Nov 22 2023 15 mins
Are you prepared for the day you exit your business? Many owners aren't, risking their hard-earned nest egg by waiting too long to plan their departure. In this eye-opening episode of the Dealing with Goliath Podcast, we dive into the critical yet often overlooked aspects of exit planning. Discover the optimal timeline for a smooth transition, common pitfalls to avoid, and actionable steps to ensure your business thrives even in your absence.
Host Al McBride welcomes Julie Keyes, a certified Exit Planning Advisor and founder of Key Strategies, who shares her extensive experience and insights on maximizing exit and transition options for business owners. Whether you're contemplating selling soon or years down the line, this episode is a must-listen. Join us and take the first step towards securing your legacy.
GUEST BIO:
Julie Keyes is a Certified Exit Planning Advisor and the founder of KeyeStrategies, specialising in exit and transition consulting, leveraging her extensive entrepreneurial experience. Understanding the challenges of ownership, she aids business owners in maximizing their exit and transition options.
Julie is deeply involved with the Exit Planning Institute, contributing as a faculty member, a Leadership Council member, and is a two-time recipient of EPI’s “Thought Leader of the Year” award.
She is a sought-after speaker, and in 2021, she released the 2nd Edition of “Poised for Exit,” a practical guide for private business owners on the business exit process, complemented by her weekly podcast available on major platforms, offering insights for business owners and advisors.
She has also developed an online course, “Business Transition Readiness: An Owner’s Guide to the Process”, focusing on educating business owners on Exit Planning.
Julie enjoys spending quality time with her family, including her 8 children and 10 grandchildren.
TOPICS EXPLORED:
- Privately held business owners face the challenge of not being prepared for exit, which can jeopardize their liquidity.
- 10 years for family business transition, 2-3 years for non-family business sale.
- Business succession planning and key common mistakes to avoid.
- Emotional readiness is crucial for business owners transitioning out of their business.
- Entrepreneurs must be self-aware and courageous in their business journey, seeking proper advisors and upgrades as needed.
- Optimize businesses for sale with a focus on delegation and value growth.
- Owners should delegate tasks to make their business less dependent on them, increasing its value and appeal to potential buyers.
- Seeking professional advice in business can net significant financial gains, $10ks, $100,000s, even millions of dollars in the difference.
RESOURCES:
Websites: https://keyestrategies.com/
https://www.poisedforexit.com/ and book link
Online Course, “Business Transition Readiness: An Owner’s Guide to the Process”
Julie's Poised for Exit Podcast: https://keyestrategies.com/podcast/
CONNECT WITH JULIE KEYES:
https://www.linkedin.com/in/juliekeyes/
If you're interested in more visit ▶ https://almcbride.com/minicourse
for a free email minicourse on how to gain the psychological edge in your negotiations and critical conversations along with a helpful negotiation prep cheat sheet.
If you enjoyed this episode of Dealing with Goliath Podcast, hit subscribe to hear about our latest episodes.