May 9, 2019
In The News: Business Exit Planning On The Money Answers Show
Planning To Exit Your Business
Ashley Micciche, CEO of True North Retirement Advisors, was interviewed on the “Money Answers Show” with “America’s Money Answers Man” Jordan Goodman, discussing business exit planning. Goodman is a “nationally-recognized expert on personal finance,” and his show attracts close to 8,000 listeners a week!
“I don’t actually care if you want to sell your business to an outsider and go that route or if you want to transfer to a key employee or a family member. Part of my job is to help you figure out, based on your goals, what is the best path for that particular business owner.”
“A lot of times, children do not necessarily want to be involved in the business. Maybe they want to work there. But working there, versus being an owner, is two very different things.”
“One of the things that we make available to anyone who wants it for free, is a valuation tool. With reasonably clean books and eight basic pieces of information about your business: revenue, pretax income, accounts payable – all things that you should have at your fingertips, this tool allows you to go in, take those eight data points and get a really solid estimate of value in five minutes or less.”
“If you’re already taking RMDs and you’re making charitable donations, I always suggest that clients look seriously at doing those donations directly from their IRA accounts. Then they would get a tax deduction if they itemize for the charitable contribution.”
“Do you have enough to retire today? Can you exit your business today or do you have a gap? A lot of business owners kind of put their head in the sand. They don’t want to know. Having a gap is okay and it’s normal. Most business owners have some gap. We just need to know how big the gap is so that we can get to work on trying to close that gap.”
LISTEN TO THE FULL INTERVIEW:
VALUE YOUR BUSINESS
Get started on your business exit by finding out what your business is worth today! Click here >>>truenorthra.com/valuemybusiness to receive your free business valuation checklist and unlimited access to the business valuation tool.
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