Discover how a prenuptial agreement can safeguard your assets and ensure a smooth process in the event of unforeseen circumstances. I discuss why prenups are crucial for business owners, outline the potential risks, and provide a step-by-step timeline for implementing a pre-marital agreement. Resources: Timeline of Getting a Prenup Before Marriage ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!  ----- WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Newsletter! As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession." Click here to subscribe and grab your free guide.

In this episode, we dive into effective strategies for business owners looking to maximize the value of their businesses in preparation for a successful exit. Discover 10 essential tactics, from reducing owner-dependence and creating Standard Operating Procedures (SOPs) to fostering recurring revenue and diversifying suppliers. Whether you're contemplating selling your business to retire or transitioning it to the next generation, these actionable tips will help you enhance your business's market value, ensuring a sustainable and transferable enterprise. Tune in to learn how to strategically prepare your business for a profitable exit. ----- ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!  ----- WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Newsletter! As a thank you, you'll receive a copy of my free eBook, "Exit & Succession: How to Increase Business Value & Prepare For a Sale or Succession." Click here to subscribe and grab your free guide.

Uncover essential asset protection strategies to safeguard your personal and business assets. Learn about choosing the right business entity, banking best practices, insurance, intellectual property protection, succession planning, and Tenancy by the Entirety. Protect your legacy and ensure your business thrives. ----- We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

Regardless of whether you're in the growth cycle of your business with no plans to leave your business anytime soon, preparing for an eventual transition will be essential. We explore the hard truths about the importance of being proactive rather than reactive in planning for the future, ensuring that your business, team, and family are well-prepared for any unforeseen circumstances life may throw your way. -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

In this episode I explain the critical concept of planning with the end in mind, especially tailored for successful business owners contemplating succession, selling their business, or transitioning into retirement. By using a mountain climbing analogy, we explore the dual objectives of reaching the summit (accumulation phase) and safely descending (distribution phase), highlighting the importance of preparing for both stages of your financial journey. Discover the significance of planning ahead with a clear end game in mind, the value of diversification beyond the business, and the valuable role of professional guidance in navigating the complexities of financial planning.  -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

In this episode, we dig into four essential questions every entrepreneur must ask themselves before business succession planning and selling their business. We address common reasons business owners delay exit planning and succession planning ranging from being too overwhelmed in the daily operations or just simply not knowing where to start. Listen in and gain actionable advice on how to navigate the exit planning process.   -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

In this inspiring episode, we dive deep into the remarkable journey of Ivan and Mariana who navigated the complex path from burnout to achieving an 8-figure business exit. With firsthand insights into the challenges of working within a family business, building a robust succession plan with their father, and the strategic maneuvers that led to tripling their revenue, this episode is packed with wisdom for any business owner aiming for a successful sale.  Our guests share invaluable lessons learned from their mistakes and offer expert advice on exit planning, ensuring your business is not just saleable but also poised for a profitable and fulfilling transition. Join us as we explore essential strategies for business growth, succession planning, and achieving a purposeful life post-exit. Whether you're knee-deep in the trenches of entrepreneurship or dreaming of your future exit, this episode will equip you with the knowledge to navigate your journey with confidence and success. Ivan and Mariana Polic are bestselling authors, internationally recognized speakers and advisors of Leaders and Businesses. In the last twelve years, Ivan and Mariana have served as advisors to small and medium sized businesses, on 300+ board of director meetings, in various industries and economic sectors. They find leverage points in high impact times to ensure business continuity and sustainability, in and out of crisis. As long time Executives in the Aerospace Industry, they navigated through the minefield of business succession, tripled their company's revenue and created an amazing eight figure exit. Through proven strategies and systemic principles, Ivan and Mariana advise leaders and organizations into alignment, impact and freedom beyond traditional success. Enjoy! Resources: Ivan and Mariana's Website - https://www.jumpstartyourexit.com/ Family Business Mastery: Bridging Legacy and Innovation to Build a Family Business that Lasts for Generations by Ivan and Mariana Polic Buy Back Your Time by Dan Martell Timestamps: [00:26] Meet Ivan and Mariana. [10:01] Identifying your Family Business Success DNA. [19:56] Signs you are becoming the constraint in your business. [26:00] How to invest in your team and develop leaders. [36:43] How to prioritize what tasks to delegate first. [43:13] What triggered Ivan & Mariana to begin exit planning. [49:38] How to create healthy separation from your business.   -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

