Double to Sell

Hi, hello. Colleen O'Connell-Campbell here. Wealth advisor at RBC Dominion Securities, host of I'm a Millionaire! So, now What? the podcast. Founder of Double to Sell, Canada's premiere invitation only workshop for business owners looking for a cash-rich exit in the next three, five to 10 years.

If that's you, stay tuned I've got for you a series of questions. Five questions that every business owner needs to know the answer to if they are going to be ready for their cash-rich exit. What are the questions you need to answer today to set yourself up for a cash-rich exit tomorrow.

First and foremost, how do you own your business? So I'm going to suggest that most of you probably own your business or your business is probably set up in a corporation. Maybe not. Maybe you're in a more of a startup mode, more maybe a professional service where you're still in a sole proprietorship situation, or maybe you are a professional who can incorporate, but you haven't found that inflection point yet, but you are thinking about it.

It is important to know how your business is actually set up and how you outgrown a sole proprietorship or even have you outgrown the corporate structure that you have set up. What is that corporate structure? It is crucial to understand that. It is fundamental to having a cash-rich exit.

OK, so that's question one. How do you own the business? How is the business set up? That's also important because when you go to sell, if it is selling that is going to be the right course of action, you're going to need to know are you selling an asset, are you selling the shares of the business? All of those things will have a future impact.

So how do you own your business? It's a crucial question to ask yourself now in order to have a cash-rich exit later-- three, five, 10 year-- whatever the time frame may be.

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Hi. Hello. Colleen O'Connell-Campbell here, wealth advisor at RBC Dominion Securities; host of I'm A Millionaire! So, Now What?, the podcast; founder of Double to Sell, Canada's premiere invitation-only workshop for business owners looking for a cash-rich exit in the next 3, 5 to 10 years. If that's you, stay tuned. I've got for you a series of questions-- five questions that every business owner needs to know the answer to if they are going to be ready for their cash-rich exit.

What are the questions you need to answer today to set yourself up for a cash-rich exit tomorrow?

The second question of five questions that every business owner who wants a cash-rich exit tomorrow needs to know today-- here it is. Self-made nation, do you know the value of your business?

So is your business a multiple-- the value of your business a multiple of your gross revenue? Maybe it's a multiple of your profits. Is it a multiple of your EBITDA? Maybe your business is worth the liquidation value of real estate and the products in inventory or equipment. What is it? Do you know? Will you be able to attract a financial buyer that looks at your future cash flow? Or is there a greater value because there is a strategic possibility for an acquirer?

What is your business worth? This is a crucial second question for business owners, a question you need to answer today if you want to have a cash-rich exit tomorrow. It's also a question that we deal with in the value builder system and the eight drivers of value for a business.

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Hi. Hello. Colleen O'Connell-Campbell here, Wealth Advisor at RBC Dominion Securities, host of I'm a Millionaire! So, now what? the podcast, founder of Double to Sell, Canada's premiere invitation-only workshop for business owners looking for a cash-rich exit in the next 3, 5, to 10 years.

If that's you, stay tuned. I've got for you a series of questions, five questions that every business owner needs to know the answer to if they are going to be ready for their cash-rich exit. What are the questions you need to answer today to set yourself up for a cash-rich exit tomorrow?

Third question of five very important questions that every business owner needs to know today in order to have a cash-rich exit tomorrow. What happens if there's an unexpected tragedy? The irony of that question is you'd hope that a tragedy was unexpected and not expected.

So what happens? What happens to the business? Is there management that can come in and take over for you as the business owner?

What if it's a key employee, key partner? How are you going to manage through that? Do you have wills and powers of attorney set up at a personal level? Do you have buy-sell agreements with your partners?

What about capacity? Do you have powers of attorney in place in case of a change in mental capacity? What about dealing with taxes in the event of a situation where you or one of your business partners becomes an angel before life expectancy, or before you've actually decided to sell the business? This is a crucial one. What are some of the things that you can do to mitigate against an unexpected tragedy?

What about if there's a fire and you're building burns down or cybersecurity breach? This is an important question. How do you deal with this in your business? It comes up as the third of the five key questions that every business owner needs to know.

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Hi. Hello, Colleen O'Connell-Campbell here, wealth advisor at RBC Dominion Securities; host of I'm a Millionaire! So Now What?, the podcast; founder of Double to Sell, Canada's premiere invitation-only workshop for business owners looking for a cash-rich exit in the next 3, 5 to 10 years. If that's you, stay tuned. I've got for you a series of questions-- five questions that every business owner needs to know the answer to if they are going to be ready for their cash-rich exit.

What are the questions you need to answer today to set yourself up for a cash-rich exit tomorrow?

The fourth question is, have you actually considered what you're going to do to exit? What does your exit look like? So your exit-- it could be a sale. And that could be a sale to a financial buyer. It could be a sale to a strategic buyer. It could be a management purchase. So your management team buys you, your partners out. Could be a family transition. It could be a wind-down.

What does your exit look like? And if we're talking here, if you're listening to I'm a Millionaire! So Now What?, if you're subscribing to the Double to Sell programming that I put together, if you've attended my elevated conversations, if you're following me on LinkedIn, you know that my big, hairy, audacious goal is to double the number of self-made millionaires in Canada. It's to support cash-rich exits.

So what is your exit? What does that look like? Have you built that out? Maybe you actually built your business right from the get-go considering who was going to buy it. Maybe it was a complete and utter afterthought. Whatever the case may be, it is a important question to sort out, because so many business owners, so many of us have our personal net worth wrapped up in the value of our business. So how do we unlock that value, and put it on our personal balance sheet, and create the opportunity for an exit?

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Hi. Hello. Colleen O'Connell-Campbell here, wealth advisor at RBC Dominion Securities, host of I'm a Millionaire! So, now what? the podcast, founder of Double to Sell, Canada's premiere invitation-only workshop for business owners looking for a cash-rich exit in the next 3, 5 to 10 years. If that's you, stay tuned. I've got for you a series of questions, five questions that every business owner needs to know the answer to if they are going to be ready for their cash-rich exit. What are the questions you need to answer today to set yourself up for a cash-rich exit tomorrow?

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So onto the fifth and final question for the moment. And this is more of an introspective question for you, because so many of us have wrapped up our identity and our life in our business. I know I think of myself as a wealth advisor, an advisor to my peers in the self-made nation, and I'm not sure precisely what I'm going to do. It's something that I do think about. What am I going to do when I stop creating podcast shows? When I stop managing investment portfolios and providing estate planning advice, what am I going to do? What happens after I exit?

So this is-- maybe you think of it as a traditional retirement or maybe it's a matter of finding more freedom of time. One of the things that we as business owners strive for is to-- well, and probably the reason we started our business in the first place was to have more control over our time. And sometimes the business takes over or we haven't prioritized. But essentially, what happens after exiting? Do we take up a hobby? Do we create another business? Do we become a mentor to other business owners? Do we write a book? Do we continue to write books? What does life look like after an exit?

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