E175: Financial Advisor Tyson Ray Discusses the Importance of Exit Planning for Business Owners

About The Guest(s): Tyson Ray is a founding partner of Form Wealth, a financial advisory firm that specializes in exit planning for small to medium-sized businesses. He has extensive experience in helping business owners navigate the complexities of selling their businesses and planning for retirement.

Summary: In this episode, Ronald Skelton interviews Tyson Ray, a financial advisor and exit planning expert. They discuss the importance of involving a financial advisor in the process of buying or selling a business, and the role they play in helping business owners plan for retirement. They also touch on the challenges that business owners face when it comes to understanding the financial implications of a sale and how to make the most of the proceeds.

Key Takeaways:

• It is crucial for business owners to start planning for their exit at least three to five years before they intend to sell.
• Financial advisors can provide valuable insights and guidance on how to maximize the value of a business and plan for retirement.
• Business owners should consider the emotional and psychological aspects of selling a business, as well as the financial implications.
• It is important to involve a financial advisor in the process of selling a business to ensure that the proceeds are managed effectively and aligned with the owner's long
• term goals.

Quotes:

• "Financial advisors need to stop selling last week's lotto numbers for a fee and start focusing on the bigger picture." - Tyson Ray
• "Selling a business isn't an overnight thing. It requires careful planning and consideration of various factors." - Ronald Skelton
• "The more time we have, the more options we have. The shorter time we have, the less options we have." - Tyson Ray
• "Your business is worth more if your plan is in place. Your employees are more loyal if the plan is in place." - Tyson Ray
• "The biggest mistake business owners are making is letting the urgent crowd out the important." - Tyson Ray

Watch it on Youtube: https://youtu.be/Atb72_avfAw

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Contact Tyson on
Linkedin: https://www.linkedin.com/in/tysonray/
Website: http://www.formwealth.com/
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Since 1998, IT ExchangeNet has created $5 billion in value by selling more than 225 IT businesses in 20 countries. IT ExchangeNet works exclusively with IT-enabled businesses generating between $5M and $30M who are ready to be sold, and M&A decision-makers who are ready to buy. For over 25 years IT ExchangeNet has developed industry knowledge that helps them determine whether a seller is a good fit for their buyers before making a match.

"Out of all of the brokers I've met, this team has the most experience and I believe the best ability to get IT service businesses sold at the best price" - Ron Skelton

The IT ExchangeNet M&A Marketplace we partnered with has a proprietary database of 50,000+ global buyers seeking IT Services firms, MSPs, MSSPs, Software-as-a-Service platforms, and channel partners in the Microsoft, Oracle, ServiceNow, and Salesforce space.

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🎬SUGGESTED VIDEOS
Don't forget to watch 📽 Our other videos. Please check them out :

▶️E94: Hans Sperling Discusses Mergers And Acquisitions Transactions And Provisions - https://youtu.be/VdFEZq13SpE

▶️E90: Christine McDannell of Magnolia Firm Helps Business Owners Achieve Seamless Exits - https://youtu.be/wyl358GKQ4Y

▶️E127: Kirk Michie Discusses His Role As A Business Advisor And The Secrets To Selling A Business - https://youtu.be/ahHQk5_CVuo

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