Episode 37: Passing the Torch: Navigating Business Exit and Succession Planning ft. Dianne Kelley
“You are concentrated with, 80% of your revenue coming from 20% of your clients, things like that. And they just start knocking that price down. And then you’re devastated as a business owner. Which could all be prevented, if you do these steps before you take it and put it out there for sale.”
– Andrea Jenson
Welcome to a brand new episode of the Cash Flow CFO Podcast. Joining me today is Dianne Kelley. Diane is a serial entrepreneur who focuses on her FreshVue Business Solutions, LLC. There, she assists business owners in making plans for their eventual exit, whether it be voluntary or involuntary, as we all know that we must all exit our companies at some point. Over the course of her 40+ years as an entrepreneur, Diane has developed a passion for working with small businesses because she has observed that they all too frequently lack the same level of planning and assistance as large companies do.
In this episode of our podcast, we explore the important topic of business exit and succession planning. Many entrepreneurs will eventually have to face the reality of exiting their businesses, whether it’s due to retirement, a desire to pursue other interests, or simply a need for a change. We discuss the different reasons why business owners might want to exit their businesses and delve into the various options available, such as selling the business, passing it on to family members, or winding it down over time.
“The stats show that 70% of businesses listed for sale, never sell. Now, here’s another thought. We have 700 million baby boomer business owners in the next 5 to 10 years who want to exit. So, I heard this the other day, and it just opened my eyes. So, what if they all within a certain timeframe decide to exit at the same time? And they want to sell their businesses?”
– Dianne Kelley
Passing the Torch: Navigating Business Exit and Succession Planning
Our guest expert, Dianne Kelley, provides valuable insights on the process of exiting a business, including tips on how to prepare for the transition and how to ensure a smooth handover to the new owner. We also discuss the importance of developing a succession plan for your business, as well as the potential risks of not having one in place.
Whether you’re a business owner thinking about exiting your business soon or simply curious about the topic, this episode is a must-listen. Join us as we explore the important and timely subject of business exit and succession planning.
“It’s really the difference between a one times valuation or a 4, 5, 6, and when you start doing the math, that’s like, do I want to have money in retirement for five years or do I want to have it for 15? That’s a really big difference. And all of those decisions are going to be impacted by what you do right now in your business, not when you’re ready to sell.”
– Andrea Jenson
Want to get in touch with Dianne Kelley?
LinkedIn: https://www.linkedin.com/in/dianneschmidtkelley/
Website: https://freshvuepro.com/
Email: dianne@freshvuepro.com
