About The Guest(s): Tyson Ray is a founding partner of Form Wealth, a financial advisory firm that specializes in exit planning for small to medium-sized businesses. He has extensive experience in helping business owners navigate the complexities of selling their businesses and planning for retirement.

Summary: In this episode, Ronald Skelton interviews Tyson Ray, a financial advisor and exit planning expert. They discuss the importance of involving a financial advisor in the process of buying or selling a business, and the role they play in helping business owners plan for retirement. They also touch on the challenges that business owners face when it comes to understanding the financial implications of a sale and how to make the most of the proceeds.

Key Takeaways:

It is crucial for business owners to start planning for their exit at least three to five years before they intend to sell.
Financial advisors can provide valuable insights and guidance on how to maximize the value of a business and plan for retirement.
Business owners should consider the emotional and psychological aspects of selling a business, as well as the financial implications.
It is important to involve a financial advisor in the process of selling a business to ensure that the proceeds are managed effectively and aligned with the owner's long
term goals.

Quotes:

"Financial advisors need to stop selling last week's lotto numbers for a fee and start focusing on the bigger picture." - Tyson Ray
"Selling a business isn't an overnight thing. It requires careful planning and consideration of various factors." - Ronald Skelton
"The more time we have, the more options we have. The shorter time we have, the less options we have." - Tyson Ray
"Your business is worth more if your plan is in place. Your employees are more loyal if the plan is in place." - Tyson Ray
"The biggest mistake business owners are making is letting the urgent crowd out the important." - Tyson Ray

Watch it on Youtube: https://youtu.be/Atb72_avfAw

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Contact Tyson on
Linkedin: https://www.linkedin.com/in/tysonray/
Website: http://www.formwealth.com/
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E175: Financial Advisor Tyson Ray Discusses the Importance of Exit Planning for Business Owners

How2Exit: Buy, Don't Build - M&A of Small Businesses