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When Do You Need a Business Exit Advisor?
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Diane Hartz-Warsoff is the President of Exit Factor of the SLC & Utah County branch. She is focused on helping business owners maximize their company’s value and prepare it for an exit. With over 8 years of experience, Diane shares her wisdom on this week’s podcast and talks about her role as an exit advisor, a business owner’s value to a company, and letting go of control.
Key Points
[3:50] You should start/think of your exit plan when you start your business.
[4:45] You want to document each element or department of your business one at a time. It can feel overwhelming doing it all at once.
[7:20] What is your legacy? Is it financial? Community? You need to define this.
[12:15] What is the role of an exit advisor?
[14:10] What should business owners be thinking about/preparing for?
[17:35] Getting any business owner to let go of control and let others do it is a very difficult mental shift.
[23:45] A prospective buyer is going to pay you for the work you've done and the business you’ve built, not for what the business has potential for.
[27:00] If you can get other people to put out the fires, then you become a much more valuable business.
[29:20] Interested in working with Diane? Reach out!
Tip of the Day:
It’s never too early to plan your exit and it’s a holistic decision for yourself and where you are in life.
Mentioned in this Episode
Diane Hartz-Warsoff
Email: [email protected]
Phone: (385) 342-3692
Disclaimer:
The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.
Quotes
“Any business where they are the business or integral to the business, it really has the negative impact on their value.”
“We have tools to help you with growth, and at the same time, know the right people to put in front of you to ensure your personal, financial, and your business are taken care of..”
“As you grow your business, a buyer is going to buy your business because they think they can improve on it and grow it. They’re going to pay you based on what you’ve done.”
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