Chanel, Tracy discussed on WREC Programming

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Chanel and Tracy and all that they run this business right you know we own the business and we do all the strategic thinking and and and a lot of the planning but but really everything that our clients need once we've done the planning that they're getting the right so what we need to working with somebody else they usually have a broker that they're working with and then maybe a receptionist right there's not like a whole team of people but but back to the ownership thing you know we don't plan on selling her business but most people do right and so they're thinking okay well my business is worse you know whatever two three four ten twenty million dollars whatever the number is that whatever that is that's going to be enough I'll just have a big pile of money but it's like anything else you know if you're a good business owner you didn't get there by accident you know if your if your business is successful right you didn't get there by accident right it is just same with retirement planning you're not gonna have a successful retirement plan by accident right landing in explaining deep planning so so what are what else can should business owners be thinking of so another thing is this is another thing so you said if businesses are successful and that kind of stuff but here's some other thoughts that we see a lot I don't necessarily have a lot of money in the bank or have a lot of money because all my assets are tied up in this business so I have my high net worth is based on the value of my business if you will and most business owners are sometimes disappointed to find out their businesses may be worth less than they think they are yeah because because listen no matter how much you love and adore and put all this money into this business I mean just like houses or any kind of real estate or anything at all it it's only worth what somebody will pay for it well and it's interesting because you know again I just this topic is one that control we intimately understand we live every day right so one of the reasons that we don't plan to sell our company ever is because the multiples you get for it it makes no sense you might as well just run the company if you have other people right right by the time you run your company for a two or three years you've earned as much as you would by selling it right in SO in and here's the thing we know what our business is worth yep that's interesting because we've done the homework and we've paid people to value the business excellent to do a valuation most business owners do not really know what their businesses were right so they are landing on potentially you know I get a lot of it some people are just going to run their business and forever and never sell it assuming they're helpful **** in those sorts of things again if you don't have a contingency plan you might want a friendly for sure but for the people that do plan to sell their businesses most of the people that we know that have come in here for help don't know what their business is worth yeah and let me say this about this of let me tell you one thing when anybody out there that's a business owner listen to this if you get a really good business valuation team that goes and really puts a value on your business one of the things that I think most business owners do not think about because if they're going to exit this business and sell it mmhm sometimes the biggest value the business is the human being run into and so when they exit you know what happens to the value deployment well in the people value that do the valuation and the people buying the business they know that too and I know that's what I'm saying when you really get it you're going to get the real numbers and wolf will Bob you're gonna leave the business well you know without you here Bob the business really isn't worth much or it's only worth half as much I mean you know how involved and how much are you doing in your business or you just kind of owning it are you also you know running or use a rain maker yeah and without you there's no business right or very little so so that means your business isn't worth much unless you want to keep running it right and so it is so and I don't think about that well making sure you actually know what the business is worth is huge you know again we've we've done dozens of plans for business owners that are going through this transition in its in its unusual right they've actually done a true business valuation now we've done that because that's how we see it every day okay we better know what we're doing in in so making sure that you know what your business is worth and then knowing how you're going to take that money and turn it into income because your business has been generating all the income you need and now if you're going to sell your business you need to know two things you need to know how much is actually worth in in how much income can you generate from that because the last thing you want to do is run a successful business make some aronie us assumptions right and then when the day comes to to exit right you don't have a retirement plan is gonna work yeah so I'm gonna make a special offer because Tony we've I've written a book about retirement planning so any business owner there that understands that you're running a great business but you don't really have your exit strategy in your retirement plan nailed down come sit down with us and we will walk through all the things that you need to be doing and thinking about so that when it's time to exit your business we have a plan that's going to work and for those business owners that they decide to come in and see this Tony I'm gonna get a free copy of our book okay good and so this our book retire with freedom the five steps to getting a good night's sleep when the.

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