1 00:00:00,558 --> 00:00:01,898 Hi, this is George Samman. 2 00:00:01,898 --> 00:00:04,008 I'm the founder and CEO of Growth Drive. 3 00:00:04,008 --> 00:00:07,858 Growth Drive is the number one best -selling business advising platform, and 4 00:00:07,858 --> 00:00:11,378 this is our podcast, The Business Advisor Hot Seat. 5 00:00:11,378 --> 00:00:15,298 Now in the hot seat, you're going to hear from industry leaders, thought leaders, 6 00:00:15,298 --> 00:00:19,278 your colleagues who are going to share tips, techniques, war stories about 7 00:00:19,278 --> 00:00:23,458 building a thriving advisory business based on delivering client wins. 8 00:00:23,458 --> 00:00:24,388 We're going to get into it. 9 00:00:24,388 --> 00:00:29,118 We'll get into it about the Growth Drive methodology, the clarity software, what we 10 00:00:29,118 --> 00:00:30,382 see out in the world. 11 00:00:30,382 --> 00:00:32,642 so much more than just the system. 12 00:00:32,642 --> 00:00:38,002 And I'm also the author of The Growth Driving Advisor, which is based on over a 13 00:00:38,002 --> 00:00:41,882 decade of being an advisor to advisor, working with you and your colleagues, 14 00:00:41,882 --> 00:00:46,142 helping them build their practices, helping them through client engagements. 15 00:00:46,142 --> 00:00:51,322 And it's really proven strategies for leading businesses from stuck to best in 16 00:00:51,322 --> 00:00:51,842 class. 17 00:00:51,842 --> 00:00:53,042 Check it out. 18 00:00:53,042 --> 00:00:54,862 So strap in. 19 00:00:54,862 --> 00:00:56,282 We're going to light this up. 20 00:00:56,282 --> 00:00:57,742 Here we go. 21 00:01:04,507 --> 00:01:11,707 Our guests this week are my good friends, Anna Halleberta and John Carter and Kelly 22 00:01:11,707 --> 00:01:16,567 Malagala Carter, who have joined forces to become Be Ready Exits. 23 00:01:16,567 --> 00:01:18,567 Be Ready is a virtual firm. 24 00:01:18,567 --> 00:01:20,447 It's a very exciting play. 25 00:01:20,447 --> 00:01:27,247 It brings a lot of juice to business owners and other advisors, specifically 26 00:01:27,247 --> 00:01:32,247 wealth and insurance advisors, to help deliver successful exits. 27 00:01:32,247 --> 00:01:33,627 So with that, 28 00:01:33,627 --> 00:01:34,747 We're going to jump in. 29 00:01:34,747 --> 00:01:36,027 Here we go. 30 00:01:38,221 --> 00:01:42,581 This week's episode is brought to you by Growth Drive, highlighting the Growth 31 00:01:42,581 --> 00:01:47,711 Drive Summit, held this year in Charleston, South Carolina, September 23, 32 00:01:47,711 --> 00:01:49,501 24, and 25. 33 00:01:49,841 --> 00:01:54,761 The theme is business advisory and quantum age, harnessing technologies and 34 00:01:54,761 --> 00:01:56,381 delivering client wins. 35 00:01:56,381 --> 00:01:58,151 This is unique content. 36 00:01:58,151 --> 00:02:00,001 You can't get anywhere. 37 00:02:00,321 --> 00:02:06,561 And to learn more, go to growth -drive .com. 38 00:02:06,561 --> 00:02:07,661 Look under events. 39 00:02:07,661 --> 00:02:08,741 Thank you. 40 00:02:08,741 --> 00:02:09,288 See you there. 41 00:02:09,878 --> 00:02:13,858 Well, welcome ladies and gentlemen, as you can tell, we've been having a couple of 42 00:02:13,858 --> 00:02:16,858 laughs while we were in the proverbial green room. 43 00:02:16,898 --> 00:02:17,858 Welcome this week. 44 00:02:17,858 --> 00:02:24,278 It is my incredible pleasure to have Anna Halliburta, John Carter and Kelly Malaga 45 00:02:24,278 --> 00:02:25,618 -LaCarter. 46 00:02:25,738 --> 00:02:32,478 And they are together, they are the members of Be Ready Exits. 47 00:02:32,478 --> 00:02:34,478 It's a virtual firm. 48 00:02:34,478 --> 00:02:38,858 And before I start describing you, instead of you doing it yourself, I'd love to toss 49 00:02:38,858 --> 00:02:39,926 it over to you. 50 00:02:39,926 --> 00:02:44,086 And maybe we'll start with, if you could each introduce yourselves, give us just a 51 00:02:44,086 --> 00:02:46,486 high level description of why clients hire you. 52 00:02:46,486 --> 00:02:51,116 And then we'll jump into this exciting project you guys have embarked on. 53 00:02:51,116 --> 00:02:52,506 Does that make sense? 54 00:02:52,926 --> 00:02:53,516 Awesome. 55 00:02:53,516 --> 00:02:57,416 So Anna, I'll start with you as the founder of Be Ready. 56 00:02:59,518 --> 00:03:00,518 Thank you, George. 57 00:03:00,518 --> 00:03:02,348 Well, Anna Halliburta here. 58 00:03:02,348 --> 00:03:04,498 I am the founder of Be Ready. 59 00:03:04,498 --> 00:03:08,638 I'm a CPA, CFP, CBEC. 60 00:03:08,938 --> 00:03:14,578 There's a few more letters after that, but after a while it becomes gibberish and 61 00:03:14,578 --> 00:03:15,678 self -serving. 62 00:03:15,678 --> 00:03:20,758 So one of the things I'd like to say is that as far as business exit planning 63 00:03:20,758 --> 00:03:26,018 goes, I've been doing it for decades, you know, like not 10 years, not 20 years, but 64 00:03:26,018 --> 00:03:29,342 30 years, because as a CPA I've helped 65 00:03:29,342 --> 00:03:36,162 clients buy businesses, sell businesses, and I realized early on, especially in 66 00:03:36,162 --> 00:03:44,582 1986 after I accomplished and got my CFP certification, that the business and the 67 00:03:44,582 --> 00:03:50,862 personal aspects of a business owner's life are intricately and always 68 00:03:50,862 --> 00:03:52,222 intertwined. 69 00:03:52,222 --> 00:03:58,302 And so what people now call exit planning, that was just part of the services that I 70 00:03:58,302 --> 00:03:59,186 offered. 71 00:03:59,326 --> 00:04:05,606 And the reason why people come to me is I've been doing this for a long time. 72 00:04:05,606 --> 00:04:12,726 I may not be the sharpest knife in the drawer, but after doing this for decades, 73 00:04:12,726 --> 00:04:18,086 I have a real good idea on both the emotional part that business owners go 74 00:04:18,086 --> 00:04:26,326 through and as well as what is financially going through an exit strategy mean for a 75 00:04:26,326 --> 00:04:27,326 business owner. 76 00:04:27,326 --> 00:04:28,478 And I've... 77 00:04:28,478 --> 00:04:34,438 put that in, wrapped all of that into a package with over 40 years of experience. 78 00:04:34,858 --> 00:04:39,798 And that's in a nutshell what I bring to the table for the exit planning 79 00:04:39,798 --> 00:04:43,286 profitability and growth consulting and transaction services. 80 00:04:43,286 --> 00:04:44,566 In a nutshell. 81 00:04:45,566 --> 00:04:46,446 Awesome. 82 00:04:46,766 --> 00:04:46,966 Yeah. 83 00:04:46,966 --> 00:04:47,146 Yeah. 84 00:04:47,146 --> 00:04:51,446 And Anna, you and I have been friends for a long time and you just you haven't even 85 00:04:51,446 --> 00:04:52,786 scratched the surface. 86 00:04:52,786 --> 00:04:53,526 Terrific. 87 00:04:53,526 --> 00:04:56,045 Well, John, why don't we turn it over to you? 88 00:04:56,576 --> 00:04:58,196 Okay, thanks, George. 89 00:04:58,196 --> 00:05:01,756 John Carter, somewhat like Anna, but a little bit differently. 90 00:05:01,756 --> 00:05:06,476 I've been involved in the business transaction exit planning arena for 91 00:05:06,476 --> 00:05:09,316 decades or quite some time as well. 92 00:05:09,316 --> 00:05:11,306 My background was actually in law. 93 00:05:11,306 --> 00:05:17,696 I was a mergers and acquisitions attorney for several years and frankly just kind of 94 00:05:17,696 --> 00:05:22,076 got burned out as being an attorney and kind of fell into the world of exit 95 00:05:22,076 --> 00:05:22,976 planning. 96 00:05:22,976 --> 00:05:26,592 And really like Anna, I have spent a lot of time, many years, 97 00:05:26,592 --> 00:05:31,392 helping business owners try to figure out what their end goals were from a sale or a 98 00:05:31,392 --> 00:05:32,532 transition perspective. 99 00:05:32,532 --> 00:05:37,392 And then from a legal or organizational perspective, help them create the best 100 00:05:37,392 --> 00:05:41,832 path forward so that they can get out of their business on their terms. 