Value Your Business Like it’s Your Retirement Plan, Because it is.

Building a successful business can take decades. While working to grow, it’s common to use all available assets above the salary you pay yourself to fund future expansion. Where does that leave you on the retirement side of things? For most business owners, the retirement plan is some form of exit and monetization of your investment.

As you get close to a transition, valuing the business is paramount. The value comes first, and then the sale, and only then do many business owners think about how the sale proceeds will fund retirement.

There’s a better way. Start with the amount of money you need to live the retired life you want. That’s your benchmark of the value you want to get for your business. Then work from there to create the value you need.

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GMB EP #116: A Top M&A Advisor’s Perspective on Growing & Selling Your Business

 

An exit strategy is a key aspect in a business owner’s journey. However, the majority of business owners do not consider their exit strategy until it is too late. On today’s episode of Grow Money Business, our guest is Michelle Seiler Tucker, a mergers and acquisitions specialist. She has over two decades of experience in the industry, and in that time, has assisted in selling over 500 businesses. Michelle not only aids business owners in the sale of their companies but also helps entrepreneurs and investors in acquiring businesses. Throughout the episode, Michelle imparts some of her wisdom she has accumulated over the years on growing and selling businesses.

 

 

Show Notes

[02:34] Introduction – Michelle introduces herself and discusses her career.

[07:18] Exiting a Business – Michelle shares key points and considerations when exiting a business.

[19:34] EBIT – Michelle explains why technology trades on multiple sales rather than EBIT.

[20:51] Additional Key Points – Michelle continues to provide her perspectives on a number of crucial elements that influence the sale of a business.

[31:48] Databases – Michelle describes the challenges and concerns regarding databases.

[34:08] Exit Rich – Michelle presents an overview of why she wrote her book, what it is about, and its target demographic.

[37:20] Interest Rates – Michelle shares her views on how interest rates affect the market for business acquisitions and sales.

[43:11] Biggest Mistakes – Michelle covers several of the most common errors she sees sellers make throughout the process.

[45:01] Confidentiality – Michelle emphasizes the importance of maintaining confidentiality when selling your business.

[50:19] Private Equity – Michelle outlines when it makes sense to start a private equity firm.

[56:15] Network of The Professional – Michelle describes the value of a professional network and how that impacts locating future opportunities.

[56:55] More on Mistakes – Michelle shares more insight on common mistakes people make when selling their business.

 

Resources

Connect with Michelle: 

Website: seilertucker.com/

LinkedIn: linkedin.com/in/michelleseiler/

 

Mentioned in the episode: 

Exit Rich – Website: exitrichbook.com/

Exit Rich: The 6 P Method to Sell Your Business for Huge Profit:

amazon.com/Exit-Rich-Method-Business-Profit/dp/1732510288

The One Thing: The Surprisingly Simple Truth Behind Extraordinary Results: goodreads.com/book/show/the-one-thing

Behavioral Economics With Professor John Howe:

growmoneybusiness.com/podcast/behavioral-economics-with-professor-john-howe

GMB EP #115: How to Keep You & Your Business Safe Online With Amir Tarighat

 

Protecting assets and data from digital threats is crucial for the integrity and reputation of any business. In today’s episode of Grow Money Business, we have a fascinating conversation with Amir Tarighat. Amir is the founder and CEO at Agency, a firm that provides enterprise-level cybersecurity solutions for growing companies. Throughout the episode, he delves deeper into enlightening aspects of cybersecurity, including why it is vital to have a plan in place for your business.

 

 

Show Notes

[03:34] Background – Amir talks about his background, how he entered the field of cybersecurity, and why he decided to build his own company.

[05:16] Cybersecurity – Amir explains the necessity of cybersecurity as more firms migrate from on-premises to cloud-based services.

[07:38] Vulnerabilities – The list of online vulnerabilities is extensive and ever-changing. Amir discusses the vulnerabilities through applications such as Amazon and Google.

[10:12] Dark Web Monitoring – Amir explains how his company helps its clients through dark web monitoring.

