PART 3 - Norman Hall from Exit By Design makes a compelling case for why business owners need an Exit Plan.

Show Notes

@NormanHall has a diverse background including business, corporate and private banking. He's also been through the process of selling a family business that his wife founded.  Now he's a specialist #exitplanner and draws on all this experience to help #businessowners protect the value they have built up in their business, and then when the time is right, plan and execute a more successful #businessexit.   

In our discussion we cover;

• the importance of having a ‘ringmaster’ for your businesses exit
• the reasons business owners put off exit planning and the consequences of this
• the challenging discussions that can arise in family businesses that have not considered an exit plan
• the timelines that are involved in exit planning
• how Norman breaks down the process of exit planning for owners into something worthy and compelling for the time and effort involved
• why business owners should see value in exit planning as an #investment
• why the very old mantra of "failing to plan = planning to fail" unfortunately still applies to many owners 
• the importance of staged exit planning because “you cannot do it all at once”
• working with the new business owner after selling 
• how Norman drew on his own experience and the experience of his wife and business partner to get their business ready to sell 
• the importance of having all your external experts taking the same approach
• why it is important for exit planning to involve #successionplanning, #businessplanning, and structuring for tax purposes as well as management purposes
• breaking down the assumptions that surround exit planning
• why problems with terminology have misled owners about exit planning, what it involves and why it is so important

CONTRIBUTORS

• Norman Hall
• Michael Kerr

KEYWORDS

• exitbydesign
• familybusiness
• businessownership
• smallbusiness
• exitplanning
• businessexit