{"version":1,"type":"rich","provider_name":"Libsyn","provider_url":"https:\/\/www.libsyn.com","height":90,"width":600,"title":"Building an Exit Strategy","description":"Summary:   In the 10th episode of the Confident Wealth Podcast, Bill Bush and Pete Bush talk with Camm Morton from VR Business Brokers. Camm discusses his background and credentials in the business exit sector, how VR Business Brokers works for buyers and sellers, and the best practices involved.   Time Stamped Show Notes: 00:40 \u2013 Guest Cam Morton is introduced, including spending over 30-40 years in finance. He focuses on helping people deal with business exit planning. 01:44 \u2013 VR Business Brokers is a world-wide business exit firm that brings buyers and sellers together. 02:38 \u2013 VR gives a free business valuation to people. 90% of business probably never thought about how they will exit. Plan ahead. 05:08 \u2013 The steps, which should begin at least two years ahead include: establish a broad range value, figure out what you want to do during retirement, how much money you need during retirement, do you have a team? 06:44 \u2013 Camm is VR\u2019s exit planning specialist, one of about 600 in the United States that is certified. 07:21 \u2013 Many companies operate as \u201clifestyle companies\u201d that aren\u2019t organized for an exit situation. Emotions can run high.           09:36 \u2013 Finding a buyer requires meeting with buyers in similar industries, list the business without saying who it is, and screen potential buyers and help them with loans and structuring the deal. 12:18 \u2013 Industries that are easiest to move are well-priced and businesses that do businesses with other businesses. Manufacturing is popular. 14:07 \u2013 VR has dealt with a client that wasn\u2019t honest about their businesses\u2019 finances and a client that died two weeks after the deal closed. 15:54 \u2013 Only 10-20% of businesses that are typically $15 million companies and below ever sell. 17:03 \u2013 Successful business owner\u2019s businesses often represents 80-90% of their entire net worth. 18:57 \u2013 Concentrate to accumulate. Diversify to protect. 19:03 \u2013 Camm Morton\u2019s contact information:                      Email: CMorton@VRBatonRouge.com                       Telephone: (225) 663-5999   3 Key Points: Camm is VR\u2019s exit planning specialist, one of about 600 in the United States that is certified.   Only 10-20% of businesses that are typically $15 million companies and below ever sell. Successful business owner\u2019s business often represents 80-90% of their entire net worth.   Tweetable Quotes: -    \u201cWe like to be in the half a million to one million, or up to $15 million range as selling price.\u201d  \u2013 Camm Morton.   -    \u201cI think the most common mistake is not knowing the value of your company.\u201d \u2013 Camm Morton.  -    \u201cYou don\u2019t have to be perfect, you just have to be better than the other 80% out there in order to get a decent value.\u201d  \u2013 Camm Morton.    Resources Mentioned: Horizon Financial Group \u2013 website for Horizon Financial Group Confident Advisor Practice \u2013 podcast for Confident Advisor Practice VR Business Brokers \u2013 Website for VR Business Brokers LinkedIn \u2013 Camm Morton\u2019s LinkedIn page   ","author_name":"The Confident Wealth Podcast","author_url":"http:\/\/confidentwealth.libsyn.com\/website","html":"