[12:54] Malware – Amir describes types of malware, how malware can get into a business’s computer systems, and the consequences once that occurs.

[16:23] Remedies – Amir walks us through the process of recovering from a ransomware attack.

[19:43] Stay Safe – Amir highlights the procedures that must be taken to remain safe online, both as an individual and as a business.

[22:44] VPN – Amir discusses VPNs and their relevance to online safety.

[26:02] Password Managers – Amir emphasizes the need for password managers, as well as two-factor authentication, and shares his preferred password manager software.

[30:36] Mobile Applications – Amir explains why it is critical to be cautious about the apps downloaded onto phones.

[33:12] Updates – Amir discusses the importance of keeping all the devices and software up to date.

[35:36] More on Agency – Amir shares about his company and the numerous ways in which they assist people.

[40:47] Debit Card vs. Credit Card – Grant offers sound advice on the usage of debit and credit cards.

 

Resources

Connect with Amir:

Website: getagency.com

LinkedIn: linkedin.com/in/atarighat/

Twitter: twitter.com/atarighat

GMB Ep #114: Behavioral Economics With Professor John Howe

 

When confronted with significant decisions, our thoughts frequently stand in the way of rational decision-making. Today’s episode of Grow Money Business features John Howe, a finance professor at the University of Missouri. He is an award-winning educator and researcher with expertise in investments, behavioral economics, household finance, corporate finance, and corporate governance. He is also the author of the book The Foolish Corner: Avoiding Mind Traps in Personal Financial Decisions. Throughout this episode, he shares his expertise and wisdom on behavioral economics, focusing specifically on the behavioral biases we all have regarding investing.

 

 

Show Notes

[03:36] Behavioral Economics – Prof. Howe discusses his background, career, and current activities.

[07:23] Kahneman’s Nobel Prize – Behavioral economics is a field of study that lies at the nexus of economics and psychology. Prof. Howe discusses how the Nobel laureate’s teaching of behavioral economics impacts his teachings.

[10:53] Diversified Portfolios – Prof. Howe highlights the importance of diversifying one’s investments.

[15:00] Confirmation Bias – Confirmation bias is a term that refers to our natural predisposition to be receptive to new information that confirms our existing beliefs. Prof. Howe explains how confirmation bias affects the decisions we make on a day to day basis.

[20:19] Transitions – Individuals frequently undergo transitions, such as selling a business they have built over the years or acquiring another. Prof. Howe shares his insights on what should be considered during such a transition.

[26:43] More on Biases – Prof. Howe explains the reason behind biases by presenting examples from evolutionary psychology.

[30:00] Reproducibility – One of the trademarks of the scientific method is the ability to replicate an experiment and obtain the same results. Prof. Howe broadly discusses the reproducibility issue in psychological research.

[40:49] Better Decisions – Prof. Howe explains how being well informed on biases can help us making better decisions in the future.

[49:31] The Future – Prof. Howe discusses the current research going in the field, as well as the future of behavioral economics.

[57:59] Research – Prof. Howe shares the current scientific issues that pique his interest.

[01:02:29] Mental Health – Prof. Howe shares his observations concerning the state of mental health in the United States and the way it affects people’s financial decisions.

[01:06:28] Gamblers – Prof. Howe outlines his view on gambling and how this relates to the human capacity for pattern recognition

[01:08:52] Books – Prof. Howe shares several books that are worth reading.

 

Resources

Connect with Professor John Howe:

LinkedIn: linkedin.com/in/john-howe-1013498/

Newsletter: johnhowe.substack.com/welcome

 

Mentioned in the episode: 

