Joe Seetoo is Senior Vice President, Partner & Wealth Advisor at Morton Wealth. He joins Nana this week on Build Value By Choice to give his advice on how you can effectively plan for the succession of your business. Also find out his thoughts on internal transition versus generation transition, how to assess your strengths and weaknesses, and why it is important to find your North Star.
Is your business a lifestyle business or one with more transferable value that outgrows you as an individual. Making sure that you are not entangled in your business will help you when it comes to exiting. As a leader you should be building the company from the outside, planning and putting people in the right place. If you are the one doing all the things, your business loses value when you leave.
When you’re planning your exit, you need to consider the potential ramifications on existing management if you are looking to go with internal transition or a generational transition to your children.
If you can optimize the 8 essential parts of the business, then you will find that your business as a whole is now running optimally. If you’re at this stage exit planning is easy because investors will see you as a very attractive prospect.
Get a clear idea on what your North Star is. If you don’t know where you’re going then you’re going to go down the wrong path.
Assess your strengths and weaknesses on a personal level. Do you know your cash flow situation? The more you know then the easier you can make a plan that covers for all eventualities.
‘I want to improve the quality of my own life, the clients, my families, the country’
‘When we help them succeed we help our community succeed’
‘Get educated, don’t be intimidated’
Leave a comment or question on the Build Value By Choice Facebook community page
Get more resources on https://infhorizons.com/podcast
Know Your Current Valuation: https://bit.ly/get-free-valuation
Joe on LinkedIn
Call Joe on – 818 591 6219
Subscribe to The Ripcord Moment podcast
email Joe on JSeetoo@mortonwealth.com
Don’t forget to subscribe to the podcast and share it.
Hosted by Nana Bonsu of Infinite Horizons, this show aims to serve small business owners who want to grow their businesses while reducing their own personal involvement. We do this through a combination of interviews with industry leaders, and host presentations. We are certified value builder advisors and leverage a statistically proven methodology to help clients such as you scale or transition their business to the next chapter.
We care for our listeners and see their dreams as our own. We aim to foster a community that embraces freedom, generosity, and integrity. This is a show by entrepreneurs and business owners for entrepreneurs and business owners.
ABOUT THE HOST
“I am an entrepreneur and ex-Corporate Executive who’s applying his experience and knowledge from working in various ways to pursue my passion of helping small business owners increase their choices in life by leveraging my knowledge and experience, their employees, systems and money. I help small business owners transform their business and increase value through action-oriented education and implementation of strategies and tactics to make their business sellable even if they are not planning on selling. Known for establishing an environment for personal growth and development. My multicultural background equips me with the intuitive understanding of different cultures and how they impact business owners.”
Infinate Horizons on Facebook
Follow Nana on Instagram
Nana on LinkedIn
Infinite Horizons, Inc. on LinkedIn
(c) 2021, Build Value By Choice: https://https://infhorizons.com/
See omnystudio.com/listener for privacy information.