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In this podcast episode of “Money & You,” host Michelle Perkins speaks with Jerome Myers, a seasoned business leader and exit strategist, about the complexities of exiting a business and how to navigate what comes next. The discussion emphasizes the emotional and strategic aspects of business exits, particularly the “founder’s exit paradox,” which highlights the challenges founders face when detaching from their ventures.
They explore the importance of planning for an exit early in the business lifecycle, as many entrepreneurs overlook this critical aspect while focusing on growth. The conversation also touches on the financial implications of a successful exit, including how individuals often struggle with newfound wealth and the need for a clear understanding of their financial future post-exit.
This episode is significant as it encourages business owners to consider their long-term goals and the impact of their relationship with money, ultimately aiming to foster a more fulfilling life beyond their business endeavors. The discussion reflects contemporary issues faced by entrepreneurs who are living longer and healthier lives, who are looking for a fulfilling second chapter.
00:05 – Mindset and money connection
07:02 – Planning your business exit
16:10 – Recognizing exit opportunities
27:37 – Transforming passion into profit
32:59 – Preparing for retirement life
46:43 – Resources for successful exits
Key Takeaways
– Plan Early: Founders should consider their exit strategy from the beginning to maximize the value of their business.
– Emotional Readiness: Recognizing the emotional aspects of exiting a business is crucial for a smooth transition.
– Financial Awareness: Understanding personal financial needs and goals is essential for life after business ownership.
– Seek Guidance: Working with an exit strategist can provide valuable insights and help navigate the complexities of exiting a business. Jerome Myers, renowned exit strategist known for his expertise in helping founders navigate the emotional and practical aspects of exiting their businesses offers resources and assessments to assist business owners in preparing for a successful exit.
– You can take his “Exit Readiness Assessment” for free at:https://exittoexcellence.com/ERA
Schedule a consult here: (http://exittoexcellence.com)
His podcast can be found here: https://podcasts.apple.com/us/podcast/your-next-a-guide-to-finding-fulfillment-after-your/id1455776307
For much more on ALL things money mindset, money management, how to earn a great living and take control of your finances…Subscribe to my weekly podcast, Money and You:
https://podcasts.apple.com/us/podcast/money-you-with-michelle-perkins/id1365907575?ign-itscg=30200&ign-itsct=podcast_box
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