Your body language may shape who you are | Amy Cuddy:

youtube.com/watch?v=Ks-_Mh1QhMc

The Foolish Corner: Avoiding Mind Traps in Personal Financial Decisions:

amazon.com/Foolish-Corner-Avoiding-Financial-Decisions/dp/099851070X

Science Fictions: How Fraud, Bias, Negligence, and Hype Undermine the Search for Truth:

amazon.com/Science-Fictions-Negligence-Undermine-Search/dp/1250222699

Rationality: What It Is, Why It Seems Scarce, Why It Matters:

amazon.com/Rationality-What-Seems-Scarce-Matters/dp/0525561994

Misbehaving: The Making of Behavioral Economics:

amazon.com/Misbehaving-Behavioral-Economics-Richard-Thaler/dp/039335279X

Thinking, Fast and Slow:

amazon.com/Thinking-Fast-Slow-Daniel-Kahneman/dp/0374533555

The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness:

amazon.com/Psychology-Money-Timeless-lessons-happiness/dp/0857197681

GMB Ep #113: Leveraging Mindset to Build & Sell Businesses With Dominic Rubino

 

Regardless of what profession or industry we’re in, our mindset is a crucial factor that defines growth. Today’s podcast deviates slightly from the norm in terms of technical content and delves deeper into the philosophical domain. Our guest, Dominic Rubino, is an entrepreneur with a unique background. Dominic has worked in various enterprises and is now a coach, supporting employees in the construction industry in developing a positive attitude and increasing profits. Throughout the episode, he shares his expertise and experience on aligning your business activities with your personal life and creating the life you desire through your business operations. 

 

 

Show Notes

[02:55] Dominic’s Background – Dominic explains his background, his current endeavors, and how he got to where he is today.  

[05:58] Mindset – Dominic discusses how our success or failure is determined by unique perspective, and the lens through which we view the world.  

[10:35] Business Coach – Dominic discusses the importance and role of a business coach.  

[12:47] Success – Dominic shares his thoughts on defining success and suggests ways for individuals to plan strategically toward it.  

[17:49] Circle of Friends – Dominic emphasizes the importance of having a supportive community of friends. 

[20:42] Strategic Planning Process – Dominic discusses the strategic planning process, and highlights simple exercises and reading material to help you along the way.  

[26:21] Personal Experience – Dominic shares personal experience gained from his entrepreneurial endeavors. 

[38:21] Mindset in Coaching Business – Dominic discusses how he maintains his mindset as a coach. 

[41:28] Dominic’s Podcast – Dominic talks about his podcasts and what inspired him to start them. 

 

 

Resources

Connect with Dominic: 

LinkedIn: linkedin.com/in/dominicrubino 

Website: profittoolbelt.com/ 

 

Mentioned in the episode: 

Traction: 

goodreads.com/book/show/8549192-traction?from_search=true&from_srp=true&qid=L77ID7gyYk&rank=2 

Mastering the Rockefeller Habits: What You Must Do to Increase the Value of Your Growing Firm: 

goodreads.com/book/show/16120.Mastering_the_Rockefeller_Habits?from_search=true&from_srp=true&qid=wctFOxvrHH&rank=1 

The Ultimate Playbook On Building A Profitable Construction Business: 

constructionmillionairesecrets.com/ 

GMB Ep #110: Navigating Family Business Successions With Stephen Shortt

 

A lack of succession planning can have disastrous consequences for a business, especially when your business is family owned and operated. This week on Grow Money Business, Stephen Shortt, an expert in family business succession planning, is joining us to share his experience and wisdom. Stephen has worked in his two-family businesses for most of his adult life and childhood, and as a result, he is familiar with the ups and downs associated with transitioning between generations. Throughout the episode, he delves into the framework needed to navigate family business successions successfully. 

 

 

Show Notes

[03:35] Stephen’s Background – Stephen introduces himself and provides an overview of his current work. 

[07:13] First Step – Stephen explains where to begin to ensure a seamless and successful family succession.  

[11:31] Mindsets – Stephen talks about three critical mindsets for succession planning 

[15:28] Personal Experience – Stephen shares his personal experience on his family business and how their transitions were handled.  

[19:27] Succession Strategy – Stephen broadly describes the succession strategy for a family business. 

[22:00] Challenges – Stephen explains overcoming various adversities during the succession process. 

[26:30] Family Board – Stephen expresses his thoughts on the importance of having a family board. 

