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Maximizing Business Value Before Sale with Steve DeTray
Manage episode 480038925 series 3558454
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Today, Tom is joined by Steve DeTray to discuss the critical aspects of business exit planning, emphasizing the importance of having a succession plan, understanding business valuation, and preparing both the business and the owner for a successful exit. They explore the mindset shift required for business owners, the role of a support team, and the emotional readiness needed for transitioning out of a business. Thinking about selling your business? This episode is for you!
Highlights 01:33 - Mistakes from a rushed business exit. 06:58 - Necessity of a business-owner mindset shift. 11:06 - The critical 5-year runway for exiting. 13:52 - External forces driving involuntary exits. 19:45 - Over-reliance on the business owner. 25:21 - Eight key drivers impacting business value. 29:10 - Preparing the owner emotionally for exit. 31:14 - Importance of purpose post-retirement.
Episode Resources
- Connect with Tom Suvansri
- https://perennialpride.com/
- https://www.facebook.com/perennialpride/
- https://twitter.com/perennialpride
- https://www.youtube.com/channel/UC6N7YVoDx7BSRdiYRRb1BiA
- Connect with Steve DeTray
- https://www.linkedin.com/in/stevedetray/
- https://www.freedompathplanning.com/about-us/
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