Exit plans: A business owner’s best friend
In the fifth episode of the Free Like Me podcast from FLM Wealth Management, Kevin Saltmarsh, Senior Adviser, and Martin Brown, CEO of Elephant’s Child, join host Caitlin Lambert, Senior Adviser. Elephant’s Child is a business growth advisory firm that helps Small to Medium-sized Enterprises (SMEs) grow with value. In this episode, the trio focuses on business owners and why they need to have an exit plan in place. The Free Like Me podcast aims to help people just like you navigate the complex world of financial planning.
Caitlin starts this episode by asking Kevin and Martin to explore what exactly an exit plan is and the options that business owners have in that regard. They ask business owners to consider ‘the art of the possible’ and to envision their best outcomes. From Martin’s perspective, it’s also key for founders and entrepreneurs to keep maximising the value of the business.
From there, the trio dive into what business owners need to know to successfully create an exit plan. From the people that can help them along the way, to the characteristics needed to exit a business well, Kevin and Martin share their expertise. They also discuss the way that businesses can grow their value in preparation for sale or succession.
They then go on to talk about the difficulty most business people have with regard to exit planning: getting started. Martin shares that many owners this year have delayed planning due to the effects of Covid-19. He states, however, that this is likely not the right call. Not only do plans frequently take years to come to fruition, but also the market volatility may not have had as big of an impact on business value as owners may fear.
To round the conversation out, Caitlin asks Martin and Kevin to share their advice for business owners who are just beginning their journey toward exit planning. Both Kevin and Martin agree that starting as early as possible is key and engaging with help is important.
If you’d like to hear more about navigating the world of financial planning and wealth management for people like you, tune in again for our next episode of the Free Like Me podcast.
Intro 0.00 - 01.23
What is an exit plan?
The importance of post-exit planning
How an exit plan differs from a retirement plan
The role of financial advisers in exit planning
What owners need to think about ahead of planning
Key characteristics for successful exit planning
Acting despite market volatility
Working on the business vs. working in the business
How a small shift in thinking can grow business value
Tips for founders creating an exit plan
Outro 30.44 - 31.24