[28:44] Five P’s – Stephen discusses the “five P’s” framework for navigating family business successions 

Resources

Website: successfulsuccession.com/ 

LinkedIn: linkedin.com/in/stephenshortt/ 

GMB Ep #109: Buying the Building Your Business Operates in With Trisha Talbot

 

Having ownership of the building in which your business is based can be a significant wealth building tool. This week on Grow Money Business we have a distinguished guest who educates physicians, owners, and investors on healthcare real estate investment opportunities. Trisha Talbot is the Managing Principal of Doc Properties, through which she supports healthcare practitioners in maximizing the economic worth of their real estate holdings on which they conduct business. Throughout this week’s episode, we delve into numerous aspects of purchasing and constructing the building in which you firm operates. 

 

 

Show Notes

[02.42] Trisha’s Background – Trisha narrates her journey so far, and explains the work she carries out through her business.  

[06:56] Transfer Tenant Improvements – Trisha discusses numerous points to consider when transferring tenant improvements into a new location. 

[08:55] Patient Base – Trisha emphasizes the importance of the patient base while determining the best location for a medical practice. 

[11:00] Types of Buildings – Trisha reviews numerous types of buildings, while explaining the significance of real estate supply. 

[16.35] Commercial Property Asset Prices – Trisha talks about commercial real estate asset values and shares her viewpoint on using them as investments.  

[21.29] Lease Terms – Trisha highlights some of the critical factors to consider when filling out lease conditions. 

[26:44] Construction – Trisha discusses the advantages and disadvantages of constructing the buildings. 

[44:38] Role of Landlords – Trisha explains the role of a landlord, and shares some tax benefits related to owning a building.  

[51:59] Common Mistakes – Trisha highlights some potential problems that can arise while purchasing and constructing buildings.  

[55:59] Final Advice – Trisha delivers her final comments to business owners who are considering acquiring a building for business operations.  

Resources

Connect with Trisha:

Website: docproperties.com/ 

Email: [email protected] 

LinkedIn: linkedin.com/in/trishatalbot/ 

GMB Ep #108: Launching a Business in the Second Half of Life With Rick Terrien

 

There is a common misconception that successful entrepreneurship exists only for younger individuals. This week on the podcast, Rick Terrien shares why we should challenge that thought process. Rick, a long-term entrepreneur and author, shares how he has dedicated his time to assisting others with launching a business in their second half of life. Throughout the episode, we dive deep into the essentials of entrepreneurship and crucial information that will give you inspiration and guidance along the way.

 

 

Show Notes

[02:29] Rick’s Journey – Rick talks about his work and the latest events in his life.

[09: 56] Age and Entrepreneurship – Rick shares his views on the correlation between age and business.

[11:47] Initial Steps – Rick discusses how to think about the initial steps of organizing a business.

[12:59] Important Facts – Rick explains a few essential facts that need to be considered in entrepreneurship, especially when you’re considering starting a new business venture in the second half of your life.

[17:43] Non-Profit Work – Rick shares the non-profit work he currently engages in.

[31:20] Impact of Covid – Covid has changed a lot in people’s lives. Rick expresses his thoughts about how it has affected various occupations.

[33:48] Ageless Startup – Rick talks about his recently published book, Ageless Startup: Start a Business at Any Age.

[40:34] Common Mistakes – Rick highlights several critical mistakes many entrepreneurs make in their business ventures and how to avoid them.

Resources

Connect with Rick:

LinkedIn: linkedin.com/in/rickterrien/

Websites:

The Center for Ageless Entrepreneurs: agelessentrepreneurs.org

Ageless Startup: Start a Business at Any Age: ageless-startup.com

Mentioned in the Episode:

Ageless Startup: Start a Business at Any Age: goodreads.com/book/show/53714833-ageless-startup?from_search=true&from_srp=true&qid=LtUd8Tuz3z&rank=1

GMB Ep #106: Business Exit Planning With Scott Snider

 

Many business owners eventually come to the point where they will be moving on from the business they passionately built over the years, and having a good exit strategy will help them navigate this important and intimate event in their journey of entrepreneurship. This week on Grow Money Business, we have a distinguished guest, Scott Snider, the President and the co-owner of the Exit Planning Institute (EPI)Scott is an industry leader, growth expert, and entrepreneur. Throughout the episode, he discusses how he assists company owners in developing substantial businesses while also aligning their own financial objectives and personal purposes. He also explains several vital factors that every business owner should consider when exiting their company. 

