips, tune in every Thursday for a new episode of Money Talk With Tiff. Connect with Tiffany Grant on all social media platforms @MoneyTalkWithT.

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