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Hello and welcome.
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My name is Heath Henderson,
financial advisor,
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CERTIFIED FINANCIAL PLANNER™,
and certified exit planning advisor
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with the Iron City Wealth Management
Group of Wells Fargo Advisors.
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We've been talking on this medium
about purpose,
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and today I want to shift the conversation
slightly to why?
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Why do you want to retire or sell or exit
your business?
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What would you hope
to get out of any exit?
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The first thing that many people tell us
is money.
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What they may not realize
is that we believe
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you will almost always do better
financially.
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Assuming the company continues to perform
by not selling,
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your lifetime earnings potential decreases
because the investments
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you made with the sales proceeds
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likely won't measure up to continuously
growing your business revenues.
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So your why needs to
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move on from financial to non-financial.
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Is it exhaustion?
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I'm burning out quickly here, Heath.
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My heart just isn't in it anymore.
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Closely tied to this is health.
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Has your medical team
told you it's time to sell?
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What about risks
versus opportunities? The
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“I can't manage the risk anymore.”
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Or the other side of the risk.
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The opportunity and environment
for my business to transition is perfect
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right now.
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This is not an exhaustive list,
but as you can see, there are many reasons
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to sell or exit
your business that are non-financial.
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So you must answer the question why?
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And you must also realize that
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most of the stakeholders
in any transaction are human,
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which makes this emotional
question and answer crucial.
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Our team at the Iron City
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Wealth Management Group of Wells
Fargo Advisors stands here to help.
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We're equipped and have the experience
to help you evaluate both the financial
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and non-financial aspects
of transitioning your business.
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Thanks for listening today,
and leave a comment
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below on some of the whys
in your life and business.