Month: February 2022

10 Questions Every Business Owner Should Think About (Ep. 83)

10 Questions Every Business Owner Should Think About (Ep. 83)

As a business owner, there are plenty of things you need to keep in mind to run your business smoothly. As a result, your exit plan can often go untouched. 

However, it is important to think about your exit strategy well before you plan to leave. 

In this episode, Tim Scannell lists 10 things that you should start thinking about so that when it comes time to retire, the transition of your business will run smoothly. 

Tim discusses:

  • Why you should understand what your involvement in your business will look like once you retire
  • The importance of thinking about the obstacles you might encounter when you exit your business
  • Assessing the value of your business and why it is key to do that before you leave
  • Thinking about your greatest challenge when you leave your business
  • And more

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What To Do When You Hit Your Freedom Point (Ep.82)

What To Do When You Hit Your Freedom Point (Ep.82)

We all have a freedom point, and for each of us, that point is different.

The freedom point of one person is completely different from the freedom point of another.

In this episode, Tim Scannell speaks about what he means when he says ‘freedom point’ and why it is important in retirement. Tim helps you understand why knowing your freedom point is important and some things that you might want to consider when you reach this point. 

Tim discusses:

  • How to understand what your freedom point is before you reach it
  • Selling part of your business to an investor when you reach your freedom point 
  • What to expect if you sell a majority of your business at your freedom point
  • Earn out as an option when you reach your freedom point
  • And more

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