In this episode, I discuss five key financial strategies for entrepreneurs, focusing on building personal and business emergency funds, effective debt repayment, and smart investing both inside and outside of the business. I offer practical advice for managing financial risks, enhancing cash flow, and achieving financial independence. Meant for business owners seeking to improve their financial health and secure their financial future, this episode provides actionable steps for establishing a solid financial foundation, optimizing savings through high-yield accounts, prioritizing debt reduction, and strategic reinvestment for business growth. Resources: High Yield Savings Accounts - www.doctorofcredit.com/high-interest-savings-to-get/   -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

In this episode of the podcast, we dive into critical questions that many retiring business owners face:  "When is the right time to sell my business?" "Will selling my business fund retirement?" "What to consider before you sell your business and retire." This discussion is aimed at entrepreneurs and business owners contemplating retirement, seeking to balance their aspirations for leisure and family time with the complexities of exiting their business. We address the multifaceted process of business transition, highlighting the necessity of early and thorough preparation to navigate financial planning challenges effectively. This episode unpacks the hurdles of accurately valuing a business, understanding the financial needs post-sale, and managing personal assets to ensure a stable income in retirement. Our insights cover the importance of a strategic exit plan that aligns with personal, financial, and business readiness. We explore the significance of assessing personal investable assets and real estate outside the business to ensure they suffice for a comfortable retirement lifestyle, emphasizing the dual strategy of planning for a business sale while growing wealth outside the business to minimize reliance on the sale proceeds. Gain an understanding of comprehensive financial and business planning, the value of assembling a skilled transition team, and the benefits of early preparation, even during the business's growth phase. This episode is not just about when to sell but how to prepare for a transition that aligns with your personal and financial goals, offering a roadmap to a successful exit.   -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

Discover the power of a Donor Advised Fund (DAF) in this episode. We dive into the strategic benefits of using DAFs for impactful donations and significant tax reductions. Learn how business owners and high-earners can leverage DAFs to optimize tax benefits during peak earning years, understand the process of donating appreciated assets like stocks, mutual funds, and ETFs for a double tax advantage, and explore the ease of setting up a DAF with leading providers like Schwab, Fidelity, or Vanguard. Whether you're planning future donations, looking to maximize deductions, or seeking to minimize capital gains taxes, this episode is packed with insights and practical advice for enhancing your charitable giving strategy and financial planning. Perfect for business owners, investors, and philanthropists aiming to make a difference while efficiently managing their taxes.   -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

In this podcast episode, I discuss the critical aspects of exit planning, financial planning, and life after business for entrepreneurs and business owners. It outlines a comprehensive approach on how to make a regretless choice when considering a business sale, emphasizing the importance of financial readiness, business valuation, and personal fulfillment post-exit. Learn how to navigate the complexities of transitioning from a business, ensuring both financial security and a fulfilling life after a business sale.   -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

Exploring the critical signs of readiness for a business exit, this episode delves into the emotional, financial, and operational preparedness needed for a successful transition. From addressing the challenges of burnout and economic downturns to the importance of early planning and the role of advisors, we provide invaluable insights for business owners contemplating their exit strategy. Whether due to retirement pressures or the desire for a new venture, learn how to navigate the complexities of selling your business with confidence.   -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

In this episode I discuss effective cash management in businesses with our latest podcast episode, "What Should I Do With The Cash In My Business Account?" We explore strategies for emergency fund maintenance, smart investment choices, and optimizing financial growth. Ideal for entrepreneurs and business owners, this episode will discuss actionable insights on leveraging business capital for sustained success.   -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

Are you a business owner planning to sell your business and retire? One critical aspect to understand is the tax implications of such a sale. This episode, "What are the tax implications when selling a business?" dives deep into the essential tax considerations every business owner must evaluate. Learn about the basics of federal and state capital gains taxes, how they are calculated, and their impact on the net proceeds from the sale of your business. For instance, discover how a long-term capital gain is determined from the selling price minus the original cost basis and the percentage of federal capital gains tax that may apply. Moreover, state income taxes can significantly affect the net proceeds, especially in states with high-income tax rates like California. This episode also covers states with no income tax, offering potential tax benefits for business owners during the sale. Additionally, we discuss other crucial factors, including broker commissions and fees, which can affect your final take-home amount from the sale. Whether you're in Pennsylvania, West Virginia, Ohio, or any other state, this episode provides valuable insights to help you estimate the final check amount needed to retire comfortably.   -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

