After pouring your blood, sweat, and tears into starting and growing a business, you are now at a point in your career where you can ponder the BIG question: What’s next? Those two little words pack a big punch, and we’re going to explore the implications associated with some of the next steps you might be considering.
We are once again joined by business valuation and exit planning guru Tim McDaniel, who break down two of the primary concerns business owners will tend to have several years after establishing their companies: time and exit strategy.
For most business owners, the biggest asset in their portfolio is the value of their company – often as much as 60 to 70 percent of their net worth. They spend a lot of time and energy trying to manage their 401k, which might only make up about 10 percent of their net worth, but they have no clue what their business is actually worth. For this reason, it’s vital that every business owner values their business early and often.
If you are wondering what’s next, you will be interested in these other topics discussed in this episode:
- Why valuing your business is a critical step for any business owner.
- When is the best time to start an exit strategy?
- What is the best way to exit a business?
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The Perfect Time To Gift A Business To The Next Generation – The Tax Cuts and Jobs Act of 2017 opens the door for business owners to win big when gifting a business. Right now is the perfect opportunity to make the most out of your gifted business.
How To Plan For What Comes Next – Succession planning is not always on every business owner’s mind. But, if you want to leave your business better off than it was, succession planning is the way to go.
Keep Your Practice In Tip-Top Shape – Maintaining internal controls and having a marketing strategy in place will keep your business successful for years to come.
Grow The Value of Your Business – Knowing your business’s true value will help you strategically grow and plan for its future.
official transcript
Click here to read the official transcript for episode 116, “Your Baby (Business) is All Grown Up… So What’s Next?”