Leave My Business Well Jennifer Moffatt
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- Business
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Leave My Business Well is a podcast for business owners preparing to exit their businesses, entrepreneurs considering changing businesses, and business owners who want to prepare and protect their personal, family, and business assets in case of emergencies. Business builder, you’ve built something great. Let us help you leave it well.
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Selling Your Business to a Third Party
Join Derek and Jennifer as they discuss the potential benefits and challenges of selling your business to a third party/
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Selling Your Business to Key Employee Groups (KEGs)
In this insightful episode, Hosts Derek Moffatt and Jennifer, his wife and business partner, delve into the complexities and strategies around selling your business to key employee groups (KEGs). They explore various aspects of this exit strategy, providing valuable insights for business owners.
SHOW NOTES
Introduction to the concept of exiting a business by selling it to key employees.
The story of John, a business owner who faced challenges in selling his plumbing business to a key employee.
The appeal of selling a business to key employees includes the desire to maintain company culture and protect community interests.
Detailed examination of the financial and operational aspects of selling a business to key employees.
Challenges and risks involved in such transactions, including financial risks for both the owner and the employees.
Strategies to mitigate these risks and ensure a successful transfer include gradual retirement plans and leveraging cash flow.
The importance of having strong financial systems and controls in place.
Considerations for owners who do not have key employees willing to take ownership.
Various methods of selling a business to employees, like long-term installment sales, leveraged buyouts, and gradual retirement plans.
The critical role of planning and management in executing a successful business transfer.
Personal financial planning tip: Ensure that your estate plan aligns with your business objectives.
KEY QUOTES
The following quotes encapsulate the key insights and perspectives shared in this episode, offering a glimpse into the depth and nuance of the conversation.
”Everyone leaves their business. You either leave it by disaster, you leave it by death, or you leave it by design.” - Derek Moffatt
”Selling your business to key employees is appealing because they’re known entities who have helped build the business.” - Derek Moffatt
”One of the big perils is that without planning, key employees often don’t have the cash at hand to purchase the business.” - Derek Moffatt
”You need to be financially independent when you exit. We want to make sure you’re not giving up control until you achieve that goal.” - Derek Moffatt
”Do yourself a favor and get a professional who can help you with your estate plan.” - Jennifer Moffatt
RESOURCES & LINKS
Moffatt Financial Strategies: Derek’s Financial Planning and Wealth Management Firm
Visit Moffatt Financial Strategies Website
Follow Derek on Linkedin
Follow Derek on Twitter
Follow Moffatt Financial on Facebook
Leave My Business Well: Derek’s exit planning initiative.
Visit Leave My Business Well Website
Follow Leave My Business Well on Facebook
Follow Leave My Business Well on Twitter
Subscribe to Our Newsletter
Additional Resources
Small Business Administration: Resources for Small Business Owners
Family Business Magazine: Articles and Information on Family Business
Project Equity: Resources and Information on Employee Ownership Options
Investment advice offered through Moffatt Financial Strategies, a registered investment advisor. -
Family Business Transfers
In this insightful episode of ”Leave My Business Well,” Derek and Jennifer Moffatt delve into the complexities of family business transfers. They explore a range of topics, providing valuable insights for business owners and key employees aspiring to take over family businesses.
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What Kind of Exit Strategy Should I Consider?
In this episode of the ”Leave My Business Well” podcast, hosts Derek and Jennifer Moffatt delve into various strategies for business owners to consider when planning their exit. The discussion covers the complexities and nuances of each exit strategy, offering insights for business builders and owners.
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What Is Exit Planning and Why Do I Need It?
Today on the Leave My Business Well podcast we’ll discuss what exit planning really is, and the major objectives involved in leaving a business. We’ll also talk about how getting organized can be an important tool in your financial planning.
Customer Reviews
Great Advice
Well done, Derek & Jennifer! You’re offering great advice that many business owners never receive. I look forward to learning more from you!