101 00:05:41,832 --> 00:05:45,492 And I'm really excited to be part of the Be Ready, Exit team. 102 00:05:45,492 --> 00:05:50,352 I think as you'll learn, we really create a holistic team of professionals that 103 00:05:50,352 --> 00:05:55,132 provide all different types of services and skills and experiences. 104 00:05:55,132 --> 00:05:55,952 So, 105 00:05:56,128 --> 00:05:59,320 Glad to be here and looking forward to the future. 106 00:05:59,638 --> 00:06:00,978 Awesome, thanks, John. 107 00:06:00,978 --> 00:06:05,638 And Kelly, if you come out of enterprise, you have a very different background. 108 00:06:05,638 --> 00:06:07,738 How would you describe yourself? 109 00:06:08,349 --> 00:06:09,729 Well, that's a great question. 110 00:06:09,729 --> 00:06:10,559 So hello, everybody. 111 00:06:10,559 --> 00:06:12,369 I'm Kelly Mulagala -Carter. 112 00:06:12,369 --> 00:06:16,809 As we're talking about transition planning and exiting, I had the privilege of 113 00:06:16,809 --> 00:06:19,449 exiting myself out of corporate America. 114 00:06:19,449 --> 00:06:27,329 I bring 30 plus years of finance, control, total rewards, and HR operations so that 115 00:06:27,329 --> 00:06:31,509 all those experiences segue very nicely in this space. 116 00:06:31,509 --> 00:06:34,013 My passion is for the people. 117 00:06:34,013 --> 00:06:39,093 We hear a lot about owners not having the time to work on their next chapter because 118 00:06:39,093 --> 00:06:44,033 they're so busy working in the business that they don't have time to work on the 119 00:06:44,033 --> 00:06:44,873 business. 120 00:06:44,873 --> 00:06:48,033 That is part of my forte and my passion. 121 00:06:48,033 --> 00:06:53,273 So helping business owners get the right people in the right seats so that they can 122 00:06:53,273 --> 00:06:57,673 start to step away and focus on planning their exit. 123 00:06:57,673 --> 00:07:02,973 I am really excited to be working with a team of professionals to build 124 00:07:02,973 --> 00:07:12,113 a brand new virtual firm that brings a lot of services and amenities to clients 125 00:07:12,113 --> 00:07:13,865 across the country. 126 00:07:14,774 --> 00:07:15,284 Awesome. 127 00:07:15,284 --> 00:07:17,474 Kelly and you and I have known each other for a while as well. 128 00:07:17,474 --> 00:07:20,414 And you know, honestly, you haven't scraped the surface. 129 00:07:20,414 --> 00:07:26,074 You guys are a, you're a dream team and it's only going to grow from here. 130 00:07:26,074 --> 00:07:26,804 That's awesome. 131 00:07:26,804 --> 00:07:27,954 Thanks guys. 132 00:07:27,954 --> 00:07:31,464 You know, something you just said, I'd like to pick up something you just said, 133 00:07:31,464 --> 00:07:33,614 Kelly, a virtual firm. 134 00:07:33,734 --> 00:07:38,154 So who, not who, what is Be Ready? 135 00:07:38,994 --> 00:07:41,262 What is Be Ready Exits the Firm? 136 00:07:43,574 --> 00:07:44,774 Don't be shy. 137 00:07:44,957 --> 00:07:46,637 Looking at you, Anna. 138 00:07:47,190 --> 00:07:48,790 Hahaha! 139 00:07:49,918 --> 00:07:54,710 waiting for another sign from you but... 140 00:07:57,470 --> 00:08:01,810 Needless to say, we do have a good time with what we do. 141 00:08:03,110 --> 00:08:12,190 So, the virtual firm of Be Ready, the Be Ready business model started out a number 142 00:08:12,190 --> 00:08:17,510 of years ago, eight years ago with the model that Be Ready would collaborate with 143 00:08:17,510 --> 00:08:20,710 other professional business advisors. 144 00:08:20,710 --> 00:08:27,702 And we would provide the heavy lifting, the expertise for say if you were... 145 00:08:27,742 --> 00:08:33,342 asset manager and you had a business owner that was going you know thinking about 146 00:08:33,342 --> 00:08:40,342 exiting their business oftentimes you know you wouldn't have the skill sets to 147 00:08:41,262 --> 00:08:50,542 counsel your your business owner client so I be ready would step in protect your 148 00:08:50,542 --> 00:08:54,654 relationship with your client and that's key to us 149 00:08:54,654 --> 00:08:58,834 When we collaborate with other business advisors, we protect their client 150 00:08:58,834 --> 00:09:00,014 relationship. 151 00:09:00,014 --> 00:09:03,354 We walk in, we do the heavy lifting. 152 00:09:03,734 --> 00:09:08,474 We provide the exit planning process. 153 00:09:08,474 --> 00:09:13,734 And you notice I didn't say services, but the exit planning process. 154 00:09:13,734 --> 00:09:16,094 We come up with a... 155 00:09:16,094 --> 00:09:21,294 all of the information that the business owner needs to start to make decisions 156 00:09:21,294 --> 00:09:22,544 about his business. 157 00:09:22,544 --> 00:09:23,594 Can he go to market? 158 00:09:23,594 --> 00:09:25,134 Does he want to go to market? 159 00:09:25,134 --> 00:09:26,484 How far out is it? 160 00:09:26,484 --> 00:09:30,814 Is the business worth what he thinks it should be worth? 161 00:09:30,814 --> 00:09:38,874 And if it's not, we help grow the value of the business all the way up to somebody 162 00:09:38,874 --> 00:09:43,326 walked in and offered me X number of dollars for my business. 163 00:09:43,326 --> 00:09:45,316 is that a reasonable offer? 164 00:09:45,316 --> 00:09:48,676 Should I accept it, depending upon the deal structure? 165 00:09:48,676 --> 00:09:55,236 And this is one of the things I'm really happy that John has joined the team here, 166 00:09:55,236 --> 00:10:01,746 is he has that expertise to enhance our analysis of deal structures. 167 00:10:02,266 --> 00:10:09,886 And so within that collaborative format, we've really built the foundation of 168 00:10:09,886 --> 00:10:11,390 having 169 00:10:11,390 --> 00:10:18,790 Other professionals rely on the Be Ready process, the methodology, the expertise. 170 00:10:18,970 --> 00:10:25,670 And I have collaborated or Be Ready has collaborated with firms from Texas, 171 00:10:25,670 --> 00:10:27,320 California, Massachusetts. 172 00:10:27,320 --> 00:10:33,830 Obviously, I'm located in Denver, Colorado, Florida, and other points 173 00:10:33,830 --> 00:10:35,610 throughout the nation. 174 00:10:35,610 --> 00:10:39,870 So we are a national virtual firm at this point. 175 00:10:39,870 --> 00:10:41,170 And... 176 00:10:41,822 --> 00:10:49,742 We have the depth within this team and within other collaborative partners that 177 00:10:49,742 --> 00:10:54,982 we work with that we've known over the years so that we bring to bear best in 178 00:10:54,982 --> 00:11:05,082 class services approach expertise in order to have a good positive outcome for both 179 00:11:05,082 --> 00:11:08,882 the business owner client as well as the 180 00:11:10,942 --> 00:11:14,962 advisor that refers the business over. 181 00:11:15,662 --> 00:11:17,734 So, positive outcomes all around. 182 00:11:17,734 --> 00:11:22,774 I love that because technology has allowed us, and maybe this is something that we 183 00:11:22,774 --> 00:11:28,204 all learned through COVID, but technology allows you guys, you know, Kelly and John, 184 00:11:28,204 --> 00:11:33,134 you're in Michigan, Anna's in Denver, and you have other people with whom you 185 00:11:33,134 --> 00:11:35,554 collaborate who are across the country. 186 00:11:35,554 --> 00:11:40,114 And from an outsider looking in, it would appear that you're able to not be 187 00:11:40,114 --> 00:11:41,174 constrained by 188 00:11:41,174 --> 00:11:48,334 local expertise, but you have assembled national expertise, the best people 189 00:11:48,334 --> 00:11:52,914 anywhere who are able to collaborate on an outcome, because exit planning is a team 190 00:11:52,914 --> 00:11:53,914 sport. 191 00:11:53,914 --> 00:11:56,334 John, I saw you nodding your head. 192 00:11:57,174 --> 00:11:58,956 What do you have to add? 193 00:11:59,872 --> 00:12:03,792 Well, I would just concur with what you're saying, George, and what Anna mentioned is 194 00:12:03,792 --> 00:12:05,812 that exit planning is a team sport. 195 00:12:05,812 --> 00:12:11,612 It does require a holistic approach to getting an owner out on their terms. 196 00:12:11,932 --> 00:12:17,272 To my knowledge, there are not many, if any other firms that have the dynamic 197 00:12:17,272 --> 00:12:22,752 expertise and the packaging, if you will, of all this together. 