The Wrap

Episode 074 | What Next? (Life After Exiting a Business)

The final stage of the Business Owner Lifecycle is one that every entrepreneur dreams of—the Freedom Stage. In this stage, business owners reap the rewards of their hard work to either enjoy retirement or change direction to pursue a new passion or investment. The emphasis is no longer on the success of the business, but rather on the lifestyle of the now-former business owner.  In this episode, special guest Greg Sellers, CPA, AEP® [https://warrenaverett.com/people/gregory-e-sellers/], a Member of Warren Averett’s Tax Division and a leader in the firm’s Estate and Trust Service Area, shares advice on what you can do now so you can look forward to your own Freedom Stage.  In this episode, you’ll hear:  * A description of the Freedom Stage (and how it doesn’t always include retirement) * The challenges to entering the Freedom Stage  * Tips regarding estate and legacy planning to prepare yourself for retirement * Advice on projecting cash-flow needs, keeping estimates conservative and reevaluating often * How to leave a legacy while also starting a new venture (and how to protect your assets and wealth) Listen to the full series here:  * Intro Episode: Episode 069 | The Entrepreneurial Journey and the Cycle of Business Growth [https://warrenaverett.com/cycle-of-business-growth/] * Startup Phase: Episode 070 | What Does It Take for a Startup To Succeed? [https://warrenaverett.com/startup-success/] * Growth Phase: Episode 071 | Navigating the Dynamics of a Growing Business [https://warrenaverett.com/navigating-growing-business/] * Maturity Phase: Episode 072 | Sustaining Success in an Established Business [https://warrenaverett.com/sustaining-success/] * Exit Phase: Episode 073 | Strategies for a Successful Business Exit [https://warrenaverett.com/business-exit-strategies/]

Episode 073 | Strategies for a Successful Business Exit

Entrepreneurs pour so much passion and effort into starting, growing and maintaining their businesses. But eventually, all business owners will enter a transition stage where the business will shift to a new set of hands, either through a transaction or by training a new generation of leaders to carry on the work—both of which can be emotional and challenging experiences. So, what does a successful business exit look like, and what can entrepreneurs do to prepare themselves and their business for a positive transition experience? In this episode, Hanny Akl, CPA, CFE, CEPA, CVGA [https://warrenaverett.com/people/hanny-akl/], leader of Warren Averett’s Transaction Advisory Services Practice Group, joins our hosts to dive into the Exit Phase of the Business Owner Life Cycle and share his experience guiding business owners through this transitional stage. In this episode, you’ll hear: * Why it’s never too early to plan for your exit * Indicators that a business owner may be ready for an exit or transition * Why it’s so important to have a good team of advisors helping you plan for this stage * The eight types of exit options and their pros and cons * Factors that could detract from the value of your business Resources for additional information: * Document: Exit Options – Pros & Cons [https://know.warrenaverett.com/hubfs/Exit%20Options%20-%20Episode%20073.pdf] * Document: Maximizing the Value of Your Business [https://know.warrenaverett.com/hubfs/Tips%20to%20maximize%20the%20value%20of%20your%20business.pdf] * Blog: How to Exit Well: Aligning the Sale of Your Business With Your Personal Financial Plans [https://warrenaverett.com/insights/how-to-exit-well/] * Blog: 5 Common Pitfalls in M&A Transactions (and How To Avoid Them When Selling Your Business) [https://warrenaverett.com/insights/merger-acquisition-pitfalls-to-avoid/] * Podcast: Episode 009: I Put a Sell on You [https://warrenaverett.com/i-put-a-sell-on-you/] * Podcast: Episode 010: Don’t Let the Sell Run Dry [https://warrenaverett.com/dont-let-the-sell-run-dry/]