 

 

Show Notes

[03:26] Current Role – Scott talks about his current role and how he helps with business exit planning. 

[06:40] Perfect Exit – Scott shares his insights about the perfect exit to a business owner who is about to do so in a few years. 

[10:23] Emotional Hurdles – Scott expresses his thoughts on managing psychology and people’s emotional hurdles along the business exit process. 

[14:12] CEPA – CEPA is an acronym for Certified Exit Planning Advisor. Scott gives a brief explanation for the entire CEPA process. 

[18:54] Exit Strategy for Young Entrepreneurs – Scott leaves a message to all the young business owners out there. 

[20:21] Scott’s Story- Scott emphasizes the significance of not letting your business define you while sharing his story and takeaways from his past experience. 

[29:35] Family Business – Explaining the nature of the family business, Scott shares how he and his father work together in their family business. 

[41:43] Vision – CEPA is suitable for any advisor who wants to learn how to help an owner position their company for a successful and significant exit. Scott broadly talks about the vision of the Exit Planning Institute. 

[47:43] Future Plans – Having explained the concept of the wealth gap, Scott explains the future plans for his business. 

[53:33] Research Findings -Scott shares details about one of his recent researches and exciting factors they discovered through it. 

Resources

Connect With Scott: 

LinkedIn: linkedin.com/in/scott-snider-epi/ 

Website: exit-planning-institute.org 

Facebook : facebook.com/exitplanninginstitute/ 

Instagram: instagram.com/exitplanninginstitute/ 

 

 

Mentioned in the Episode:  

Certified Exit Planning Advisor: exit-planning-institute.org/program/certified-exit-planning-advisor/ 

Owner Readiness: exit-planning-institute.org/state-of-owner-readiness/ 

Every Family’s Business by Tom Deans: https://everyfamiliesbusiness.com/book/ 

Traction by Gino Wickman: https://www.audible.com/pd/Traction-Audiobook/B00A9ZO7T6 

GMB Ep #105: All About Inflation

 

From October 2020 to October 2021, the Consumer Price Index for All Urban Consumers grew by 6.2 percent, which according to the Bureau of Labor Statistics, was the most significant 12-month gain since November 1990. In relation to this data, we have dedicated today’s episode to exploring more about inflation. Throughout this episode, Grant shares his thoughts about the impact of inflation on the present economic environment and numerous ways to mitigate the risk of inflation.

 

 

Show Notes

[04:21] CPI – Grant explains what CPI is and its relationship with the inflation rate.

[06:40] Inflation – Grant explains inflation in simple terms, pointing out several misconceptions about it.

[09:20] Will the History Repeat? – Grant analyzes and compares the current economic context in the US with the economy in the late 70s and early 80s.

[10:12] Gold and US Dollars – Grant broadly explains the evolution of the relationship between gold and US dollars.

[15:30] Present Economic Situation – Grant delves deeply into the current economic climate in the United States from various perspectives and then provides his thoughts on those observations.

[20:55] TIPS – Grant discusses how increasing your allocation to Treasury Inflation-Protected Securities can act as an inflation hedge.

[23:32] Series I bonds – Grant identifies investing in these types of bonds as an excellent alternative to hedge inflation.

[28:26] Investing in Gold – Grant discusses the potential of investing in gold and shares his thoughts on the matter.

[32:12] Equity – Grant identifies equities as an excellent inflation hedge in the long term.

[34:52] Asset Allocation– As a final remark, Grant discusses his ideas on asset allocation in general.

 

Resources

Bureau of Labor Statistics & CPI-U: bls.gov/cpi/

Treasury Direct & Series I Bonds: treasurydirect.gov/indiv/products/prod_ibonds_glance.html