198 00:12:23,152 --> 00:12:25,772 You know, so many times, I think a couple of things. 199 00:12:25,772 --> 00:12:27,904 Number one, as 200 00:12:27,904 --> 00:12:30,514 The world becomes more complicated, more sophisticated. 201 00:12:30,514 --> 00:12:33,204 The needs of business owners is more pressing. 202 00:12:33,204 --> 00:12:39,604 I think there's a higher demand today for more of a turnkey approach, right? 203 00:12:39,604 --> 00:12:44,024 To doing the planning, to creating the value, facilitating the transaction, all 204 00:12:44,024 --> 00:12:48,604 the different aspects related to exit planning really does require more of a 205 00:12:48,604 --> 00:12:49,404 turnkey approach. 206 00:12:49,404 --> 00:12:53,864 And so I think there's more of a need and an impetus for people to work together and 207 00:12:53,864 --> 00:12:55,354 collaboratively like Anna has mentioned. 208 00:12:55,354 --> 00:12:57,592 So I'm really excited again to see 209 00:12:57,664 --> 00:13:02,024 the outcomes and the value that we bring to clients because they're going to have 210 00:13:02,024 --> 00:13:03,798 all of that at their disposal. 211 00:13:03,798 --> 00:13:06,138 Yeah, absolutely, and collaborating. 212 00:13:06,138 --> 00:13:08,978 You know, I always say that referral is a dirty word. 213 00:13:08,978 --> 00:13:11,898 We really want to promote collaboration. 214 00:13:12,658 --> 00:13:17,238 And I love the fact that that's one of your central, one of your guiding 215 00:13:17,238 --> 00:13:18,098 principles. 216 00:13:18,098 --> 00:13:22,638 You know, Kelly, you're a fractional CFO, something you didn't mention in your 217 00:13:22,638 --> 00:13:23,778 intro. 218 00:13:24,998 --> 00:13:27,858 And you and John have worked together for a while. 219 00:13:28,258 --> 00:13:30,830 What's your perspective? 220 00:13:31,165 --> 00:13:35,505 Well, one of the things I was trying to parachute in to say when Anna and John 221 00:13:35,505 --> 00:13:41,605 were talking about is they talked a lot about successful client outcomes. 222 00:13:41,605 --> 00:13:46,365 One of the things that I know we've all talked about and we're passionate about is 223 00:13:46,365 --> 00:13:50,625 that white glove, red carpet client experience. 224 00:13:50,625 --> 00:13:56,725 And sometimes that can be perceived to be difficult when you're virtual, but that is 225 00:13:56,725 --> 00:14:00,797 one thing that, you know, part of our guiding principles. 226 00:14:00,797 --> 00:14:07,077 is to ensure that it's not just the outcome, it's the experience. 227 00:14:07,077 --> 00:14:12,497 And I think that's really important, not only for us, but the client and all of the 228 00:14:12,497 --> 00:14:15,147 collaborative partners that we bring into play. 229 00:14:16,310 --> 00:14:18,970 Absolutely, that's a great point. 230 00:14:19,310 --> 00:14:24,120 And what I, you know, sort of the subtext here is that, you know, planning an exit, 231 00:14:24,120 --> 00:14:26,270 an exit plan is a strategic plan, right? 232 00:14:26,270 --> 00:14:29,410 It's just one flavor of a strategic plan. 233 00:14:29,410 --> 00:14:38,550 And you guys are bringing this, these complimentary expertise and we have access 234 00:14:38,550 --> 00:14:40,190 to other partners as well, right? 235 00:14:40,190 --> 00:14:43,318 You have known entities with whom you collaborate. 236 00:14:43,318 --> 00:14:50,742 to help deliver that high touch service at Kelly and the successful out -ons. 237 00:14:50,761 --> 00:14:56,441 And as you talked about, I didn't mention the focus CFO, but there was one thing 238 00:14:56,441 --> 00:15:03,261 that as I've worked with John on this transition or exit planning is that a lot 239 00:15:03,261 --> 00:15:09,461 of these small businesses, they've done a great job growing their business initially 240 00:15:09,461 --> 00:15:11,061 and becoming profitable. 241 00:15:11,061 --> 00:15:17,917 But what most of them don't have is that sound financial 242 00:15:17,917 --> 00:15:20,877 strategic partners sitting at the table. 243 00:15:20,877 --> 00:15:24,917 And at the end of the day, you know, everything comes down to the numbers and 244 00:15:24,917 --> 00:15:29,837 getting the people to operate against, you know, one single direction, one single 245 00:15:29,837 --> 00:15:30,437 plan. 246 00:15:30,437 --> 00:15:36,137 And so that's a way that we can collaborate cross functionally with 247 00:15:36,137 --> 00:15:37,337 different partners. 248 00:15:37,337 --> 00:15:44,117 That's another reason that or a reason that I got involved in focus CFO, a lot of 249 00:15:44,117 --> 00:15:47,737 nice intersections there and. 250 00:15:48,189 --> 00:15:53,629 both focused on building value and sustainability. 251 00:15:54,902 --> 00:15:56,122 Yeah, absolutely. 252 00:15:56,122 --> 00:15:59,212 Exit planning is one of those words that gets used so often. 253 00:15:59,212 --> 00:16:00,992 It's like strategic planning, right? 254 00:16:00,992 --> 00:16:04,012 It's a word that gets used so often that it starts losing its meaning. 255 00:16:04,012 --> 00:16:08,682 And if we deconstruct it through the lens, through the perspectives that you guys are 256 00:16:08,682 --> 00:16:13,442 voicing here, it's interesting because if we deconstruct, what is an exit plan? 257 00:16:13,442 --> 00:16:21,322 An exit plan is a plan to monetize at a date certain the value of the business. 258 00:16:21,322 --> 00:16:21,974 So we need to... 259 00:16:21,974 --> 00:16:24,934 plan the future equity value of that business. 260 00:16:24,934 --> 00:16:31,594 We need to then perhaps grow revenues in order to hit that value. 261 00:16:31,754 --> 00:16:35,954 And turning to John, you're an attorney with &A experience. 262 00:16:35,954 --> 00:16:39,704 We also need to make sure that we're ready for whatever the transaction is. 263 00:16:39,704 --> 00:16:43,714 We always talk about third party sales, but that's one of the many ways, one of 264 00:16:43,714 --> 00:16:47,854 the six perhaps ways that we can transition out of a business. 265 00:16:47,854 --> 00:16:51,926 And there's some other really cool tax advantaged ways. 266 00:16:51,926 --> 00:16:54,046 maybe more tax advantage ways of doing it. 267 00:16:54,046 --> 00:16:58,816 And you guys bring the expertise to say, hey, this is how we do it. 268 00:16:58,816 --> 00:17:00,494 Does that make sense? 269 00:17:01,566 --> 00:17:03,346 It certainly does. 270 00:17:03,346 --> 00:17:08,206 And the one thing that I did want to point out here is that John and I have been in 271 00:17:08,206 --> 00:17:15,126 this space in our own individual companies. 272 00:17:15,726 --> 00:17:24,026 And so we're involved in a variety of industry leading conversations, either 273 00:17:24,026 --> 00:17:30,526 with the IEPA, there's other organizations out there, but we present. 274 00:17:30,974 --> 00:17:40,874 We have presented individually and have provided thought leadership presentations 275 00:17:40,874 --> 00:17:45,054 that move everybody's understanding forward. 276 00:17:45,054 --> 00:17:53,714 And being part of the group of presenters of the thought leaders doesn't innately 277 00:17:53,714 --> 00:17:59,678 give us additional knowledge, but rubbing elbows with folks like you, George, 278 00:17:59,678 --> 00:18:08,978 with other people in the industry, we get a lot of advanced planning knowledge that 279 00:18:08,978 --> 00:18:17,298 the normal advisor who isn't engaged at that level does not have the advantage to 280 00:18:17,298 --> 00:18:21,298 take or the opportunity to take advantage of that. 281 00:18:21,298 --> 00:18:27,742 So just by our activity within the industry, that moves us forward. 282 00:18:27,742 --> 00:18:35,402 and gives us a little inside information, tools and skills that other folks out 283 00:18:35,402 --> 00:18:41,182 there providing the same types of services that we do, they don't have that same 284 00:18:41,182 --> 00:18:45,238 advantage because they are not engaged in the industry at that level. 