Tag: Exit Planning
Business Exit Planning: A Value Management Process to Harvest Business Wealth (Ep. 55)

Business Exit Planning: A Value Management Process to Harvest Business Wealth (Ep. 55)

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Most business owners have over 80% of their wealth tied up in their business, yet few are fully prepared to unlock that wealth when it’s time to exit.

In this episode, Jim McGovern dives into the transformative world of exit planning, emphasizing how smart planning today can position an owner to maximize and harvest their business’s value later.

With 75% of business owners aiming to exit in the next decade, understanding the essence of exit planning is critical. It’s not a task to save for the future—it’s a strategic approach you can use now to build, protect, and secure your business’s value on your terms.

Jim discusses:

  • Why exit planning and business strategy go hand in hand
  • The 5 stages of value maturity: Identify, Protect, Build, Harvest and Manage
  • Guarding against the “Five D’s” that threaten business value: Death, Disability, Divorce, Distress, Disagreement
  • Building Value and Business Attractiveness through your “4 C’s”
  • Why aligning personal, financial and business readiness is essential for a smooth exit.
  • And more!

Resources:

Connect with McGovern Wealth Group:

Podcast: Play in new window | Download (Duration: 40:27 — 34.9MB) | Embed

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Retaining Key Employees with Non-Qualified Retirement Plans, Part 2 with Thomas Wyatt, JD, CFP® (Ep. 29)

Retaining Key Employees with Non-Qualified Retirement Plans, Part 2 with Thomas Wyatt, JD, CFP® (Ep. 29)

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For any business owner, losing key employees can be costly and disruptive. Retaining top-performing employees is crucial not only for growing your bottom line, but also for maximizing your enterprise value when it’s time to exit the business.

In the previous episode, we talked about qualified retirement plans. Today, we will discuss non-qualified retirement plans, which serve as an effective incentive to retain talent while simultaneously enabling your business to realize tax savings!

Join Jim McGovern and Thomas Wyatt, JD, CFP® and President of our Columbus office, in this two-part series as they share meaningful insights into various non-qualified deferred compensation plans, and their benefits for both the employer and employee.

Jim and Thomas discuss:

  • How non-qualified retirement plans differ from qualified plans
  • How Section 162 Executive Bonus Plans help retain employees for over a decade (and why they are easy to set up) 
  • A simplified explanation of split-dollar life insurance plans
  • Understanding Supplemental Executive Retirement Programs, which serve as “golden handcuffs”
  • How to reward employees without diluting your ownership using phantom stock plans
  • And more!

Resources:

Connect with McGovern Wealth Group:

Connect with Thomas Wyatt:

About our guest:

Thomas Wyatt, JD, CFP® is a highly skilled Certified Financial Planner, Professional based in Columbus, OH. With a strong focus on assisting businesses, business owners, and individual clients, Thomas has dedicated his career to helping them achieve their financial goals through effective and efficient tax-favored strategies.

Throughout his professional journey, Thomas has specialized in various areas, including Profit Sharing, 401(k) plans, Defined Benefit plans, Non-Qualified Deferred Compensation Plans, and essential employee benefits. By implementing these strategies, he empowers his clients to attract and retain talented individuals while maximizing tax advantages.

Recognizing the significance of individual financial aspirations, Thomas also works closely with individuals to help them shape the future they desire. Through comprehensive planning and personalized strategies, he assists clients in realizing their dreams and securing their financial well-being. With his extensive knowledge and unwavering dedication, Thomas Wyatt, JD, CFP® is a trusted financial partner committed to empowering businesses and individuals alike on their journey toward financial success.

Podcast: Play in new window | Download (Duration: 52:10 — 47.8MB) | Embed

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Knowing The Value of Your Business With Jason Early (Ep.15)

Knowing The Value of Your Business With Jason Early (Ep.15)

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98% of business owners don’t know the value of their business. Yet, most business owners are banking on the sale of their company someday to fund their retirement. 

In this episode, Jim McGovern talks with Jason Early, president of BizEquity, to discuss why you deserve to know the value of your business and what you can do with this information.

Jason discusses:

  • The importance of a business valuation
  • How often your business should have a valuation and how you can benefit from it
  • How inflation and interest rates are putting pressure on the value of a business
  • The time commitment and preparation needed for a business valuation
  • And more

Resources:

Connect With McGovern Wealth Group:

Connect With Jason Early:

About Our Guest:

After nearly a decade in financial services and technology/consulting, Jason joined BizEquity as CRO leading the sales, marketing, and customer success teams. As President, Jason partners with the leadership team to shape the vision and serve the team to deliver on BizEquity’s mission. Jason is the co-chair of Pavilion Philadelphia, and former board member of the American Ireland Fund, American College Alumni Board, and the Brian H. Early Foundation.

Podcast: Play in new window | Download (Duration: 34:19 — 31.4MB) | Embed

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