The Exit Row Podcast: Recent Episodes
Frank Warren, MBA
A podcast dedicated to entrepreneurs who hope to exit their companies into retirement. We discuss methods and strategies for more than just selling or transferring a business. Our mission is to help you exit your company on your own terms. That means you retire - 1. When you want; 2. With the income you want;3. So you can do what you want.The podcast is produced by Seabrook Wessex, a business exit planning firm based in Johns Island, SC and Greenville, SC."It's a more comfortable ride on the "Exit Row."
Let's say that you successfully exit your company into retirement
- When you want,
- With the total after-tax income you want.
- What now? The third must-have in a great exit plan is a discerned purpose for the next chapter of your life . . . Something that makes life in retirement meaningful, satisfying - even fun.
Find out the three goals every business exit or transition plan should include.
Find out more at https://seabrookwessex.com/.
Contact us for more - https://seabrookwessex.com/contact-us/
Every family - like every other kind of organization - has conflict. Rather than eliminate conflict, teach your kids to keep conflict from becoming personal. If you do, and they wind up running the family business one day, that business is more likely to survive and thrive.
If anyone in your family – say a child or grandchild – is in a troubled marriage and could be headed for divorce, you may have a threat to your business to deal with.
I love helping leaders of family-owned businesses exit their companies into a great retirement, and it's a rush helping a leader make his business into one that is self-managing- one that gives him or her the freedom to be present again at dance recitals and family gatherings. Sometimes, though, the leader of a family-owned business leaves on his shield because of his or her death, long-term illness, or disability. Here is some thinking on how to maintain control and care for your stakeholders if you don't leave on your feet.
An expert venture capitalist recently opined that of all the factors that determined the success or failure of a deal, the most important of all was the presence of a founder with the leadership ability to build - and this is a technical term - a kick-ass team. Let's talk about that.
In this episode, we talk about the challenges to productivity, innovation, and morale presented by the WFH/remote teams rage. Then we take a look at the hybrid office idea and how it balances the savings of remote teams with the provenvalue of in-person contact for team members, and greater value for customers/clients, and owners/managers/team leaders.
An article in the March-April 2021 edition of Harvard Business Reviewhas us thinking - Maybe all this work from home, zoom calls,and socially-distanced space allocation is too much of a good thing. In part 1 of this series we look at the downside of where we are and in part 2 we think about using concepts such as the hybrid officeto increase the value of your business.
Some thoughts on a really important tip - Look at your customer base.
- Which customers account for most of your revenue?
- Which customers account for most of your frustration?
- Remember Baker's Law!!!!
Like a holiday dinner, the sale of a family business can become a disaster if you overlook or are unaware of the expectations of each family member/stakeholder.
Many there is no thought-out reason for giving out bonuses other than "It's expected."
Having a well-considered strategy underlying your bonuses can help you reduce turnover, grow your pool of talent, and get you closer to a self-managed enterprise.
Russell H. Conwell, founder of Philadelphia's Temple University, wrote a wonderful fable - Acres of Diamonds. Simply put, you stand a great chance of finding and increasing business value by looking in your company's back yard.
While we think your planning for the following year should be started and completed by mid-summer of the current year, you are not too late if you haven't gone through the exercise. Here are some tips and thoughts for doing some great planning, and not keeping your plans secret.
If you want a great retirement from your company in the future, if you want to be engaged in a meaningful life outside the office, if your family would like to have you present again, then begin now to make your business one that is a self-managing enterprise.
An important battle during the 1982 Falkland Islands War serves as a parable, full of wisdom for those who would develop a self-managing enterprise, grow great leaders organically, and prepare those leaders to take command when if you aren't coming back.
One of the most famous of Yogi Berra's quotes is - When you come to the fork in the road, take it! For the entrepreneur who wants to retire, but is not comfortable with a complete exit, there is an alternative - a fork in the road to take - the half-retirement.
Too often, when an entrepreneur wants to retire, the process involves these steps -
- Get an average of earnings before interest, depreciation, taxes, and amortization.
- Shoot for five times that figure, but be happy if you get at least three times that figure.
- Sign the legal docs, get the check.
- Begin retirement.
- Pray you got it right.
We think that is reckless. It completely ignores where the real value is in the business you and your team have built.
In this episode of The Exit Row Podcast, we take a look at three valuable ideas -
- Value drivers
- Competitive advantages
- Moats
So, listen to this episode and get some ideas that can help you keep from leaving change on the table when you exit your business into retirement.
Here are links to a three-part series I did on the economic moat -
- https://www.linkedin.com/pulse/your-business-castle-dont-forget-moat-frank-warren-mba/
- https://www.linkedin.com/pulse/your-business-castle-dont-forget-moat-part-2-frank-warren-mba/
- https://www.linkedin.com/pulse/your-business-castle-dont-forget-moat-part-3-frank-warren-mba/
exitplanning #competitiveadvantage #economicmoats #valuedrivers
In this episode of The Exit Row Podcast , we take a look at one of the most important things you can do to prepare to exit your company into retirement - Plan for what happens on the day after you become disabled or die suddenly. A solid plan to keep talented people at work if you are not there because of death or disability, also makes your company more valuable when you are ready to exit into retirement.Here is a link to our article on keeping vital team members from leaving in a crisis through the "Stay Bonus" -
https://www.linkedin.com/pulse/how-get-your-rats-stay-onboard-frank-warren-mba/
exitplanning #succession #contingencyplanning #selfmanagingcompany
Welcome to The Exit Row Podcast. The show is dedicated to entrepreneurs and business owners who are thinking about retiring one day. We want to help you think and strategize your way to an exit into retirement -
- When you want;
- With the money you want;
- To do the things you want.
The show is produced and distributed by Seabrook Wessex, a business advisory firm that emphasizes business exit planning and business value growth strategies. Seabrook Wessex primarily serves mid-market firms ($10 million - $100+ million EBITDA).
We named the show The Exit Row Podcast as the result of an observation - If you choose the exit row, you get more room, are rested when you get to your destination, and you have a contingency if the trip ends other than normal. It's rather like a good exit plan.