Category: Succession Planning
The Emotional Side of Selling Your Business (Ep. 10)

The Emotional Side of Selling Your Business (Ep. 10)

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How do you plan for life after selling your business?

Join Josh Ackerman as he explores the emotional and psychological journey many business owners face after selling their enterprises. 

This isn’t just about the numbers; it’s about understanding the push and pull factors that influence your decision to exit, from health changes and market shifts to personal aspirations like political involvement.

Josh explores different exit strategies, from outright sales to retaining partial ownership and consultancy roles, and illustrates the importance of maintaining a vibrant social circle and identity outside of work. With valuable insights into aligning your financial and personal goals, this episode is a must-listen for anyone considering a business transition.

Key discussion points include:

  • The push and pull factors affecting business exits [00:03:43]
  • Emotional readiness for life post-sale [00:08:43]
  • The importance of social connections beyond business [00:14:00]
  • Different types of business exit strategies [00:10:30]
  • Encouragement to think strategically about life’s next chapter [00:16:39]
  • And more!

Connect with Josh Ackerman: 

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Hope is Not a Strategy: The Roadmap to Selling Your Business with Geoff Eliason (Ep.9)

Hope is Not a Strategy: The Roadmap to Selling Your Business with Geoff Eliason (Ep.9)

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What happens when a business owner hands over the keys? What are the emotional and financial intricacies involved in selling a business? 

Josh Ackerman welcomes special guest Geoff Eliason, CEO and owner of SDR Ventures, an investment bank in Denver. They explore Geoff’s journey from startup to CEO, his passion for connecting business owners with opportunities, and the critical role of financial advisors. They touch on the challenges business owners face when preparing for succession, the importance of planning for life after selling a business, and the complexities of deal structures.

Josh and Geoff discuss: 

  • Geoff’s career trajectory from launching ETFs to leading an investment bank (00:01:00)
  • The $10 trillion opportunity in retiring baby boomer businesses (00:07:00)
  • Navigating succession when kids prefer different paths (00:10:00)
  • Ensuring a fulfilling life post-sale by understanding personal aspirations (00:14:00)
  • The surprising misconceptions about business sales and transitions (00:26:27)
  • And more

Connect with Josh Ackerman: 

Connect with Geoff Eliason:

About Our Guest: 

Geoff Eliason joined the SDR Ventures team in 2021. In his role as Principal, Eliason brings 16 years of industry experience to the organization and its clients. His primary responsibilities are building and sustaining operational efficiencies across the firm and maximizing the client service model. Geoff is dedicated to providing strategic solutions specific to the complexities of the M&A process. Embracing SDR Ventures firm-wide commitment to serving its clients, Eliason channels his years of experience and strategic relationships toward enhancing business valuations and providing thought leadership to the entrepreneurial community. Geoff holds his Series 79, 24, and 63 securities licenses and serves as SDR Capital Markets Chief Compliance Officer. Eliason is passionate about teamwork given his commitment to both education and athletics. 

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3 Things to Make Your Business Worth More: Part Three (Ep.8)

3 Things to Make Your Business Worth More: Part Three (Ep.8)

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Josh Ackerman delves into improving business value through the eight drivers, touching specifically on the power of customer referrals and the pivotal “Hub and Spoke” model. Learn why moving from high owner dependence to a structured company could not only ease your own workload but significantly boost your business’s market valuation. 

Josh discusses: 

  • How customer referrals impact business sales
  • The critical question to enhance referrals: the Net Promoter Score (NPS)
  • The nuances of the Hub and Spoke model and its influence on enterprise value 
  • Ways to empower your team and become less central to daily operation
  • And more

Resources:

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3 Things to Make Your Business Worth More: Part Two (Ep. 7)

3 Things to Make Your Business Worth More: Part Two (Ep. 7)

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What does it take to truly boost the value of your business for sale?

