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Your Exit Strategy… How Well Will You Do?
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In this episode, Simone and Joshua Monge, a fractional COO specializing in business optimization, discussed the critical steps business owners should take to prepare for a successful exit.
They highlighted the importance of proper structuring, documentation, and maintaining a scalable business identity separate from the owner. The conversation covered topics such as the value of EBITDA, the role of certified professionals in business valuation, and strategies for addressing operational bottlenecks.
The hosts emphasized the need to start the exit planning process early, get one's financial house in order, and document key processes to ensure a smooth transition and maximize the business's value.
Next Steps for Business Owners:
- Clean up financial books and ensure accurate records for at least 3-5 years.
- Document key processes and systems to reduce dependence on any single individual.
- Identify and address operational bottlenecks that could lower business valuation.
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