The Exit Blueprint: Strategies to Maximize Value and Minimize Risk

In this AICPA Personal Financial Planning Podcast episode, Cary Sinnett interviews Dan Meiklejohn from Focus Partners Wealth about business exit planning. They discuss what it means to exit a business, emphasizing it as a process rather than an event, and the importance of creating choices for the owner. Meiklejohn highlights the risks owners often overlook, such as over-dependence on the owner, concentrated revenue streams, and outdated legal agreements, stressing the need to build a sellable business by addressing these issues early. The conversation covers the critical role of an advisory team, including CPAs, attorneys, and financial planners, in aligning the exit process with the owner's personal goals and values. Meiklejohn shares insights on initiating early conversations about exit planning with business owners, focusing on their vision for the company and their life post-exit, and tailoring strategies to their financial needs, personal values, and desired role after the transition.