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#134: Planning Your Business Exit - Right from the Start │ Len Bruskiewitz
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Many small business owners often overlook the importance of planning for an exit strategy.
In this episode of the Play Big Faster podcast, we dive into the essentials of business exit planning with Len Bruskiewitz, a seasoned business coach and certified exit planning advisor.
Len discusses key strategies for exit planning, starting with the importance of getting a business valuation to set a realistic baseline for what the business is worth. He explains how understanding your business's true earnings and maintaining good records are crucial for increasing its value.
Len also highlights various exit options, including selling to a third party, succession within the family, and employee purchase, providing clear roadmaps and the pros and cons of each.
Additionally, Len addresses the common reasons why business owners neglect exit planning, often viewing it as important but not urgent, similar to life insurance. He stresses the impact of unexpected events like death, disability, divorce, disagreements, and distress on business transitions, and how having a plan in place can mitigate negative consequences for the owner, their family, employees, clients, vendors, and the community.
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