285 00:18:45,238 --> 00:18:46,298 Well, it's interesting. 286 00:18:46,298 --> 00:18:48,458 And John, I'm going to toss this one over to you. 287 00:18:48,458 --> 00:18:53,158 You know, Anna, picking up on what you just said, if I'm an advisor, let's say 288 00:18:53,158 --> 00:18:58,998 I'm a wealth advisor or a CPA or a business coach, and I want to make sure 289 00:18:58,998 --> 00:19:03,178 that I'm delivering the ultimate outcome for my client, you guys want something 290 00:19:03,178 --> 00:19:07,778 that we've talked about in other conversations is honoring that person's 291 00:19:07,778 --> 00:19:09,318 relationship and role. 292 00:19:09,318 --> 00:19:09,878 Right. 293 00:19:09,878 --> 00:19:12,630 And John, this is something you and I have talked about. 294 00:19:12,630 --> 00:19:17,810 If you're listening in, the conversations the three of us have individually tend to 295 00:19:17,810 --> 00:19:26,550 be super fun, fruitful, and long because we have a lot we kick around. 296 00:19:26,550 --> 00:19:37,430 So John, in terms of, you have a legal background, in terms of why other advisors 297 00:19:37,430 --> 00:19:42,390 should not just be comfortable, but should be actively looking to bring you, 298 00:19:42,390 --> 00:19:47,190 and Be Ready Exits into to help serve their client, right? 299 00:19:47,190 --> 00:19:49,230 It's collaborative help serve their client. 300 00:19:49,230 --> 00:19:51,280 What are your thoughts? 301 00:19:51,840 --> 00:19:56,020 Well, as I mentioned, as Anna and all of us have mentioned, this is a team 302 00:19:56,020 --> 00:19:56,720 approach, right? 303 00:19:56,720 --> 00:19:59,020 It's very much a holistic effort. 304 00:19:59,380 --> 00:20:05,400 And as smart and as brilliant as experts are, as advisors are, they see the world 305 00:20:05,400 --> 00:20:07,950 through their lens in their lane, right? 306 00:20:07,950 --> 00:20:13,540 So as an attorney, I saw the world from my lens as a lawyer. 307 00:20:13,540 --> 00:20:19,200 CPAs, insurance professionals, financial advisors, they see the world. 308 00:20:19,200 --> 00:20:22,900 and they see their role with business owners through their lens. 309 00:20:22,940 --> 00:20:27,260 So the idea of collaborating and working interchangeably through the exit planning 310 00:20:27,260 --> 00:20:34,260 process allows us to incorporate all of their expertise into this one uniform 311 00:20:34,260 --> 00:20:35,080 approach. 312 00:20:35,080 --> 00:20:40,760 And so it really, unlike other professional services, it really is highly 313 00:20:40,760 --> 00:20:45,020 unique in the sense that it's much more collaborative than anything I've ever 314 00:20:45,020 --> 00:20:48,700 witnessed or been a part of because it requires. 315 00:20:48,704 --> 00:20:52,924 so many different professional disciplines working together in concert. 316 00:20:53,584 --> 00:20:58,144 Unlike a normal transaction where there's a buyer and there's seller, there's an 317 00:20:58,144 --> 00:21:03,584 attorney, by the way, who have adversarial roles, because in a transaction, we 318 00:21:03,584 --> 00:21:05,844 represent the interests of our client. 319 00:21:06,284 --> 00:21:11,164 In an exit planning process or an exit planning engagement, we're all really one 320 00:21:11,164 --> 00:21:15,404 team working together for the benefit of the client organization. 321 00:21:15,404 --> 00:21:17,816 So there's no adversarial role. 322 00:21:17,888 --> 00:21:20,208 So again, it's extremely collaborative. 323 00:21:20,208 --> 00:21:22,508 It's very team functioned. 324 00:21:22,508 --> 00:21:27,888 And I think the ultimate beneficiary is the client because they get the benefit of 325 00:21:27,888 --> 00:21:30,520 all of the expertise and the collaborative effort. 326 00:21:30,562 --> 00:21:38,042 when it comes to process, guys, is it fair to ask if you can describe or discuss the 327 00:21:38,042 --> 00:21:39,838 Be Ready process? 328 00:21:41,534 --> 00:21:48,654 Absolutely, and I wish John wasn't quite so frozen here now, but one of the, and 329 00:21:48,654 --> 00:21:49,598 he's back. 330 00:21:49,598 --> 00:21:50,812 He's back. 331 00:21:50,812 --> 00:21:53,240 This is the best part too, you know. 332 00:21:53,854 --> 00:21:56,886 Jonathan, I'm going to let you pick this right up. 333 00:21:56,905 --> 00:21:58,217 you can see. 334 00:22:01,238 --> 00:22:03,718 So John, you're in the middle of your thought. 335 00:22:03,718 --> 00:22:04,600 Go ahead. 336 00:22:05,568 --> 00:22:11,108 Well, what I was saying is, I think, you know, what's really cool about the exit 337 00:22:11,108 --> 00:22:13,968 planning process is it's highly collaborative, right? 338 00:22:13,968 --> 00:22:17,988 And it requires all the different professional disciplines working together 339 00:22:17,988 --> 00:22:21,808 in concert for one outcome for the benefit of the client. 340 00:22:21,808 --> 00:22:26,678 Unlike in a normal transaction where you have two lawyers or two different teams, 341 00:22:26,678 --> 00:22:31,888 so to speak, that are theoretically working against each other, exit planning 342 00:22:31,888 --> 00:22:34,752 and the process that we use at Be Ready Exits, 343 00:22:34,752 --> 00:22:39,132 is really about collaborating and utilizing all of the resources together as 344 00:22:39,132 --> 00:22:40,232 a team. 345 00:22:40,432 --> 00:22:45,132 And again, as I mentioned, the ultimate beneficiary is the client because they get 346 00:22:45,132 --> 00:22:49,302 the outcome of all of our expertise throughout the whole process. 347 00:22:49,302 --> 00:22:54,382 You know, as a guy on the outside looking inside at Be Ready, and I'm really excited 348 00:22:54,382 --> 00:22:56,782 about what you're doing, and you're going to be successful. 349 00:22:56,782 --> 00:23:00,262 I mean, you guys are, all three of you are already successful, but you know, a 350 00:23:00,262 --> 00:23:04,522 frustration that happens inside firms, and it's a frustration for the professionals 351 00:23:04,522 --> 00:23:07,322 inside the firm, is the partnership model, right? 352 00:23:07,322 --> 00:23:13,502 And the partnership model itself actually does not, sometimes does not inure to the 353 00:23:13,502 --> 00:23:19,286 benefit of the client, because individual partners may see, 354 00:23:19,286 --> 00:23:23,446 the client as their client, not the firm's client. 355 00:23:23,446 --> 00:23:27,546 And even if they see the client as the firm's client, they still feel some 356 00:23:27,546 --> 00:23:29,206 territoriality. 357 00:23:29,206 --> 00:23:37,106 And that may lead, and so I'm an attorney too, that may lead to, so I'm being, but 358 00:23:37,106 --> 00:23:42,666 that may lead to a lack of collaboration where you guys have turned, you have 359 00:23:42,666 --> 00:23:45,910 literally turned the model on its head. 360 00:23:45,910 --> 00:23:51,290 And you're saying, hey, it is Be Ready's client and Be Ready will help the client 361 00:23:51,290 --> 00:23:57,090 pulling whatever asset, fractional CFO, account and wealth planner, tax expert, 362 00:23:57,090 --> 00:24:02,050 attorney, transaction expert, whatever you needed at the phase of the journey, we're 363 00:24:02,050 --> 00:24:03,490 gonna bring it to bear. 364 00:24:03,490 --> 00:24:05,750 That's insanely powerful guys. 365 00:24:05,750 --> 00:24:08,670 And hats off, hats off. 366 00:24:08,670 --> 00:24:12,090 So John, you technology ladies and gentlemen, I'm sorry. 367 00:24:12,090 --> 00:24:15,478 So while you were off air there for a moment, thank you internet. 368 00:24:15,478 --> 00:24:19,778 I had picked up on your, you commented on process, right? 369 00:24:19,778 --> 00:24:24,118 And I had said, you know, let's, if you're willing to dig in and you're willing to 370 00:24:24,118 --> 00:24:28,398 share, what is the be ready process, the be ready methodology? 371 00:24:29,558 --> 00:24:31,568 Have I asked a question that's going too far? 372 00:24:31,568 --> 00:24:33,230 You're happy to jump in. 373 00:24:35,066 --> 00:24:38,626 Well, this is the hot seat. 374 00:24:38,626 --> 00:24:40,246 There is no doubt about it. 375 00:24:40,246 --> 00:24:47,526 Well, the be ready process, whenever you engage with a new client, you have base 376 00:24:47,526 --> 00:24:50,626 level information that you need to gather. 