Successfully Exiting | E092

Financial Planning For Canadian Business Owners

Jason Pereira talks to Jeff Cullen, Owner & Lead Consultant at Basecamp4; a company that specializes in exit planning.

Episode Highlights:

• 1.05: Exit planning is an emergent specialization in management consulting. It is particularly being driven by the saying that time is running short for a lot of business owners.
• 1.54: The whole idea behind exit planning is to maximize value and basically get the most successful exit plan or exit from your business as possible, says Jeff.
• 3.42: Exit planning institutes have done tons of research on the numbers of companies that don't successfully exit, and it's a pretty shockingly high number.
• 6.11: You can't manage a 25-to-35-person company the same way that you can manage an 8-person company, and that is one of the first steps where owners may run into problems, says Jeff.
• 6.57: Jeff shares how he starts assessing business to understand where the holes are. What does his process look like to understand what's going on with that business?
• 7.11: The business assessment method that Jeff uses is a lot more holistic. They have three-legged tools which are basically the business, the financial plan for the individual and their family and then there is also the personal side.
• 10.04: The assessment is done in a way that everything is kind of transparent and there is a logical progression where most owners know how they are performing, says Jeff.
• 12.33: When you do exit, it's not a disaster. If any exit happens unexpectedly, the company can survive, says Jeff.
• 13.42: Jeff shares in terms of fixing gaps, how much resistance does he sees on an average to acceptance by business owners?
• 15.29: As the biggest business starts to run better, become more systematized and the owner moves into a more of a strategic leadership position frustration gets reduced, says Jeff.
• 19.32: If an owner doesn't have a financial planner or if the financial planner, they have is someone they have been using from their 20s and not working as desired Jeff would probably raise the idea of, we want to connect you with somebody who is a bit more sophisticated.
• 26.06: Jason advises everyone that do not deal with generous lawyers. Deal with specialist lawyers who do or handle the expert cases all the time.

3 Key Points:

1. Jeff explains how exit planning is for the most cases is no different than business planning.
2. Jeff talks about the gap analysis that he conducts and how he explains to business owners what it takes to go from the two to the 4X multiple and how they assess those gaps.
3. Jeff answers how many people in Canada take well to the fact they are telling their baby is not pretty if baby is business?

Tweetable Quotes:

• "Everybody exits at some point. You can either do it vertically or horizontally, it's your call." – Jason
• "Being in control, getting the outcome you want and not having to compromise significantly can be defined as a success." – Jeff
• "There are any number of times where professionals will outgrow the advisors that they are dealing with, whether it be financial advisor or account boy." – Jason

Resources Mentioned:

• Facebook – Jason Pereira's Facebook
• LinkedIn – Jason Pereira's LinkedIn
• Jeff Cullen – Website

Transcript

---

Hosted on Acast. See acast.com/privacy for more information.