Episode 69 – How a Financial Assessment Process Works Part 6: How to Continue Your Business Without a Family to Take Over
Several months ago, I was a guest on the Virtual U.S. Financial Advisors podcast, where I shared details of my financial assessment process. We have divided this episode into 8 parts which we shared with you over the past few weeks. In the 6th installment of this eight-part series, I shared my insights on what […]
Business Exit Planning For Collision Repair Shop Owners
Business exit planning is an essential part of the collision repair industry. It involves anticipating and preparing for a business’s eventual transfer or sale. Whether it’s passing a family-run shop to the next generation or selling to an outside buyer, proper business exit planning can ensure a smooth transition and maximize returns. Exiting or […]
Episode 68 – How to Level-Up Your Exit Planning Game with John Brown of BEI (Business Enterprise Institute, Inc.)
When it comes to family businesses, continuity is key. And no one knows this better than the business owner who is looking to transition out of their business. I’ve been working with family businesses for the last 17 years. And since then, I’ve developed relationships with business owners who became my personal clients. As I […]
8 Mistakes To Avoid When Selling Your Collision Repair Shop
Are you planning to sell your Collision repair shop soon? The current market is both crowded and competitive. As a seller, you can face multiple issues and frustrations that can be otherwise avoidable with proper details about the risks of selling a company in the current market. Although there are numerous ways that we can […]
Episode 67 – How a Financial Assessment Process Works Part 5: Family Considerations and Family Succession
We’re now halfway through this eight-part series where I was a guest on the Virtual U.S. Financial Advisors podcast. For Part 5, I discussed the value of having the family involved in planning for the future of the business and why family meetings are vital. I talked about: (03:42) The first step in planning for […]
Don’t Eat the Bear in One Bite: Planning Your Future in Steps
A recent conversation with a shop owner reminded me of one of the biggest mistakes the vast majority make when planning their future. Bob started his shop over 30 years ago and built a successful business. He was now looking to eventually transition to the next phase of his life. He thought he has successors […]
Episode 66 – How to Prepare Your Family Business for the Fourth Quarter with Nicholas Niemann
When it comes to family businesses, continuity is key. And no one knows this better than the business owner who is looking to transition out of their business. Whether it’s due to retirement, health concerns, or simply a desire to move on to something new, exiting a business can be complex and emotionally draining. Fortunately, […]
Episode 65 – How a Financial Assessment Process Works Part 4: Why Developing Culture Within Your Business Matters
As we continue on the fourth of this eight-part series where I was a guest on the Virtual U.S. Financial Advisors podcast, I shared why culture is vital and how it contributes to increasing the value of any business. Also, I discussed succession development and employee retention, which are essential parts of exit planning for […]
Episode 64 – Which Business Structure is Right For You – S Corp or C Corp? with Stuart Sorkin
Choosing the right business structure can be overwhelming for most business owners. That’s mainly because not everyone has a background in accounting or tax law. And it’s no surprise that there is often some confusion about what S Corp and C Corp mean, their benefits and disadvantages, and what factors should be considered in choosing […]
Episode 63 – How a Financial Assessment Process Works Part 3: The Importance of a Value Drivers Report
We are now in the third installment of this eight-part series where I was a guest on the Virtual U.S. Financial Advisors podcast. In this episode, I discussed the importance of identifying value divers and exit objectives for the family business. One of the important aspects of my financial assessment process is to consider the […]