Diane Hartz-Warsoff is the President of Exit Factor of the SLC & Utah County branch. She is focused on helping business owners maximize their company’s value and prepare it for an exit. With over 8 years of experience, Diane shares her wisdom on this week’s podcast and talks about her role as an exit advisor, a business owner’s value to a company, and letting go of control.

Key Points

[3:50] You should start/think of your exit plan when you start your business.

[4:45] You want to document each element or department of your business one at a time. It can feel overwhelming doing it all at once.

[7:20] What is your legacy? Is it financial? Community? You need to define this.

[12:15] What is the role of an exit advisor?

[14:10] What should business owners be thinking about/preparing for?

[17:35] Getting any business owner to let go of control and let others do it is a very difficult mental shift.

[23:45] A prospective buyer is going to pay you for the work you've done and the business you’ve built, not for what the business has potential for.

[27:00] If you can get other people to put out the fires, then you become a much more valuable business.

[29:20] Interested in working with Diane? Reach out!

Tip of the Day:

It’s never too early to plan your exit and it’s a holistic decision for yourself and where you are in life.

Mentioned in this Episode

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

Diane Hartz-Warsoff

Exit Factor

LinkedIn

Diane’s bio

Diane’s info at Transworld

Email: dhartzwarsoff@tworld.com

Phone: (385) 342-3692

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Quotes

“Any business where they are the business or integral to the business, it really has the negative impact on their value.”

“We have tools to help you with growth, and at the same time, know the right people to put in front of you to ensure your personal, financial, and your business are taken care of..”

“As you grow your business, a buyer is going to buy your business because they think they can improve on it and grow it. They’re going to pay you based on what you’ve done.”

Join Aaron Fox, Managing Director at Transworld Boston, as he shares his profound insights into the unique challenges and strategies involved in selling or exiting a family business. With personal experience in successfully selling his third-generation family business, Aaron brings a wealth of knowledge to the table. In this episode, he discusses the intricacies of keeping sales confidential, the dynamics of family involvement in the business during a sale, and the importance of succession planning within family enterprises.

Key Points

[2:30] What makes selling/exiting a family business different from traditional businesses?

[3:15] Should you keep the sale of the family business confidential?

[3:30] Aaron has unique experience in this; having had to sell his father’s business that had, at one point, 18 family members working in the business.

[5:05] Do buyers want multiple family members still working in the business?

[7:35] How did Aaron’s father take over the family business?

[8:50] What does a succession plan look like within a family business?

[13:25] The ability to tap into your elder family members’ knowledge base is invaluable. They’ve been through recessions, wars, and economic uncertainty.

[18:00] Aaron has been through this process personally, so it makes advising clients in similar family businesses a lot easier because he knows some of the things they’re not automatically thinking about.

[21:55] There’s no better way to show accountability and ownership by opening up your wallet and buying the business.

Tip of the Day:

Write down everything! Write it all down! You’re going to revisit it and you need to know what you’re getting involved in.

Mentioned in this Episode

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

Aaron Fox

LinkedIn

Aaron’s bio

Email: aaron@tworld.com

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Quotes

“When it’s family, you always want to help. The experience of some of the senior family members; they’ve been through recessions, ups and downs, wars. The business survived.”

“I strongly believe you should buy the business from that family. If it involves taking out an SBA loan, do it. Pay the money.”

“We want to show there’s a clear transition of that business and there’s no better way to show ownership by opening up your wallet.”

Join JT Tatem, an experienced franchise owner with Transworld Business Advisors, as he delves into the art of effective goal-setting and goal-getting. Drawing on his extensive experience and lessons learned from mentors like Brian Tracy and Zig Ziglar, JT shares valuable insights on transforming aspirations into tangible results. In this episode, he introduces the 8 W's of goal-setting and provides listeners with a comprehensive framework for achieving success into the new year.

Key Points

[2:30] What should we know about goal-setting?

[3:45] Most people are good at goal-setting but not at goal-getting. 

[4:50] 97% of the population doesn’t have written goals and only 3% of the population do.

[5:20] Have a place where you can see your goals regularly.

[6:40] It’s important to have some accountability for your goals. Don’t keep them a secret!

[8:10] How many goals should you set?

[9:00] JT explains what the ‘wheel of life’ is.

[11:20] What makes a good goal?

[17:00] How did JT help his children set and achieve their goals?

[21:35] How do you set realistic goals?

[22:10] What are the 8 W’s? Write, Why, Where, What, Who, Way, When, and Work.

[34:25] A lot is possible if you put your mind to it!

Tip of the Day:

Learning the art of goal-getting is the difference between having to plan for your life vs. someone else planning it for you.

Mentioned in this Episode

Tworld.com/locations/boston

Riw.com

Transactiontalk.com

JT Tatem 

LinkedIn

JT’s bio

Email: jttatem@tworld.com

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Quotes

“There’s two types of people in this world. There’s the people who life happens to and there’s the people who make life happen.”

“Anybody can write down a goal, but putting a game plan together where you actually achieve what you set out to accomplish is probably more beneficial.”

“You should have your goals written down and have it posted somewhere where you’re going to see them on a regular basis.”