Figure Out What's Next Before You Engage the Broker - Dan Walkowski

Dreamcatchers Hosted by Jerome Myers

Have you ever wondered how to transition out of your business smoothly, ensuring your legacy and avoiding pitfalls?

Dan Walkowski joins us to discuss his journey in the corporate world and how he now uses his experience to help small business owners. He shares his insight into the importance of planning for a successful transition when selling a business. Dan outlines the challenges and value a middleman can bring to the process, such as gathering information, creating an advertisement, marketing, and screening qualified buyers. He also advises those looking to partner up to ensure a smooth exit when it's time to sell their business.

Tune in to hear Dan's stories and advice on how you can plan for a successful transition when selling your small business!

[00:00 - 08:20] Unlocking the Mystery of Exiting a Business

• Dan Walkowski developed a passion for working with clients and helping small businesses thrive
• Clients should be engaged in dialogue to discuss their exit plan, whether it's 10 or 80 years away
• He tries to appeal to them to recognize the value they've created and plan for the future

[08:21 - 15:24] Maximizing Profits and Minimizing Taxes

• The most significant value add is bringing quality prospective buyers to the owner
• The biggest mistakes sellers make are minimizing taxes and spending too much time working inside their business
• Guidance for those looking for a partner: Make sure all partners are aligned when it comes to the exit point

[15:25 - 23:07] Get Your Business Partnership Agreement in Place Before It's Too Late

• Get an agreement written down during peacetime to ensure fairness for both sides
• Alignment of principles, vision, and commonalities is essential when finding a partner
• Being organized and having an opinion on what the business is worth is important

[23:08 - 31:03] Selling a Business: The Transition and What Makes It Successful

• Business brokers help guide the process and remove obstacles
• One in five businesses successfully sell, but it requires preparation and ingenuity
• Business brokers work with sellers through the transition to ensure success

[31:04 - 39:47] Avoiding the Founder's Exit Paradox

• Planning an exit is essential for a successful transition
• The transition period should be set with a boundary to avoid frustration
• Exit planning should include what to do next and how to detach from the existing business
• Financial freedom alone can be an empty promise and illusion without fulfillment

[39:48 - 42:20] Closing Segment

• Connect with Dan through the links below
• Final words

Quotes:

"Think about what you want to do next and then prepare for it." - Dan Walkowski

"True entrepreneur spirit shines through. If somebody wants to get into a business, they will figure out a way they will maneuver through everything." - Dan Walkowski

"You never know how your life could change. And if you don't have some kind of plan together, it might not go as smoothly as you hope it would, or you want it to." - Dan Walkowski

Connect with Dan!

Website: www.TWorld.com

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