If you’ve ever spent any time thinking about retiring or any other reason for why you might sell your business somewhere down the line, don’t miss today’s show!

My guest, David Lupberger, helps contractors with strategies in exit planning when they’re thinking about selling their businesses. There’s a lot that goes into this planning, and that is what we’re going to get into today.

David is not only a business coach, but he’s also the owner of Remodel Force, an author, and he currently writes a monthly column for Qualified Remodeler magazine. He is a friend of mine and a fellow member of an amazing Mastermind group.

What you'll hear in this episode:

• When most business owners walk out the door, the value of that business walks with them because their businesses depended on their participation, their knowledge, and their experience.
• According to David, your real job is to work yourself out of day-to-day-operations, because the long-term goal is that the company works as well and creates revenue as well without you as it does with you.
• You create equity, a transferable asset, when you have a company and people that can continue when you’re not in the day-to-day operations.
• David addresses the “value” of a company.
• Preparing to leave can take years, and involves contingency planning.
• Three things to consider regarding the end purpose of your business:
• When do I want to transition out of day-to-day?
• If I’m replacing myself, which will usually increase overhead costs:
• Do I have a financial foundation in place to deal with that overhead?
• How will I increase revenue to pay for that additional overhead?
• Am I able to identify a successor?
• With exit planning, allow for a minimum of five years, and realistically seven to eight years.
• David explains the rewarding and transferring of equity concept.
• David drills down into various contingency scenarios and explains why having backup plans is so vital.

Resources:

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