Exit Planning – The Wealth Stream Podcast

A Comprehensive Guide to Business Exit Preparation: A Recipe for Business Success (Ep. 112)

By thewealthstreampodcast | August 16, 2023

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Successfully exiting your business isn’t easily done without the help of other professionals, credible resources, and other business owners who have “been there, done that!”

In this episode, Tim Scannell discusses the value of strategic business planning for business owners. They outline the steps involved in valuing and preparing a business for exit, including estimating the equity value of the business using tools like Biz Equity.

Tim discusses:

The 4 steps of long-term business planning: Discovery, Personal Readiness, Financial Readiness & Determining the Business’ Value
The value of professional guidance including attorneys and CPAs in your business valuation process
How to maintain productivity and keep your eye on the “bigger picture” when valuing your business
Exit channels: What they are & how to know which one is suited for your business needs
And more

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

By thewealthstreampodcast | June 28, 2023

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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)

By thewealthstreampodcast | April 26, 2023

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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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Connect with Scott Bening:

LinkedIn: P. Scott Bening

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.

Raising Your Business Like Your Child (Ep. 81)

By thewealthstreampodcast | January 26, 2022

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Have you ever thought about nurturing your business like a child, so that when it comes time for you to exit the business, it can be independent and stand on its own?

In this episode, Tim Scannell discusses how raising your business as if it were your own child can maximize your value for your exit plan. Tim discusses how having the mentality of raising your business like your child will lead to you being more prepared to exit, and so will your business.

Tim discusses:

Why people become entrepreneurs
Wealth enhancement as you prepare to exit
What it means to raise your business like your children
How raising your business like your child helps to make you more ready to exit
And more

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80. The Switzerland Discount

By thewealthstreampodcast | January 12, 2022

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As a business owner, there are three things you don’t want to be overly reliant on when setting up and structuring your business.

In this episode, Tim Scannell introduces us to the Switzerland discount, explaining why you want to avoid being Switzerland when it comes to your business. Tim details three things business owners should not be overly reliant on, and explains why being reliant on key customers, a key employee, or a key supplier can be problematic, especially when it comes time to exit your business.

Tim discuss:

What the Switzerland discount is and how many business owners fall into the trap
Three things business owners don’t want to be completely reliant on
How to avoid being overly reliant on a key supplier
And more

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78. Valuing Your Business Is Not Rocket Science

By thewealthstreampodcast | December 8, 2021

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There are plenty of non-business related things business owners think about when planning their exit. Numbers are critical, but they’re not everything. Valuing your business is not rocket science, it’s more personal.

In this episode, Tim Scannell looks at reasons for why business owners choose to exit, their personal motivations, whether there’s an event that inspires it, or it’s just their time to leave. Tim looks at how these choices affect the sale price.

Tim discusses:

What is an owners personal motivation for exiting
Why you shouldn’t exit based on emotion, and how you can deal with burnout
How business owners can deal with their identity post-sale
How employee wellbeing and ownership structure critically affect your sale value
And more

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75. Learn How to Grow to Exit With Laurie Barkman

By thewealthstreampodcast | October 20, 2021

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As a business owner, exit planning is something that you only get one shot at. Have you considered growth through acquisitions as an exit plan?

In this episode, Tim Scannell is joined by Laurie Barkman, founder of SmallDotBig to discuss growth through acquisitions as a means of succession and exit planning for business owners. Laurie shares her recommendations and insights into what makes a successful business acquisition.

Laurie discusses:

Growth through acquisitions as a way to exit your business
What Laurie recommends to business owners looking for a growth-to-exit strategy
Why culture is important when you’re finding the right fit for an acquisition
The history and origin story of SmallDotBig
And more

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Connect With Laurie Barkman:

About Our Guest:

Laurie Barkman’s bio reads, “I launched SmallDotBig to help closely-held companies grow.

SmallDotBig is a business transition advisory firm for companies in the lower middle market, helping business owners maximize enterprise value, create succession plans, and identify M&A strategies.

As an Exit Planner and Certified Value Builder™ Advisor, I enjoy developing structured plans that empower the dreams of business owners.”

72. It’s Never Too Early To Build Your Business’s Succession Plan

By thewealthstreampodcast | September 8, 2021

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Are you busy serving clients, managing operations, and growing your business?

It’s time for you to take a step back and think about your exit strategy—even if it’s still years away.

In this episode, Tim Scannell discusses why it is never too early to start your succession planning. Using a detailed client example, Tim explains ways to ensure a fair wealth distribution to all of your successors, and how you can optimize the cash flow for your own dream retirement.

Tim discusses:

How Hightower Great Lakes’ Pathfinder helps you transition to a work optional lifestyle
Tips for dealing with the emotional elements of succession planning
Important topics you must discuss with your family before your exit business
Strategies that enable you to exit on your terms, and with confidence
And more

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