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Wealth in Waves Ep 17: Succession Planning & The Walk Off Home Run Thumbnail

Wealth in Waves Ep 17: Succession Planning & The Walk Off Home Run

Business Owner Planning Executive Benefits Financial Planning Investment Management Investments Pre-Retirees Retirees Retirement Funding Tax Strategies Wealth in Waves Wealth Management

Wealth in Waves Ep 17: BOSS 2.0: Succession Planning & The Walk Off Home Run

So you’ve built a business. A legit, profitable, ongoing business. Maybe you did it from scratch with your own two hands. Maybe you took a 2nd or 3rd generation business and grew it to even greater success. Either way, you’re now thinking about how the business continues on without you. Do you enter into a buy-sell agreement with a partner? If you don’t have a partner, do you bring one on? Do you transition the business to the next generation of family? Do you sell it to the employees? Do you sell it to a third party? And of course, the million dollar question is…what is it even worth? 

It's a lot to consider. Especially as you deal with the day to day grind of running your business. And when you add the fact that 80% of all businesses listed for sale in America fail to find a buyer. Let me repeat that. 80% of all businesses do not sell. So what’s your plan? Do you have a plan? Would you believe that both the value and the eventually successful sale of your business are both greatly enhanced by some basic pre-planning? It’s true. 

Note: Source of “80% of all businesses fail” statistic is from Forbes, with 2 source articles: 

https://www.forbes.com/sites/sageworks/2017/02/05/these-8-stats-show-why-many-business-owners-cant-sell-when-they-want-to/?sh=2534bf2a44bd

https://seilertucker.com/why-8-out-of-10-businesses-dont-sell

Hello, my name is Josh Null, sitting alongside co-host Will Steih. We are Gulf Coast Financial Advisors and this is our Wealth in Waves Podcast, a show specifically dedicated to the financial planning, investment management and tax planning needs of established business owners, professionals and entrepreneurs living along the Gulf Coast of Louisiana, Mississippi and Lower Alabama, as well as the pan handle of Florida. Today we ask, would you like to hit a walk-off home run in your last bat? Or are you in danger of striking out at one of the most important pivot points of your life?  You have questions. We have answers. So let’s get to it!

Good afternoon Will, how are you today? Great. For those of you new to the podcast, quick intro before we get to our main discussion. My name is Josh Null and he is Will Steih, and we both are FINRA Series 65 Securities licensed fiduciary based financial advisors. We work together at Gulf Coast Financial Advisors, an independent investment management and financial planning firm based out of Fairhope, Alabama. In addition to his primary role as a financial advisor, Will is also a licensed CPA, which allows us to offer forward looking tax planning services to our clients as well. You can always reach us by calling 251-327-2124 or via our website at gulfcoastfa.com.  

  • Ways of transitioning a business
  • Deeper dive on buy-sell agreements and how the are funded. Unfunded buy sells are just promises
  • Brief overview of ESOPs
  • Brief overview of business valuations
  • Brief overview of tax planning regarding biz sale 

Great discussion today, Will. Alright, listeners, if this topic is of interest to you, you can reach us at Gulf Coast Financial Advisors by calling 251-327-2124. You can also reach us thru our website gulfcoastfa.com, which lists all of the other services we offer. 

Many thanks to Coastal College for providing access to their recording studio in downtown Fairhope, to local bank Sloth Racer for supplying the show music, to our producer Chaesare Gray and of course to you the listener, thank you for joining us today. This has been the Wealth in Waves Podcast!

Disclosure:

Advisory products and services offered by Investment Adviser Representatives through Prime Capital Investment Advisors, LLC (“PCIA”), a federally registered investment adviser. PCIA: 6201 College Blvd., Suite#150, Overland Park, KS 66211. PCIA doing business as Prime Capital Wealth Management ("PCWM") and Qualified Plan Advisors (“QPA”). Certain services may be provided by PCIA affiliates. In this format, Josh Null provides general information, not individually targeted personalized advice, and is not liable for the usage of the information provided.  Exposure to ideas and financial vehicles should not be considered investment advice or a recommendation to buy or sell any of these financial vehicles.  This information should also not be considered tax or legal advice. Past performance is not a guarantee of future results. Investments will fluctuate and when redeemed may be worth more or less than when originally invested.