#169 - A Business Exit Strategy That Creates Family Legacy With Randy Long

I love being an entrepreneur! Not only does it give me an avenue to exercise my creativity it gives me the flexibility to live the life I desire, work the way I want to work, and build a legacy for my family. The value of your business can be put into three categories: Cash flow, Lifestyle, and Enterprise value. On this week’s episode of the Retirement Answer Man, we will be talking with my special guest Randy Long about building your business in a way that grown its enterprise value. Having a strong enterprise value will enable you to create a successful business exit strategy that will help you create a lasting legacy for your family. Stay tuned to hear Randy’s helpful tips. Your internet provider might be selling you out! We all know that the internet can be dangerous, but now it might become riskier than ever. Congress recently lifted restrictions that required your internet provider to get your permission before selling your data. So now your browsing history, online habits, and who knows what else might be up for grabs to the highest bidder. There’s no doubt this could pose a security threat to people like me who work with very sensitive financial information. However, there is a solution, a way you can protect your data from the prying eye. Make sure you listen to this episode to hear how I keep my info secure online. Extracting enterprise value with Randy Long Today’s guest is Randy Long a certified exit planner and CEO of Long Business Advisory LLC. He has patented a Braveheart Planning Process where he works with entrepreneurs to help them maximize the value they can get from their business. In our conversation, we will discuss how to transition from building a business to building a legacy and how to structure your business to be appealing to buyers. There are some great tips that you won’t want to miss so stay tuned. Quantity time might be better than Quality time I just returned from a vacation with my wife in the Caribbean. We were gone for 8 days and at times that felt a bit too long and we laid around a lot without much to do. However, it afforded us time to connect and have some important conversations. We’ve all heard the term “Quality Time” and while I agree that you need to seek quality in the time that you have I also believe that you can’t have Quality time without Quantity time. Quantity time gives you the flexibility to create moments that you otherwise wouldn’t have been able to. Creating a Business Exit Strategy is an important step towards the future but it won’t bring you lasting joy. Quality relationships with the ones you love will bring you that joy! Listen to this episode to hear more of my thoughts on creating a happy life. Markets are at an all-time high, it’s time to assess your investment risk The markets are continuing at a record high since the election. Things are sunny in the investment world. This is the time when you need to make repairs and tweaks to your investment plan. Don’t wait for a drop in the market to reassess your risk tolerances, do it now while everything is good. If you need help with this assessment I can lend you a hand. Listen to this episode to hear how. OUTLINE OF THIS EPISODE OF THE RETIREMENT ANSWER MAN [0:26] I love being an entrepreneur. [1:43] Three ways you get value from a business you own. [2:18] What is enterprise value? HOT TOPIC SEGMENT [4:43] My Vacation to the Caribbean. [5:54] Your Internet service provider can legally sell your data. [7:28] What is a VPN and why should I use one? PRACTICAL PLANNING SEGMENT [9:28] There’s a difference between Knowledge and Wisdom. [10:10] Why do you build a business? [13:00] Transitioning from building your business to building a legacy. [16:10] Moving towards exiting your business. [19:10] Things that make a business appealing to buyers. [22:10] Making your business valuable apart from the cash flow. THE HAPPY LAB SEGMENT [30:45] Quantity time is better than Quality time. TODAY’S SMART SPRINT SEGMENT [33:29] Markets are at an all-time high which means it is time to assess your investment risk. RESOURCES MENTIONED IN THIS EPISODE Contact Roger: http://www.rogerwhitney.com/retirementanswers/ Roger’s retirement learning center: www.RogerWhitney.com/learn The Retirement Answer Man Facebook page: www.Facebook.com/RetirementAnswerMan The BraveHeart Exit :: 7 Steps to Your Family Business Legacy Built to sell : Creating a Business That Can Thrive Without You Cloak Keep yourself safe with this Virtual Private Network tool