Episode 072 | Sustaining Success in an Established Business

The term “mature company” might bring up images of a stale, archaic or out-of-date business. But in reality, a business in the maturity stage of the business owner lifecycle is a successful organization with a well-known product or service, loyal customers and steady growth. So, for businesses that have grown into this season of stability, what does success really look like? In this episode of The Wrap, our hosts discuss the characteristics and opportunities of established businesses with special guest Stephen Schaaf, CPA [https://warrenaverett.com/people/stephen-c-schaaf/], a Member of Warren Averett and leader of the firm's Manufacturing & Distribution Practice Group.  In this episode, you’ll hear:  * The defining characteristics of an established or mature company * About the importance of holding on to stability while continuing to innovate * Strategies for maintaining efficiency and profitability * Discussion around the specific key performance indicators (KPIs) for mature businesses, especially around productivity, quality and output * How a business process review can help ready a mature business for the next stage of the lifecycle * About the need to shift focus from growth to the people and processes that keep a business running  Resources for additional information: * Blog: Business Process Optimization: 5 Ways To Improve Your Systems and Processes [https://warrenaverett.com/insights/business-process-optimization/] * Growth Phase: Episode 071: Navigating the Dynamics of a Growing Business [https://warrenaverett.com/navigating-growing-business/] * Startup Phase: Episode 070: What Does It Take for a Startup To Succeed? [https://warrenaverett.com/startup-success/] * Intro Episode: Episode 069: The Entrepreneurial Journey and the Cycle of Business Growth [https://warrenaverett.com/cycle-of-business-growth/]

Episode 071 | Navigating the Dynamics of a Growing Business

After moving past the risky startup stage, a business enters the growth phase of the Business Owner Lifecycle, which presents its own opportunities and challenges. During the growth phase, entrepreneurs must shift from working in the business to working on the business, requiring a new set of skills and a keen understanding of potential risks and opportunities.   Will Aderholt, CPA, CCIFP [https://warrenaverett.com/people/william-aderholt/], is a Member of Warren Averett’s Tax Division, and in this episode, he joins The Wrap to discuss the Growth Stage of the Business Owner Lifecycle and how entrepreneurs can set themselves up for sustainable success.  In this episode, you’ll hear: * About the shift in mindset needed from the excitement of the startup stage to the hard work of business growth * Insights around cash flow and cash management * Characteristics of a growing business and the types of growth * How to balance risk-taking with cautiousness  * Tips on reinvesting in the business  * The indicators that a company is transitioning from the growth stage to maturity Resources for additional information: * Podcast: Episode 069: The Entrepreneurial Journey and the Cycle of Business Growth [https://warrenaverett.com/cycle-of-business-growth/] * Podcast: Episode 070: What Does It Take for a Startup To Succeed  [https://warrenaverett.com/startup-success/] * Blog: How to Create an Adaptable Business Plan That Can Roll With the Punches [https://warrenaverett.com/insights/adaptable-business-plans/] * Blog: How to Exit Well: Aligning the Sale of Your Business With Your Personal Financial Plans [https://warrenaverett.com/insights/how-to-exit-well/]

Episode 070 | What Does It Take for a Startup To Succeed?

Millions of new businesses are formed in the U.S. each year, but statistically speaking, only a small percentage of those businesses will succeed. How can entrepreneurs make strategic decisions regarding investments and goal setting in order to move past the startup stage?  In this episode of The Wrap, our hosts are joined by Yogesh Patel, CPA, CFE [https://warrenaverett.com/people/yogesh-n-patel/],—a Member of the firm with over 20 years of experience advising entrepreneurs and companies—as they discuss valuable insights on navigating the early stages of a startup. In this episode, you’ll hear: * Discussion around the realities of starting a new business and the characteristics of a successful startup * Advice on when to seek additional capital * How a willingness to pivot may be a key to success * How to prioritize the key performance indicators (KPIs) your startup will focus on Resources for additional information: * Podcast: The Entrepreneurial Journey and the Cycle of Business Growth [https://warrenaverett.com/cycle-of-business-growth/] * Podcast: Know and Grow [Taking Your Business From One Level to the Next] [https://warrenaverett.com/business-level/] * Blog: 4 Things To Do Before You Set Long-Term Business Goals [https://warrenaverett.com/insights/business-goals/] * Blog: How Much Working Capital Do I Need? (Plus Five Ways To Get It) [https://warrenaverett.com/insights/capital-solutions/] * Book mentioned by Yogesh: The Mom Test [https://www.momtestbook.com/]