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

@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

Thanks for listening.  Visit the Owner To Owner Podcast website to subscribe, listen back, or check out any resources or information mentioned on the show.

Search @ownertoownerpodcast on your favourite podcast player to subscribe and listen to the episodes.

Reach out to Michael Kerr via the website if you need personal assistance or advice for your small business.

michael.kerr@kerrcapital.com.au

www.ownertoownerpodcast.com.au