In this episode, Josh Ackerman dives into more strategic ways to maximize your business’s worth. He discusses essential topics every business owner should consider before selling, such as cash flow management and the power of recurring revenue. Learn about leveraging what your business does best to stand out in the market, and hear real-world examples, like Panasonic’s creation of the Toughbook, illustrating monopoly control.

Josh discusses: 

  • Cash Flow Dynamics: The seesaw effect of managing cash inflow and outflow
  • Recurring Revenue: The transformative impact on business valuation
  • Monopoly Control: Dominating your niche for long-term success
  • Real-world Success Stories: Panasonic’s Market Innovation Strategies
  • And more

Tune in for actionable tips to navigate your next business transition effectively.

Connect with Josh Ackerman: 

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3 Things to Make Your Business Worth More (Ep. 6)

3 Things to Make Your Business Worth More (Ep. 6)

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Want to your business but you’re not sure how to maximize its value?

In this episode, Josh Ackerman dives deep into three of the eight key drivers of business value to help you prepare for a successful business sale. From maintaining consistent financial performance to planning for growth potential and ensuring a neutral “Switzerland structure,” you’ll learn how you can fetch a higher sale price. Tune in to get actionable tips on improving your business’s market worth.

Josh discusses: 

  • Why consistency in earnings makes your business more attractive to buyers
  • How you can demonstrate that your business can continue to grow even after you step away
  • How the Switzerland Structure avoids dependence on any single customer, supplier, or employee to make your business more resilient and appealing.
  • Preparing your business for sale at least two to three years in advance to ensure a smooth transition and maximize its value
  • And more

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Preparing for the Biggest Financial Transition of Your Life with David Hulett (Ep. 5)

Preparing for the Biggest Financial Transition of Your Life with David Hulett (Ep. 5)

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Are you ready to learn how to maximize the value of your business before selling?

In this episode, Josh Ackerman invites David Hulett, a partner at Corporate Finance Associates of Kentucky and an investment banker who specializes in business sales. They discuss critical steps and considerations for business owners contemplating a sale, from initial preparations to final negotiations. David emohasizes the importance of planning your ‘day after,’ maintaining business performance, and understanding market valuations – all key to maximizing your sale’s success.

Josh and David discuss: 

  • Why it’s necessary to prepare years in advance and understanding your business’s value
  • Why it’s important to know what you’ll do the day after selling your business
  • The importance of not retiring early to keep business metrics strong
  • How long the process typically takes and why it often surprises business owners
  • How painting a compelling growth story can significantly impact your sale price
  • And more

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Connect with David Hulett:

About our Guest: 

David Hulett is a Managing Director at CFA Kentucky, a middle market Mergers and Acquisition firm located in Lexington, Kentucky. David has considerable experience in investments, strategic planning for business owners and is an experienced entrepreneur. His advisory skills combine years of investment experience with hands-on knowledge of small businesses.

As an owner/operator of a small business, David can easily relate to CFA Kentucky’s clients and prospective clients. As an experienced consultant to many small businesses, David has guided multiple business owners through the transition process. With David’s broad background, he is well qualified to address the capital challenges facing today’s entrepreneurs.

In addition to working in the financial sector, David owns and operates Hilltop Marine, a boat dealership in Bronston, Kentucky. When he isn’t working, he enjoys boating, shooting at the gun range, Krav Maga training, and spending time with his wife, Beth, and two daughters, Haley and Abbey.

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The True Wealth Process: More Than Just Numbers (Ep. 4)

The True Wealth Process: More Than Just Numbers (Ep. 4)

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Unlock Your Financial Future Beyond the Numbers. Discover how the True Wealth process goes beyond traditional financial planning by prioritizing your life’s goals and aspirations.

Today’s episode unpacks Money Quotient’s innovative True Wealth process, aiming to transform financial planning beyond traditional number-crunching by focusing on your values, goals, and true happiness. Josh Ackerman breaks down the comprehensive five-step planning process, from initial exploration to empowering clients to achieve their ideal life. He explains how this process facilitates meaningful conversations, helps clarify financial priorities, and ensures your financial plan aligns with your vision of a fulfilling life.

