Tag: Exit Plan

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The Success Metrics Every Business Owner Should Use (Ep. 110)

The Success Metrics Every Business Owner Should Use (Ep. 110)

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How do you measure success in your business?

There isn’t one definitive way of measuring the success of your business, however, there are strategies and benchmarks you can use to get an accurate idea of how it is performing.

In this episode, Tim Scannell discusses some of the most reliable metrics you can use as a business owner to gauge the value of your business and maximize the return you receive when you decide to exit.

Tim discusses:

  • How to measure growth and success using benchmarks
  • How to discover the percentage of business value each position in your company holds
  • The first few things you should do if you become an “accidental business owner”
  • How he educates business owners and makes them realize the worth of their business PRIOR to exiting and selling it
  • And more

 

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Creating A Successful Exit Plan As A CEO With Scott Bening (Ep. 106)

Creating A Successful Exit Plan As A CEO With Scott Bening (Ep. 106)

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Step into the shoes of a CEO turned retiree who has made the most of his golden years! 

Join Tim Scannell as he welcomes Scott Bening, the retired CEO of Monosol, LLC and Amazon Best Selling Author, to the show. Discover how Scott expertly navigated his retirement journey and transitioned into a productive and satisfying next chapter in life. Don’t miss out on valuable insights and inspiration to plan your own successful exit strategy. 

Scott discusses:

  • How he, as a retired CEO, curated his personalized exit plan
  • How to keep yourself busy in retirement 
  • Why even CEOs can worry about their finances during retirement
  • The process of writing his book “Formulating Solutions” 
  • How the online platform “Scribe” can help you write a book too
  • And more

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About Our Guest:

Scott Bening is the recently retired CEO of Monosol, LLC. He is an Amazon Best Selling Author, President of MBS2 Advisors, LLC, and the Senior Executive Advisor at Kuraray Innovation Network Center (INC). 

Scott attended St. Lawrence University and received his Bachelor of Science there in Chemistry. Later down the road he attended the University of Illinois Chicago and received his Executive MBA.

His business, MonoSol Division of Kuraray, is a global Lean Manufacturing technology group with proven research and development capabilities and an unparalleled value proposition. They have the ability to develop new products or improve upon existing ones based on our expertise in all materials. Their team has extensive experience in working through problems that arise in business processes, material science, product design, manufacturing, and supply chain. 

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5 Strategies for Identifying Replacements for Business Owners (Ep. 104)

5 Strategies for Identifying Replacements for Business Owners (Ep. 104)

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As a business owner, there may come a time when you start to think about who will replace you and when they will replace you.

Whether you have thought about this before or this is the first time you are thinking about it, this episode can help make your transition into retirement much smoother!

In this episode, Tim Scannell covers the steps business owners can take to ensure a smooth transition into retirement by identifying and selecting the right candidate to take over their role. He shares his personal experience and insights on how to interview and evaluate potential candidates, and how to determine if they are a good fit for the business.

Tim discusses:

  • How to not limit your business’s dependence on you, the business owner
  • How to recruit and mentor suitable candidates who can replace you when you retire, go on vacation, or just need a day off!
  • What you should look for in candidates for maximum employee retention
  • How to measure a candidate’s “learning agility” during the interview process
  • And more

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