377 00:24:51,966 --> 00:24:55,226 And John has used these in &A transactions. 378 00:24:55,226 --> 00:25:03,006 But when you do a full due diligence process, the &A 379 00:25:03,006 --> 00:25:08,346 or the due diligence checklist is pages and pages with drop downs. 380 00:25:08,426 --> 00:25:15,546 And it gets to be almost overwhelming with the amount of information you need to 381 00:25:15,546 --> 00:25:16,766 assemble. 382 00:25:16,766 --> 00:25:23,566 But because we've been through this process many times, both, you know, all of 383 00:25:23,566 --> 00:25:30,306 us individually and then now together, is that we understand what information we 384 00:25:30,306 --> 00:25:31,678 need to start. 385 00:25:31,678 --> 00:25:38,038 doing our analysis to be able to have those discussions with the client. 386 00:25:38,198 --> 00:25:47,538 There's psychographic analysis that we gather as well as financial information. 387 00:25:47,637 --> 00:25:53,858 So the tools that we have at our fingertips and we all have different 388 00:25:53,858 --> 00:25:59,358 understanding and have used different financial planning, exit planning. 389 00:25:59,358 --> 00:26:05,118 financial analysis tools and profitability and growth consulting tools over the 390 00:26:05,118 --> 00:26:05,978 years. 391 00:26:05,978 --> 00:26:15,858 We dig deep enough so that we understand what the tool is producing from the input 392 00:26:15,858 --> 00:26:18,398 and internal process. 393 00:26:18,398 --> 00:26:23,582 So from auditing, the analogy would be. 394 00:26:23,582 --> 00:26:28,622 You either audit around the process or you audit through the process. 395 00:26:28,622 --> 00:26:31,042 We audit through the process. 396 00:26:31,042 --> 00:26:32,710 And so we understand. 397 00:26:32,710 --> 00:26:34,120 by audit through the process? 398 00:26:34,120 --> 00:26:36,190 And John and Kelly, feel free to jump in. 399 00:26:36,190 --> 00:26:42,770 Auditing through the process basically says that you, when you have a tool, you 400 00:26:42,770 --> 00:26:48,350 come up with a set of inputs for it and you understand exactly what those inputs 401 00:26:48,350 --> 00:26:53,330 are and you run them through the system. 402 00:26:53,330 --> 00:26:55,610 Let's look at a business. 403 00:26:55,610 --> 00:27:00,370 An order comes in, it gets taken, it gets processed all the way through the system. 404 00:27:00,370 --> 00:27:04,030 But for the evaluation of software, 405 00:27:04,670 --> 00:27:09,470 This is something that I've done exhaustively over the past several decades 406 00:27:09,470 --> 00:27:16,370 is that I need to understand how a software, or the output of a software, you 407 00:27:16,370 --> 00:27:19,130 need to understand what the methodology is. 408 00:27:19,130 --> 00:27:28,550 Like for instance, if you're doing an estimate of value, is it a discounted cash 409 00:27:28,550 --> 00:27:32,638 flow or is it a multiple of earnings kind of approach? 410 00:27:32,638 --> 00:27:37,898 Because depending upon the industry, the size of the business and other variables, 411 00:27:37,898 --> 00:27:41,238 they will produce different results. 412 00:27:41,238 --> 00:27:46,338 But you have to understand that you're not necessarily comparing apples with apples. 413 00:27:46,338 --> 00:27:55,874 And so the tools that we use are not universally applicable in all our... 414 00:27:55,874 --> 00:27:58,454 a hammer doesn't mean the client's a nail. 415 00:27:58,454 --> 00:28:03,874 I know it's a tried, you know, it's almost, it gets used all the time, but I 416 00:28:03,874 --> 00:28:04,934 love what you're saying, Anna. 417 00:28:04,934 --> 00:28:11,374 And you seek to understand what's going on to the extent that you can inside the tool 418 00:28:11,374 --> 00:28:12,744 so that you bring the right tool to bear. 419 00:28:12,744 --> 00:28:13,799 That's very cool. 420 00:28:13,813 --> 00:28:18,173 This week's episode is brought to you by Growth Drive, highlighting the Growth 421 00:28:18,173 --> 00:28:23,303 Drive Summit, held this year in Charleston, South Carolina, September 23, 422 00:28:23,303 --> 00:28:25,093 24, and 25. 423 00:28:25,433 --> 00:28:30,353 The theme is business advisory and quantum age, harnessing technologies and 424 00:28:30,353 --> 00:28:31,973 delivering client wins. 425 00:28:31,973 --> 00:28:33,743 This is unique content. 426 00:28:33,743 --> 00:28:35,593 You can't get anywhere. 427 00:28:35,913 --> 00:28:42,153 And to learn more, go to growth -drive .com. 428 00:28:42,153 --> 00:28:43,253 Look under events. 429 00:28:43,253 --> 00:28:44,333 Thank you. 430 00:28:44,333 --> 00:28:44,880 See you there. 431 00:28:45,175 --> 00:28:49,527 How about Kelly, John, any comments on that? 432 00:28:51,295 --> 00:28:55,455 Cause I was gonna ask, I was gonna shift gears and ask about, okay, so what's the 433 00:28:55,455 --> 00:28:58,435 client, what do you guys, what's your promise to the market? 434 00:28:58,435 --> 00:29:03,355 What's the client experience that you're committed to delivering? 435 00:29:03,655 --> 00:29:07,655 I think that picks up Kelly, if you want to take a stab, that goes to your, you 436 00:29:07,655 --> 00:29:10,197 mentioned client experience, so I'll pick on you. 437 00:29:10,346 --> 00:29:15,066 Well, now I'm gonna go back because you left it kind of open. 438 00:29:15,066 --> 00:29:19,966 I think one of the things that I appreciate about the Be Ready model is 439 00:29:19,966 --> 00:29:28,426 that while it is a standardized process, there are enough tools in the toolbox to 440 00:29:28,426 --> 00:29:35,446 allow us to pick, to Anna's point, the one that's right for the client and the 441 00:29:35,446 --> 00:29:36,934 client's business. 442 00:29:36,934 --> 00:29:39,414 and where the client is going. 443 00:29:39,414 --> 00:29:42,574 So it's not a one size fits all. 444 00:29:42,574 --> 00:29:47,794 So while the straw man per se may be similar, and that allows us, again, think 445 00:29:47,794 --> 00:29:53,194 about client experience and time is the one thing that none of us seem to have 446 00:29:53,194 --> 00:29:53,904 enough of. 447 00:29:53,904 --> 00:29:59,914 So we're trying to be incredibly efficient and effective, but Be Ready has a number 448 00:29:59,914 --> 00:30:03,110 of tools that we can access. 449 00:30:03,110 --> 00:30:08,430 to provide, again, the right solution set and the right experience for the client. 450 00:30:08,430 --> 00:30:12,506 So I just wanted to add a little bit of color commentary there, George. 451 00:30:13,343 --> 00:30:14,013 I love that. 452 00:30:14,013 --> 00:30:15,883 Thank you very much. 453 00:30:16,083 --> 00:30:18,863 And I love that perspective. 454 00:30:18,863 --> 00:30:21,103 I applaud it. 455 00:30:21,163 --> 00:30:22,403 Yeah, you guys. 456 00:30:22,403 --> 00:30:24,463 John, you're nodding your head. 457 00:30:24,463 --> 00:30:26,311 Do you have anything to add there? 458 00:30:26,729 --> 00:30:31,439 would just add by saying it really is a consultative approach, right? 459 00:30:31,439 --> 00:30:35,369 Unlike, again, like a lot of other services that are the hammer and nail 460 00:30:35,369 --> 00:30:41,529 analogy, this is really consultative where we have to really understand what the end 461 00:30:41,529 --> 00:30:45,709 goal of the client is and then use the right approach, the right tool, the right 462 00:30:45,709 --> 00:30:46,869 application. 463 00:30:46,929 --> 00:30:52,509 So we're always thinking about how we provide the client the end game or provide 464 00:30:52,509 --> 00:30:54,269 them the result that they want. 465 00:30:54,269 --> 00:30:56,929 And then we use the approach that's appropriate. 466 00:30:57,055 --> 00:30:59,955 Yeah, and that's awesome. 467 00:31:00,555 --> 00:31:01,255 That's awesome. 468 00:31:01,255 --> 00:31:05,795 Starting with the end in mind, on the growth drive side, that's kind of our 469 00:31:05,795 --> 00:31:06,395 mantra. 