Josh discusses: 

  • How to prioritize your life goals and aspirations, transcending traditional financial planning
  • His five-step planning process, designed to align your financial strategies with your values
  • How focusing on creating a vision of your ideal life can significantly impact your financial satisfaction and overall happiness
  • And more

Resources:

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Questions Business Owners Should Ask Before Selling (Ep. 3)

Questions Business Owners Should Ask Before Selling (Ep. 3)

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Imagine realizing the lifestyle you worked so hard for won’t be sustainable after selling your business. Today, we review some key questions business owners often overlook before making irrevocable financial decisions.

In this episode of Transition Talks, Josh Ackerman dives into the often-overlooked questions many business owners should ask themselves, or their financial advisor before considering an exit. Through stories that piqued his interest in working with business owners, Josh highlights the importance of understanding your true financial needs and planning early for a smooth transition. 

Josh discusses: 

  • How much a business owner needs to exit
  • Understanding real lifestyle costs before accepting a business sale offer
  • Planning for business transitions early enough that plans can be put in place
  • The importance of planning for a fulfilling life post-business sale
  • And more

By joining Josh Ackerman in this insightful episode, you’ll gain practical advice and thought-provoking questions that can shape a more secure and fulfilling future after selling your business. 

For more advice and to start your transition planning today, connect with Josh Ackerman:

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Inside Context Financial: Guiding Family Businesses Through Change (Ep. 2)

Inside Context Financial: Guiding Family Businesses Through Change (Ep. 2)

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What makes Context Financial uniquely equipped to handle family business transitions?

In this episode of Transition Talks, Josh Ackerman talks about what makes Context Financial uniquely equipped to guide family businesses through significant transitions. He shares the company’s history, founded by his father in 2000, and emphasizes the importance of understanding client context. Josh explains the focus on helping family businesses navigate ownership transitions, whether to the next generation or external buyers. He also highlights the team’s dedication to building trust and understanding client goals from the first meeting.

Josh discusses: 

  • The company origins of Context Financial
  • Context Financial’s focus on helping family businesses prepare for a transition, whether internal or external
  • Why Context Financial’s approach to understanding your business’s unique context can make all the difference
  • The importance of understanding client goals and maintaining trust
  • How clients’ first meeting with Context Financial is a no-pressure, exploratory conversation about your needs and our services
  • And more

Resources:

Connect with Josh Ackerman: 

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FEATURE
Getting to Know Josh Ackerman: Why Financial Advising? (Ep. 1)

Getting to Know Josh Ackerman: Why Financial Advising? (Ep. 1)

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Are you ready to navigate the complexities of business exits and retirement strategies?

It’s a significant life change that many aren’t fully prepared for. That’s why it’s so important to find and work with an advisor who’s the right fit for you.

Welcome to the inaugural episode of Transition Talks with Josh Ackerman, where he shares his journey of becoming a financial advisor and the motivation behind it. From personal anecdotes about growing up in a financially divided household to embracing his calling, Josh shares his journey into financial advising and the critical lessons he learned. Explore how tailored financial advice, built on a foundation of trust and personal understanding, can lead to a successful client-advisor relationship and business exit or transition.

Josh discusses: 

  • The motivations behind becoming a financial advisor and the journey from selling life insurance to offering comprehensive financial planning services
  • The importance of a personalized approach in financial planning and the dynamics of client-advisor relationships
  • How understanding financial planning from two polar opposite parental viewpoints offers unique insights into dealing with clients
  • The challenges and opportunities in preparing family-owned businesses for transition, encompassing both internal transfers and sales to external buyers
  • Why tailored advice and finding the right advisor-client fit enhances the chance of a successful transition
  • The critical need for early planning in business exit strategies and the potential impact of demographic shifts on business transition trends
  • And more

Connect with Josh Ackerman: 

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