In this episode, Warren Ingram and Pieter de Villiers discuss the critical aspects of exiting a business, including preparation for sale, navigating the transition, and financial planning post-sale. They speak to the importance of understanding the emotional and financial implications of selling a business, as well as the need for proper valuation and tax considerations. The conversation also touches on the challenges entrepreneurs face in retirement and the necessity of adapting to a new financial landscape after selling a business.

Takeaways

• The exit is often the culmination of an entrepreneur's life work.
• Buyers are emotionally detached; focus on financials.
• Proper tax planning is crucial before selling a business.
• Understand the true value of your business before selling.
• Be clear about your role post-sale and expectations.
• Consider the emotional impact of selling on yourself and your team.
• Financial planning post-sale requires a different mindset.
• Investing after selling a business requires humility and learning.
• Seek professional advice for financial planning and investments.
• Don't hesitate to ask for help from fellow entrepreneurs.

Learn more about Prescient Investment Management here.

Send us a text

Have a question for Warren? Don't forget to voice note your questions through our WhatsApp chat on (+27)79 807 8162 and you could be featured in one of our episodes. Follow us on Twitter, LinkedIn and subscribe to our YouTube channel for more Financial Freedom content: @HonestMoneyPod

In today's episode, Warren Ingram and Pieter de Villiers discuss the critical stages of business maturity, focusing on key considerations for business owners as they transition from survival to sustainability. They cover essential topics such as key person risk, staff compensation, financial health, client engagement, hiring for culture, buy and sell agreements, and the importance of intentional business practices. Our hosts emphasize the need for entrepreneurs to invest in their people and culture, navigate challenges, and plan for the future, including estate planning and remuneration strategies for founders.

Takeaways

• You want to make sure at the very least you've got some company life assurance.
• You should have a history of paying good sufficient tax.
• Don't lose sight of talking to your clients.
• You want to be honest about what's going on.
• You need to be intentional about what you were doing.
• You need to listen to your employees.
• The challenges will always be there.
• You want that stuff written down.
• You should be very intentional now about the transition of ownership.

Learn more about how Curate Investments can help you here.

Send us a text

Have a question for Warren? Don't forget to voice note your questions through our WhatsApp chat on (+27)79 807 8162 and you could be featured in one of our episodes. Follow us on Twitter, LinkedIn and subscribe to our YouTube channel for more Financial Freedom content: @HonestMoneyPod

In this episode, Warren Ingram and Pieter de Villiers discuss the essential steps and considerations for entrepreneurs who have recently started their businesses. They cover practical aspects such as financial planning, compliance, and the importance of hiring and delegating tasks. The conversation emphasizes the need for a sustainable business structure, effective time management, and the long-term strategy for growth.

Takeaways

• Starting a business requires careful planning and consideration.
• The early stages of a business are often the toughest.
• Financial planning is crucial for business owners.
• Don't neglect personal financial responsibilities as a business owner.
• Investing in your business can yield higher returns than other investments.
• Compliance and tax planning are essential for sustainability.
• Building a strong team is vital for business growth.
• Effective time management is key to avoiding burnout.
• Creating systems and processes can enhance business efficiency.
• Long-term strategy is important for future growth and success.

Learn more about Prescient Investment Management here.

Send us a text

Have a question for Warren? Don't forget to voice note your questions through our WhatsApp chat on (+27)79 807 8162 and you could be featured in one of our episodes. Follow us on Twitter, LinkedIn and subscribe to our YouTube channel for more Financial Freedom content: @HonestMoneyPod