470 00:31:06,395 --> 00:31:09,935 If I don't understand where you're going, how the heck can I draw a map to get 471 00:31:09,935 --> 00:31:11,495 there? 472 00:31:15,015 --> 00:31:15,895 And I lost. 473 00:31:15,895 --> 00:31:18,255 I had an idea and I lost it. 474 00:31:18,915 --> 00:31:19,911 Go ahead. 475 00:31:20,047 --> 00:31:25,767 let me throw something else in there as part of our process since we are talking 476 00:31:25,767 --> 00:31:27,367 about process. 477 00:31:27,367 --> 00:31:32,747 And I like the analogy you just used because on the Be Ready website, I use a 478 00:31:32,747 --> 00:31:34,427 similar analogy. 479 00:31:34,427 --> 00:31:41,427 At the beginning of our process for most, if not all of our engagements, we need to 480 00:31:41,427 --> 00:31:44,231 understand where the client is starting from. 481 00:31:44,231 --> 00:31:46,091 as well as where they're going. 482 00:31:46,091 --> 00:31:56,371 So the first step in our process is, if somebody says, I wanna go to Wisconsin, I 483 00:31:56,371 --> 00:32:00,671 wanna go to Green Bay, Wisconsin, and I'm a Packers fan since I've been a child, so 484 00:32:00,671 --> 00:32:02,751 I'll just use that. 485 00:32:03,691 --> 00:32:09,411 So draw me a map and the first question is, well, where are you starting from? 486 00:32:09,731 --> 00:32:13,863 So that's part of our process is we understand, 487 00:32:13,863 --> 00:32:21,863 not only financially, emotionally, and wrapping it into their personal finances 488 00:32:21,863 --> 00:32:28,443 because again, these are private businesses, not public, and so you have to 489 00:32:28,443 --> 00:32:31,033 holistically look at everything at the same time. 490 00:32:31,033 --> 00:32:36,519 So we need to know where their starting point is, and that's part of the process. 491 00:32:36,519 --> 00:32:44,239 that's, you know, I teach an entire course on that and I'll just give you a, let's 492 00:32:44,239 --> 00:32:46,199 just say, amen. 493 00:32:47,199 --> 00:32:52,379 You know, it's interesting guys, because we think in terms, we always talk about, 494 00:32:52,559 --> 00:32:56,559 we generally, when we talk about exit planning and there are people in the 495 00:32:56,559 --> 00:33:00,259 market who are saying, okay, we can have any business ready to sell to a third 496 00:33:00,259 --> 00:33:01,727 party in 18 months. 497 00:33:01,727 --> 00:33:05,127 And I'd hate to see the terms and the price on that deal. 498 00:33:07,307 --> 00:33:13,407 So, exit planning, there are a couple of comments and I'd love for you guys to 499 00:33:13,407 --> 00:33:14,977 comment on a couple of ideas. 500 00:33:14,977 --> 00:33:18,807 One, exit may not mean leave, right? 501 00:33:18,947 --> 00:33:25,747 And two, a third party transaction may not actually be in your best interest, madam 502 00:33:25,747 --> 00:33:26,987 business owner. 503 00:33:26,987 --> 00:33:30,310 So, anybody wanna pile on to those two comments? 504 00:33:30,310 --> 00:33:32,440 So I'm going to pile on real quick. 505 00:33:32,440 --> 00:33:38,670 And this is probably one of the things that really attracted me to transition or 506 00:33:38,670 --> 00:33:44,190 exit planning is that I think there's this real need for education. 507 00:33:44,190 --> 00:33:50,310 And that's yet another thing that I really appreciate about the Be Ready model is 508 00:33:50,310 --> 00:33:57,390 helping business owners understand their options, the advantages and the challenges 509 00:33:57,390 --> 00:33:59,398 to every option because to your 510 00:33:59,398 --> 00:34:04,238 point, George, many people think that their option is either it's going to a 511 00:34:04,238 --> 00:34:08,478 family member and we don't see that very often anymore, or they're going to sell 512 00:34:08,478 --> 00:34:09,198 it. 513 00:34:09,198 --> 00:34:13,018 And that may not be the best option. 514 00:34:13,018 --> 00:34:18,478 So really walking through clients based upon where they're at from a financial 515 00:34:18,478 --> 00:34:23,858 readiness, from an emotional readiness perspective, what their options are is 516 00:34:23,858 --> 00:34:27,590 super important and part of the first stage. 517 00:34:27,590 --> 00:34:30,504 of this process with our clients. 518 00:34:31,519 --> 00:34:35,839 And Kelly, if I am I hearing you correctly, you might be saying to a 519 00:34:35,839 --> 00:34:37,249 client, listen, don't think about the noise. 520 00:34:37,249 --> 00:34:39,259 Don't think about preconceived notions. 521 00:34:39,259 --> 00:34:43,839 What would be ideal for you if you could just script it from, you know, write it 522 00:34:43,839 --> 00:34:45,579 down on a blank piece of paper. 523 00:34:45,579 --> 00:34:48,839 You think you have to sell your business, but what would you rather do? 524 00:34:48,839 --> 00:34:50,809 What's another option that's appealing to you? 525 00:34:50,809 --> 00:34:52,834 Is that what you're do I have that right? 526 00:34:52,834 --> 00:34:59,574 absolutely or again, we have some models that I believe within 20 questions that 527 00:34:59,574 --> 00:35:02,074 you could take over a cup of coffee. 528 00:35:02,394 --> 00:35:05,694 It will tell you and they're not hard, right? 529 00:35:05,694 --> 00:35:12,454 Kind of where you fit from a business or a financial readiness as well as a mental 530 00:35:12,454 --> 00:35:20,262 readiness and introduces very easily what the options will be that we can. 531 00:35:20,262 --> 00:35:26,162 build on in a very consumable way because remember these individuals have been 532 00:35:26,162 --> 00:35:31,082 highly successful running a business but we're about to introduce some topics that 533 00:35:31,082 --> 00:35:34,060 they may not know anything about. 534 00:35:34,175 --> 00:35:36,055 Absolutely. 535 00:35:36,435 --> 00:35:39,325 Yes, that third dimension of growth. 536 00:35:39,325 --> 00:35:45,335 And oftentimes it's linking sales, what is to the outside world, a very successful 537 00:35:45,335 --> 00:35:50,235 business, linking that success to the value of the business. 538 00:35:50,235 --> 00:35:52,485 And that linkage is not automatic. 539 00:35:52,485 --> 00:35:54,935 And that's where we need to educate our clients. 540 00:35:54,935 --> 00:35:56,315 It is not automatic. 541 00:35:56,315 --> 00:35:57,915 It's like culture. 542 00:35:57,915 --> 00:35:58,825 It's purposeful. 543 00:35:58,825 --> 00:35:59,415 It's planned. 544 00:35:59,415 --> 00:36:00,235 It's nurtured. 545 00:36:00,235 --> 00:36:01,005 It's worked on. 546 00:36:01,005 --> 00:36:02,435 It's hard. 547 00:36:02,595 --> 00:36:04,311 Yeah, Kelly, I love that. 548 00:36:04,558 --> 00:36:05,295 Yes. 549 00:36:05,295 --> 00:36:05,895 in. 550 00:36:05,895 --> 00:36:07,475 I'm in violent agreement. 551 00:36:07,475 --> 00:36:09,197 Anna and John, comments? 552 00:36:10,569 --> 00:36:12,193 Go ahead Anna, jump in. 553 00:36:12,839 --> 00:36:16,859 Well, Kelly, I agree 100%. 554 00:36:17,539 --> 00:36:22,039 For many business owners, the process is very hard. 555 00:36:22,119 --> 00:36:26,719 A lot of business owners are guarded for a variety of reasons. 556 00:36:26,719 --> 00:36:32,839 They don't want you to see their perceived business failures of how they run the 557 00:36:32,839 --> 00:36:34,079 company. 558 00:36:34,879 --> 00:36:38,939 Getting somebody to... 559 00:36:38,983 --> 00:36:43,603 And I'm not sure about this analogy, open the kimono, so to speak. 560 00:36:45,663 --> 00:36:52,443 You know, having these kinds of surveys that Kelly was just talking about that 561 00:36:52,443 --> 00:36:55,283 comes back to them from their own words. 562 00:36:55,283 --> 00:37:01,943 It's not like they're telling us and we're giving them our interpretation of it. 563 00:37:01,943 --> 00:37:08,871 These are well thought out surveys that come back and we can talk to the client. 564 00:37:08,871 --> 00:37:17,811 in their own words and sometimes that helps them to open up, understand that 565 00:37:17,811 --> 00:37:21,551 you're there to help them, you're not there to judge them in any way, shape or 566 00:37:21,551 --> 00:37:22,531 form. 567 00:37:22,831 --> 00:37:35,171 And through the years I've seen clients bury into a business an apartment for a 568 00:37:35,171 --> 00:37:36,286 mistress. 