Episode 074 | What Next? (Life After Exiting a Business)
The final stage of the Business Owner Lifecycle is one that every entrepreneur dreams of—the Freedom Stage. In this stage, business owners reap the rewards of their hard work to either enjoy retirement or change direction to pursue a new passion or investment. The emphasis is no longer on the success of the business, but rather on the lifestyle of the now-former business owner. In this episode, special guest Greg Sellers, CPA, AEP®, a Member of Warren Averett’s Tax Division and a leader in the firm’s Estate and Trust Service Area, shares advice on what you can do now so you can look forward to your own Freedom Stage. In this episode, you’ll hear: A description of the Freedom Stage (and how it doesn’t always include retirement)The challenges to entering the Freedom Stage Tips regarding estate and legacy planning to prepare yourself for retirementAdvice on projecting cash-flow needs, keeping estimates conservative and reevaluating oftenHow to leave a legacy while also starting a new venture (and how to protect your assets and wealth)Listen to the full series here: Intro Episode: Episode 069 | The Entrepreneurial Journey and the Cycle of Business GrowthStartup Phase: Episode 070 | What Does It Take for a Startup To Succeed?Growth Phase: Episode 071 | Navigating the Dynamics of a Growing BusinessMaturity Phase: Episode 072 | Sustaining Success in an Established BusinessExit Phase: Episode 073 | Strategies for a Successful Business Exit
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Episode 073 | Strategies for a Successful Business Exit
Entrepreneurs pour so much passion and effort into starting, growing and maintaining their businesses. But eventually, all business owners will enter a transition stage where the business will shift to a new set of hands, either through a transaction or by training a new generation of leaders to carry on the work—both of which can be emotional and challenging experiences. So, what does a successful business exit look like, and what can entrepreneurs do to prepare themselves and their business for a positive transition experience?In this episode, Hanny Akl, CPA, CFE, CEPA, CVGA, leader of Warren Averett’s Transaction Advisory Services Practice Group, joins our hosts to dive into the Exit Phase of the Business Owner Life Cycle and share his experience guiding business owners through this transitional stage.In this episode, you’ll hear:Why it’s never too early to plan for your exitIndicators that a business owner may be ready for an exit or transitionWhy it’s so important to have a good team of advisors helping you plan for this stageThe eight types of exit options and their pros and consFactors that could detract from the value of your businessResources for additional information:Document: Exit Options – Pros & ConsDocument: Maximizing the Value of Your BusinessBlog: How to Exit Well: Aligning the Sale of Your Business With Your Personal Financial PlansBlog: 5 Common Pitfalls in M&A Transactions (and How To Avoid Them When Selling Your Business)Podcast: Episode 009: I Put a Sell on YouPodcast: Episode 010: Don’t Let the Sell Run Dry
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Episode 072 | Sustaining Success in an Established Business
The term “mature company” might bring up images of a stale, archaic or out-of-date business. But in reality, a business in the maturity stage of the business owner lifecycle is a successful organization with a well-known product or service, loyal customers and steady growth. So, for businesses that have grown into this season of stability, what does success really look like?In this episode of The Wrap, our hosts discuss the characteristics and opportunities of established businesses with special guest Stephen Schaaf, CPA, a Member of Warren Averett and leader of the firm's Manufacturing & Distribution Practice Group. In this episode, you’ll hear: The defining characteristics of an established or mature companyAbout the importance of holding on to stability while continuing to innovateStrategies for maintaining efficiency and profitabilityDiscussion around the specific key performance indicators (KPIs) for mature businesses, especially around productivity, quality and outputHow a business process review can help ready a mature business for the next stage of the lifecycleAbout the need to shift focus from growth to the people and processes that keep a business running Resources for additional information:Blog: Business Process Optimization: 5 Ways To Improve Your Systems and ProcessesGrowth Phase: Episode 071: Navigating the Dynamics of a Growing BusinessStartup Phase: Episode 070: What Does It Take for a Startup To Succeed?Intro Episode: Episode 069: The Entrepreneurial Journey and the Cycle of Business Growth
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Episode 071 | Navigating the Dynamics of a Growing Business
After moving past the risky startup stage, a business enters the growth phase of the Business Owner Lifecycle, which presents its own opportunities and challenges. During the growth phase, entrepreneurs must shift from working in the business to working on the business, requiring a new set of skills and a keen understanding of potential risks and opportunities. Will Aderholt, CPA, CCIFP, is a Member of Warren Averett’s Tax Division, and in this episode, he joins The Wrap to discuss the Growth Stage of the Business Owner Lifecycle and how entrepreneurs can set themselves up for sustainable success. In this episode, you’ll hear:About the shift in mindset needed from the excitement of the startup stage to the hard work of business growthInsights around cash flow and cash managementCharacteristics of a growing business and the types of growthHow to balance risk-taking with cautiousness Tips on reinvesting in the business The indicators that a company is transitioning from the growth stage to maturityResources for additional information:Podcast: Episode 069: The Entrepreneurial Journey and the Cycle of Business GrowthPodcast: Episode 070: What Does It Take for a Startup To Succeed Blog: How to Create an Adaptable Business Plan That Can Roll With the PunchesBlog: How to Exit Well: Aligning the Sale of Your Business With Your Personal Financial Plans
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Episode 070 | What Does It Take for a Startup To Succeed?
Millions of new businesses are formed in the U.S. each year, but statistically speaking, only a small percentage of those businesses will succeed. How can entrepreneurs make strategic decisions regarding investments and goal setting in order to move past the startup stage? In this episode of The Wrap, our hosts are joined by Yogesh Patel, CPA, CFE,—a Member of the firm with over 20 years of experience advising entrepreneurs and companies—as they discuss valuable insights on navigating the early stages of a startup.In this episode, you’ll hear:Discussion around the realities of starting a new business and the characteristics of a successful startupAdvice on when to seek additional capitalHow a willingness to pivot may be a key to successHow to prioritize the key performance indicators (KPIs) your startup will focus onResources for additional information:Podcast: The Entrepreneurial Journey and the Cycle of Business GrowthPodcast: Know and Grow [Taking Your Business From One Level to the Next]Blog: 4 Things To Do Before You Set Long-Term Business GoalsBlog: How Much Working Capital Do I Need? (Plus Five Ways To Get It)Book mentioned by Yogesh: The Mom Test
You’re listening to the Wrap– a podcast by Warren Averett designed to help business leaders access the information that you need, when you need it, in the time that you have, so you can accomplish what’s important to you. Time is tight. Today’s professionals and executives have more things to keep up with and less time to do it than ever before. You’ve got to accomplish important things in the limited hours in your day. That’s why our advisors have wrapped up today’s most timely topics into a podcast with actionable advice. Now, let’s get down to business.
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