Business: Unlocking the full value of your business Part 2

Summary notes:

In this conversation, Alison and Phillip discuss how to exit a business. They mention three common ways to do so: selling it to a third party, doing a merger and acquisition, or selling it to a family member. They also discuss what one should consider when selling their business, such as making it as automated as possible, taking advantage of chat AI and other technology, building a great team, and having systems in place to ensure that clients will stay on once they buy the business. They also recommend that one should start thinking about their exit plan when they start their business, and not wait until a year and a half before they want to sell. 

Timestamps

0:01:32 Exploring Business Exit Strategies: Questions to Ask Yourself

0:03:12 Planning Your Business Exit Strategy

0:07:57 Reimagining a Business for Efficiency and Time Savings

0:09:56 Planning for the Future: Forewarned is Forearmed

 

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https://www.reiffmartincpa.com/

https://stonehillwealthmanagement.com/