569 00:37:36,286 --> 00:37:38,266 It never happened. 570 00:37:38,966 --> 00:37:40,127 Yeah, that's it. 571 00:37:40,127 --> 00:37:45,767 when you get in and you start digging in, if they feel that they can trust you. 572 00:37:45,767 --> 00:37:52,407 And I think that's really part of the Be Ready process is establishing that 573 00:37:52,407 --> 00:38:00,127 confidentiality, the trust and the teamwork that a lot of other people, a lot 574 00:38:00,127 --> 00:38:04,027 of other advisors seem to grapple with. 575 00:38:04,027 --> 00:38:07,495 And for some reason, this team has come together. 576 00:38:07,495 --> 00:38:14,255 And we've all had success in gaining people's trust for their benefit. 577 00:38:14,735 --> 00:38:22,815 And so a lot of these initial surveys give us information right from the client's 578 00:38:22,815 --> 00:38:23,595 mouth. 579 00:38:23,595 --> 00:38:27,365 And sometimes they're honest and truthful and sometimes they're not. 580 00:38:27,365 --> 00:38:32,975 And when you compare several of these together, you'll see in the Venn diagram 581 00:38:32,975 --> 00:38:35,399 methodology what overlaps. 582 00:38:35,399 --> 00:38:37,999 and what seems to be contradictory. 583 00:38:37,999 --> 00:38:44,079 And that's really powerful when you sit down with a business owner and you say, 584 00:38:44,079 --> 00:38:50,139 well, over here, you said this, over here, you said that, but over here, you know, 585 00:38:50,139 --> 00:38:54,689 your actions are in the opposite directions. 586 00:38:54,689 --> 00:38:57,299 Let's talk about that a little bit. 587 00:38:57,779 --> 00:38:58,179 So. 588 00:38:58,179 --> 00:39:06,379 and having the maturity and the stature to be able to positively confront, you know, 589 00:39:06,379 --> 00:39:11,879 confrontation doesn't have to be negative, but to be able to call someone out and 590 00:39:11,879 --> 00:39:15,599 say, hey, you know, what gives? 591 00:39:15,599 --> 00:39:18,299 Hey, you know, that kind of brings me to another topic. 592 00:39:18,299 --> 00:39:21,859 You know, clients will somehow sometimes disappear from where you thought they were 593 00:39:21,859 --> 00:39:26,499 going and reappear somewhere else, just like they, you know, they just subject to 594 00:39:26,499 --> 00:39:27,945 change without notice. 595 00:39:28,867 --> 00:39:37,187 Maybe that'd be a, I think your business model lends itself very well to that very, 596 00:39:37,187 --> 00:39:39,947 very common client behavior. 597 00:39:40,247 --> 00:39:46,307 Maybe we can make that this our last topic or our closing topic here. 598 00:39:46,307 --> 00:39:48,183 Anybody care to comment? 599 00:39:49,350 --> 00:39:53,170 I will because I'm the freshman here. 600 00:39:53,170 --> 00:39:55,050 I haven't been doing this as long. 601 00:39:55,050 --> 00:40:01,830 But if there's one thing I've come to understand and respect is that for many 602 00:40:01,830 --> 00:40:07,750 and most clients, so much of their business is really tied up into their own 603 00:40:07,750 --> 00:40:09,290 personal brand. 604 00:40:09,290 --> 00:40:15,718 And so they may go through the process and then they've got to come to terms with it. 605 00:40:15,718 --> 00:40:20,338 And, you know, one of the things that we do is we understand change management is a 606 00:40:20,338 --> 00:40:26,258 process and it starts with the owners and getting them comfortable with where they 607 00:40:26,318 --> 00:40:28,678 are and where they're going. 608 00:40:28,678 --> 00:40:31,998 And everybody is going to be on a different journey personally, George. 609 00:40:31,998 --> 00:40:33,998 And it's not just them, right. 610 00:40:33,998 --> 00:40:36,198 It's their family. 611 00:40:36,338 --> 00:40:41,458 It's their persona and brand that they've cultivated within the community. 612 00:40:41,458 --> 00:40:43,378 It's their employees. 613 00:40:43,498 --> 00:40:43,974 So. 614 00:40:43,974 --> 00:40:49,554 You know, I think what we've done is we've given them through this process enough 615 00:40:49,554 --> 00:40:56,174 runway to come to terms and then help them along on this journey. 616 00:40:56,174 --> 00:41:00,014 And it's not just the it's not just the owner. 617 00:41:00,014 --> 00:41:04,694 You know, we wrap our arms around the employees. 618 00:41:04,694 --> 00:41:08,124 We wrap our arms around the advisor team. 619 00:41:08,124 --> 00:41:12,262 So we are making sure that we bring the best and the brightest. 620 00:41:12,262 --> 00:41:14,542 to support that owner. 621 00:41:14,542 --> 00:41:17,182 Again, I'll go back to the word consumable. 622 00:41:17,182 --> 00:41:20,662 They need it to be consumable. 623 00:41:20,662 --> 00:41:25,162 And we have business owners that they wake up and they decide they want out, they 624 00:41:25,162 --> 00:41:26,662 want out immediately. 625 00:41:26,662 --> 00:41:31,182 And once they start going through the process and we start getting them working 626 00:41:31,182 --> 00:41:37,688 on the business versus in the business, they end up starting to have some fun. 627 00:41:38,054 --> 00:41:39,874 and they decide they're not going to leave. 628 00:41:39,874 --> 00:41:44,634 So we started to go down different kinds of clients, but you know, everybody's 629 00:41:44,634 --> 00:41:48,794 outcome is a little different and everybody's going to have their own 630 00:41:48,794 --> 00:41:52,734 timeline and that timeline George may be subject to change. 631 00:41:52,734 --> 00:41:59,174 And that's why the sooner we get people talking about their transition plan, their 632 00:41:59,174 --> 00:42:02,354 strategy, it is a living breathing document. 633 00:42:02,354 --> 00:42:05,694 You can put it on the shelf, pull it back off. 634 00:42:05,694 --> 00:42:06,630 And again, 635 00:42:06,630 --> 00:42:10,390 We want to be there to help you through the process. 636 00:42:10,390 --> 00:42:14,462 And then John, sorry, I say a lot, but I'm super passionate about that. 637 00:42:14,567 --> 00:42:15,197 great, Kelly. 638 00:42:15,197 --> 00:42:16,347 Thank you. 639 00:42:20,575 --> 00:42:22,505 Yeah, that's exactly right. 640 00:42:22,505 --> 00:42:26,635 Because when we create a business that's stable and easier to run, we may create a 641 00:42:26,635 --> 00:42:29,655 business that's suddenly, and we see the data here at Growth Drive, we see the 642 00:42:29,655 --> 00:42:32,525 data, but you start moving in that first dimension of growth. 643 00:42:32,525 --> 00:42:36,935 You start creating predictable profits and cashflow and revenue pops. 644 00:42:36,935 --> 00:42:38,335 It pops up. 645 00:42:38,335 --> 00:42:42,315 And suddenly people are saying, well, hey, you know, this, to your point, this is 646 00:42:42,315 --> 00:42:43,455 getting fun again. 647 00:42:43,455 --> 00:42:47,679 And maybe the why behind I want to sell it tomorrow becomes. 648 00:42:47,679 --> 00:42:51,689 I still want to sell it, but now I can see a path to getting it down the road. 649 00:42:51,689 --> 00:42:53,597 John, thoughts? 650 00:42:54,249 --> 00:42:58,318 Yeah, I mean, that's again, the beauty of this whole process. 651 00:42:58,318 --> 00:43:04,009 One of the residual outcomes is it gives owners options. 652 00:43:04,329 --> 00:43:08,559 It gives them life, it gives them life and it gives them options, right? 653 00:43:08,559 --> 00:43:13,029 Again, unlike the traditional transaction model, which is hair on fire, get to the 654 00:43:13,029 --> 00:43:16,809 finish line, damn the torpedoes as fast as we can. 655 00:43:16,809 --> 00:43:22,505 This is a much more slower methodical, a much more thought provoking process. 656 00:43:22,505 --> 00:43:27,105 And as Kelly mentioned, along the way, not only does it increase value and make 657 00:43:27,105 --> 00:43:33,325 things more fun, but it tends to create a lot more energy, I think, in the minds and 658 00:43:33,325 --> 00:43:36,685 the spirits of most of our clients and the people around them. 659 00:43:36,685 --> 00:43:38,265 And so it creates a new culture. 