The CPA Marketing Genius Podcast

Episode 029: How To Protect Your Business And Grow It For An Eventual Exit with Michael Ringel

Episode Summary

Protect your business and grow it for its eventual exit. In this episode, Michael discusses the importance of getting a valuation for your business as soon as possible. He offers a free business valuation report to any of his clients who would like it. He discusses the importance of retirement planning for business owners, and how to estimate the value of a business. In this episode, Michael Ringel discusses the importance of exit planning for both business owners and entrepreneurs. He offers tips on how to protect your business and grow it over time and discusses the value of a business when selling it. Another value-bomb episode so make sure you tune till the end!

Episode Notes

[00:01 - 02:20] Opening Segment 

• Michael started bringing together entrepreneurs in collaborative mastermind environments
• He discovered that most business owners don’t know the value of their businesses and often don’t have a plan for exiting  

[02:21 – 15:00] How To Protect Your Business And Grow It For An Eventual Exit

• He advises thinking about the value of your business is key to retirement income planning
• The key to successful exit planning is to have a clear understanding of the value of the business and to add value to it before selling
• The difficulties for financial professionals to focus on exit planning, as most are focused on today rather than tomorrow
• There are a lot of family dynamics that come into play when a business is sold, and it can be stressful for the business owner and their family.
• Locking in key employees and creating systems that add value are key drivers of increased value
• Client diversification is important to ensuring that a business’ top clients account for a smaller percentage of revenue
• Franchising can be an effective way to increase the value of a business without having to sell it outright

[15:01 - 21:41] Closing Segment

• Michael shares how protecting your business is important, and there is a variety to do this by focusing on growing your business so you can eventually exit.  
• Salim Omar, CPA invites listeners to reach out through the website, https://www.cpamarketinggenius.com/our-team!  
• Final Words

Connect with Michael Ringel on his:

Website: Strategies For Wealth

LinkedIn: Michael Ringel

Thanks for listening to the CPA Marketing Genius Podcast. If you’d like to hear more episodes, you can find them at cpamarketinggenius.simplecast.com, or on your favorite podcast directory. 

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If you want to learn more about Salim and CPA Marketing Genius, please visit https://www.cpamarketinggenius.com/

If you would check out Dr. Michael Useem's book "The Edge" for yourself, visit mikeuseem.com

Thanks for tuning in! We’ll see you next time on the CPA Marketing Genius Podcast.

Tweetable Quotes 

“Since all roads lead to an eventual exit. It's really important to spend the time to realize the value of your life's work, which is the value of the business. So, protect, grow, and eventually exit your business.” - Michael Ringel

"Most business owners think about how to get into business, but rarely think about how they're going to get out. So, the day after you start your business, or even beforehand, should be part of your business plan is to start thinking of the ways that you might want to get out of your business and what it might do for you." - Michael Ringel

"What people don't understand is when it comes to selling anything. It doesn't matter what the valuation is, it's a matter of what somebody's willing to pay for it." - Michael Ringel