In this insightful episode of our podcast, titled "How Should I Invest My Business Profit? (Real-Life Case Study and Tips for Business Owners)," we delve into the crucial topic of profit reinvestment and financial planning for business owners. Join us as we navigate the complexities of business profit investment through a real-life case study that exemplifies strategic planning and risk management. Listen in as I share the story of my client in his late 50s preparing for retirement. With a substantial net worth tied up in his business and real estate, and facing a pivotal decision with a six-figure S Corp distribution, this case study illuminates the challenges and opportunities in business profit investment. Throughout the episode, we explore key strategies such as diversifying investments for long-term growth, building emergency funds, managing debts, and reinvesting in the business itself. We also discuss personal investment avenues like retirement planning, highlighting tools such as defined benefit plans and enhanced 401k plans. Whether you're a sole proprietor, a startup founder, or at the helm of a growing enterprise, this episode offers invaluable insights into making your business profits work for you. Our focus is not just on wealth accumulation but also on ensuring a secure and comfortable retirement, highlighting the importance of strategic diversification and risk management.   -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

Are you a business owner thinking about succession and retirement? Discover essential insights in 'Beyond Your Exit: Planning for Life After Succession.' This episode dives into three key areas of strategic planning that are critical for securing your legacy and thriving after you step down from your business. Understanding Your Current Financial Situation: Learn how to evaluate your assets, liabilities, income, and expenses to make informed decisions for your post-business life.Valuing Your Business: Get insights on how to assess your business's worth, the implications of selling, and strategies to enhance its value for a successful retirement.Life Beyond Your Exit: Explore ways to find purpose and fulfillment after exiting your business, from pursuing passions to planning a meaningful retirement. Don't let the complexities of business succession overwhelm you.   -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

In today’s episode, we delve into the crucial topic of Business Continuity Planning, a strategic blueprint every business owner must consider. A Business Continuity Plan is essentially a comprehensive document designed to guide businesses through emergency situations, such as the death or incapacitation of an owner, ensuring the company’s operations can endure and recover smoothly. We cover the key elements that should be included in a Business Continuity Plan, from management roles and responsibilities in crisis times to the business owner's wishes regarding the future of the business in their absence. This includes directives for business operations, financial decision-making, internal administration, and more, ensuring a seamless transition and sustained operations. Furthermore, we discuss the importance of detailing the owner’s preferences for the business’s future, whether it involves selling to an external party, transferring ownership to employees or family, or even liquidating the business. Also included in the plan should be the contact information of the business owner’s advisory team, such as CPAs, attorneys, and financial planners, alongside a section addressing common business continuity challenges with strategic questions to aid in preparation. This episode emphasizes the significance of not just creating a Business Continuity Plan but also ensuring its accessibility to the relevant people within the organization. Tune in to learn how to protect the continuation and legacy of your business with effective planning and foresight, making your business resilient in the face of unforeseen challenges. Whether you’re a small business owner or manage a larger enterprise, understanding the ins and outs of Business Continuity Planning is essential for safeguarding your business’s future.   -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

In this episode, I discuss the top three exit planning mistakes business owners make when trying to leave and retire from the business. These include: Not knowing the true value of the businessWaiting too late to plan until being forced to sellBeing too personally attached and involved in the business I'll discuss each of these in more depth and how to avoid them. Enjoy!   -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

When you own your own business, everything depends on you – and it can be hard to take off even one day from work. But what if a serious illness or injury prevented you from working and you had no income for months? How would you, your family, or your business survive and what would you live on?  In this episode I discuss: How disability insurance works  How much protection should I have? How much does a typical policy cost?   -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.

Financial planning can be boiled down to offensive and defensive strategies. Offensive planning focuses on proactive wealth growth, such as 401k contributions, emergency funds, and reinvesting profits. In contrast, our primary focus, defensive planning, involves safeguarding your wealth, family, and business against unforeseen circumstances through various insurance policies and legal preparations. We spotlight the importance of life insurance as a foundational element of defensive planning, offering a detailed overview of how life insurance works, its key players, and the distinct types available, namely Term and Whole Life insurance. Each insurance type serves unique purposes, from providing temporary coverage (Term) to offering a lifelong safety net with a cash value component (Whole Life). Further, we navigate the intricate process of obtaining life insurance, emphasizing the role of personal health, family medical history, and lifestyle choices in determining policy costs. This discussion aims to equip listeners with the knowledge to make informed decisions about life insurance, ensuring protection for their families and businesses. Highlighting the potential conflicts of interest in the insurance industry, we advocate for consulting fee-only advisors for unbiased insurance advice, underscoring our commitment to objective financial guidance free from commission-based biases. Tune in to learn defensive strategies, understand the ins and outs of life insurance, and learn how to secure your family's and business's future.  -----   We help business owners: → Understand the complexity of navigating a business transition → Assess their level of preparedness from a financial, tax, and legal perspective → Plan for the next chapter of their life 👉 Get Your Free Readiness Assessment!    -----   WANT MORE BUSINESS PLANNING TIPS? Subscribe to the Business Exit Success Newsletter. As a thank you, you'll receive a copy of The Freedom Point: A Financial Planning Guide for Business Owners. Click here to subscribe and grab your free guide.