660 00:43:38,265 --> 00:43:40,115 It creates a culture of win. 661 00:43:40,115 --> 00:43:42,525 It creates a culture of legacy. 662 00:43:42,525 --> 00:43:47,585 It creates all these options that the owner didn't have necessarily before they 663 00:43:47,585 --> 00:43:48,479 began their journey. 664 00:43:48,479 --> 00:43:49,001 Heck yeah. 665 00:43:49,001 --> 00:43:52,921 So again, that's the reason why I love it so much more than the practice of law or 666 00:43:52,921 --> 00:43:57,721 just doing a transaction is it truly is, again, a holistic process that is a 667 00:43:57,721 --> 00:44:01,481 journey that requires multiple professional disciplines. 668 00:44:01,481 --> 00:44:06,601 And the outcome is the client has lots of options, generally much more financial 669 00:44:06,601 --> 00:44:09,087 freedom and much more personal freedom. 670 00:44:09,087 --> 00:44:09,997 I love that. 671 00:44:09,997 --> 00:44:13,487 You know, what you're describing, John, if I hear you correctly, is an adaptive 672 00:44:13,487 --> 00:44:18,547 process that says, okay, I know we started with X as our destination, you now think 673 00:44:18,547 --> 00:44:20,887 that we should shift from X to Y. 674 00:44:20,887 --> 00:44:27,027 Great, let's sort out what needs to be done on and in the business to get there. 675 00:44:27,027 --> 00:44:29,647 And that's incredibly powerful. 676 00:44:29,647 --> 00:44:36,823 You know, that's one of the, that's where exit planning or... 677 00:44:37,087 --> 00:44:42,387 equity value monetization planning, I don't know, is different than a 678 00:44:42,387 --> 00:44:44,087 traditional strategic plan. 679 00:44:44,087 --> 00:44:50,527 It's a very specialized strategic plan, but it's a strategic plan that says, hey, 680 00:44:50,527 --> 00:44:56,447 we are not simply going to, our plan isn't just to get to $3 million of net income. 681 00:44:56,887 --> 00:45:01,527 Our plan is to deliver these other qualities for you. 682 00:45:01,547 --> 00:45:03,295 And frankly, 683 00:45:03,295 --> 00:45:05,155 It's about creating options. 684 00:45:05,155 --> 00:45:08,425 If I'm hearing you correctly, John, you're creating options for your clients saying, 685 00:45:08,425 --> 00:45:12,875 okay, you know, when we get to this phase line, to this horizon, you're going to 686 00:45:12,875 --> 00:45:16,695 have options and then we can have sit down and talk about which of those options is 687 00:45:16,695 --> 00:45:17,555 most appealing. 688 00:45:17,555 --> 00:45:19,875 Is that, do I have that right? 689 00:45:20,035 --> 00:45:21,615 Awesome guys. 690 00:45:21,615 --> 00:45:27,135 And that bring into full circle is why I, you know, I for one am such a huge, I'm so 691 00:45:27,135 --> 00:45:30,367 excited and such a huge fan about this unique. 692 00:45:30,367 --> 00:45:34,607 proposition that Be Ready Exits is bringing to the table. 693 00:45:35,267 --> 00:45:44,787 Hey, maybe one last, Be Ready Exits is going to be present at the BEI conference 694 00:45:44,787 --> 00:45:46,687 in August in Denver. 695 00:45:47,267 --> 00:45:53,327 And you're going to be present after that, you're going to be present at the Growth 696 00:45:53,327 --> 00:45:56,191 Drive Summit here in Charleston, South Carolina. 697 00:45:56,191 --> 00:45:59,671 You're going to be present at the International Exit Planning Association 698 00:45:59,671 --> 00:45:59,961 Summit. 699 00:45:59,961 --> 00:46:02,971 Is that in October in Boston, I believe. 700 00:46:02,971 --> 00:46:07,671 So you already have, you already have, you know, if people want to learn more and 701 00:46:07,671 --> 00:46:11,731 they want to meet you in person and poke and prod and press the flesh, you guys are 702 00:46:11,731 --> 00:46:16,971 going to be at three of the biggest events or three of the most meaningful events in 703 00:46:16,971 --> 00:46:18,291 the space. 704 00:46:18,411 --> 00:46:19,891 That's exciting. 705 00:46:19,891 --> 00:46:25,411 Any other plans for the balance of the year in terms of getting out out out in 706 00:46:25,411 --> 00:46:26,309 the world? 707 00:46:26,983 --> 00:46:37,203 Well, John, well, number one, I'd like to say with the addition of John and Kelly to 708 00:46:37,203 --> 00:46:41,523 the Be Ready team, I couldn't be more pleased. 709 00:46:41,523 --> 00:46:45,423 And this is the launch pad. 710 00:46:46,343 --> 00:46:54,643 And what we're doing is, and let me say it this way, John has run his own firm, 711 00:46:55,123 --> 00:46:56,903 Absolute Succession. 712 00:46:56,903 --> 00:47:05,703 and we are in the process of becoming our first, best, most important client. 713 00:47:05,723 --> 00:47:11,823 And I think this is important that, you know, call it, you eat your own cooking. 714 00:47:12,763 --> 00:47:19,683 We're building this so that it is a sustainable model that will benefit both 715 00:47:19,683 --> 00:47:23,643 advisors and their business owner clients. 716 00:47:23,643 --> 00:47:25,479 And yes, we take clients. 717 00:47:25,479 --> 00:47:28,179 you know, business owner clients directly. 718 00:47:28,699 --> 00:47:33,799 We are agnostic there because we're out to help as many folks as we can. 719 00:47:33,799 --> 00:47:43,339 But I believe that this is new in the industry and we are out in front and both 720 00:47:43,339 --> 00:47:49,179 Kelly and John are visionaries in this space and I couldn't be more pleased that 721 00:47:49,179 --> 00:47:50,304 we are together now. 722 00:47:50,304 --> 00:47:51,804 Yeah, awesome. 723 00:47:51,804 --> 00:47:52,364 Awesome. 724 00:47:52,364 --> 00:47:53,324 Thanks, Anna. 725 00:47:53,324 --> 00:47:56,304 Maybe that's a great place to cap it. 726 00:47:56,304 --> 00:47:58,844 This was a fantastic conversation. 727 00:47:58,844 --> 00:48:01,464 I want to thank each of the three of you. 728 00:48:01,464 --> 00:48:05,544 And if people want to know more, be ready exits .com. 729 00:48:05,544 --> 00:48:07,044 Is that right? 730 00:48:07,724 --> 00:48:09,815 Be ready exits .com. 731 00:48:10,267 --> 00:48:22,387 BeReadyAdvisors .com for any advisors out there that want to take a look at how we 732 00:48:22,387 --> 00:48:24,707 talk to them with them. 733 00:48:24,707 --> 00:48:32,627 So there's actually two different BeReady websites and they are being upgraded now, 734 00:48:32,627 --> 00:48:36,119 but go on play, take the surveys. 735 00:48:36,199 --> 00:48:38,759 You know, it doesn't cost you anything. 736 00:48:38,859 --> 00:48:42,359 Start to understand what we do. 737 00:48:42,899 --> 00:48:50,339 And, you know, we welcome folks, you know, to ask us questions, reach out to us. 738 00:48:50,339 --> 00:48:54,143 And we'd love to be able to work with as many folks as possible. 739 00:48:54,143 --> 00:48:56,083 Well, you know, I'll build a shameless plugin. 740 00:48:56,083 --> 00:48:57,733 Come to the Growth Drive Summit. 741 00:48:57,733 --> 00:49:01,963 We're going to have a ton of fun and Be Ready Exits is going to be there. 742 00:49:01,963 --> 00:49:03,343 So listen, thank you guys. 743 00:49:03,343 --> 00:49:05,263 I'm going to thank each of you. 744 00:49:05,263 --> 00:49:06,843 And with that, I'll wrap it up. 745 00:49:06,843 --> 00:49:08,163 I'll say ciao for now. 746 00:49:08,163 --> 00:49:10,563 And I know I'll be talking to each of you soon. 747 00:49:10,563 --> 00:49:11,153 Thank you. 748 00:49:11,153 --> 00:49:12,617 Thank you very much. 749 00:49:13,481 --> 00:49:15,521 George, appreciate it. 750 00:49:15,521 --> 00:49:16,347 Bye. 751 00:49:18,771 --> 00:49:21,791 Hi this is George, thanks for listening. 752 00:49:21,831 --> 00:49:26,651 If you like what you heard, you can subscribe, like, and please take two 753 00:49:26,651 --> 00:49:27,851 seconds to leave a review. 754 00:49:27,851 --> 00:49:32,811 It tells the world that you like what we're doing and it helps us understand how 755 00:49:32,811 --> 00:49:34,331 we can improve the show. 756 00:49:34,331 --> 00:49:36,651 Thank you and see you next time.