[P.O.W.E.R. Plug Podcast] Why Every Business Owner Needs a Business Success Plan ASAP
Do you know what you want to happen when you exit your business?
Your business is a financial asset like stocks, bonds or real estate that can fund your retirement, but only if you have a strategic business succession plan.
How do you determine what your business is worth? What can you do today to increase the value of your business for the future?
In this episode, I talk with Ellen McIlhenny, a Certified Business Transition Expert with B2B CFO with 20 years of experience as Chief Financial Officer and Controller. Ellen knows the ins and outs of everything that touches the finances of a business, including how larger businesses acquire smaller ones. Today we tap into her experience and insights to help small business owners consider their own business succession plan.
What is business success planning and why it is critical to your financial future
How to figure out what your business is worth
What you can do now to increase the value of your business for a future buyer
The challenge of increasing the worth of any service-based business
The biggest financial mistake (and regret) most small business owners make
What savvy business owners do to stay financially smart about their business
Why retiring Baby Boomer business owners may make your business far less valuable