Why Sell My Best Asset? - Mark J. Dorman

Are you planning your 7-figure exit but need help figuring out where to start? Mark J. Dorman joins Jerome to share his story and expertise on successfully exiting a business. He's achieved over a hundred exits and wants to help other business owners do the same. He provides a five-step process to help people make the most out of their assets.  Mark's journey exemplifies the importance of having good advisors and being prepared for the unintended consequences of exiting a business. He encourages listeners to think beyond selling out and explore options like reinvesting in the business, hiring more talented people, or getting distributions forever. This conversation also dives into the emotional and psychological challenges of transitioning out of business, discussing books like Finish Big by Bo Burlingham and Trapped in the Family Business by Dr. Michael Klein, which speak to these issues. Mark also emphasizes the importance of recognizing the value of your business asset and leveraging it for financial security in retirement. This conversation highlights why understanding your goals and objectives is essential for ensuring a successful exit plan, so let's jump right in! [00:01 - 07:37] Opening Segment Mark has over three decades of experience with exits and has done over a hundred of them He built a firm that did 4 million in revenue in the employee benefits, executive benefits, and consulting space [07:38 - 19:43] Uncovering the Emotional Side of Business Transactions The emotional piece of the transaction is more important than the financial piece Bo Burlingham's book "Finish Big" speaks to the emotion of business owners Dr. Michael Klein's book "Trapped in the Family Business" identifies psychological issues preventing owners from leaving [19:44 - 27:44] Navigating the Complexities of Business Ownership Using quantitative assessment to determine who is the best suited to be the leader of a 100-year-old company Toxicity and lack of governance can lead to business deterioration Ego needs to be checked at the door when making decisions for the business Mastermind groups can help business owners realize they are not alone in their struggles [27:45 - 37:50] The Benefits of Early Exit Planning for Business Owners Exit planning is equal parts quantitative and emotional Investment bankers often forget that there is a whole person on the other side of the transaction There are six centers of doubt that business owners experience when transitioning out of their business The exit planning process prepares a business owner to take their business to a broker to market and sell to insiders [37:51 - 41:30] Closing Segment What is one thing listeners should take away? Connect with Mark through the links below Final words Quotes: "Rather than exit your small business, why don't you work on it to make it more valuable and to make it run more smoothly so you can have a higher quality of life, but still own it?" - Mark J. Dorman "If you're looking to work with an exit planner, you need to have someone who's equally professionally trained and equally strong both on the financial and the business sides. And that doesn't mean they have to have all the answers themselves. But have a good group of folks around you that can assist you." - Mark J. Dorman Connect with Mark! Website: www.LegacyBusinessAdvisors.com  LinkedIn: https://www.linkedin.com/in/markjdorman/    LEAVE A REVIEW + help someone who wants to explode their business growth by sharing this episode or click here to listen to our previous episodes. Dreamcatchers is an inclusive organization that targets people's interest in being more instead of a certain demographic. We have people from all walks of life at many different ages. Find out more at www.dreamsshouldbereal.com. Find out more about Jerome at www.d3v3loping.com or www.myersmethods.com. Learn more about your ad choices. Visit megaphone.fm/adchoices