As an advisor, your role is to help clients prepare to exit their business, yet many people resist thinking about the future because it involves so many unknowns, decisions, and choices. And emotions typically complicate matters further, sometimes derailing the process altogether. Here are some questions that can help you establish rapport with your clients, learn more about their concerns, and move the conversation forward. How are you feeling about your work/profession/business these days? Which aspects of work are you still enjoying, and which are you ready to leave behind? Do you envision retiring from work at some point, or are you contemplating an encore career? What part of planning for your future feels most challenging? How do you imagine your life in retirement will be different from how it is now? What process are you using to figure out what you’ll do next after you retire? What would you like to see happen with your business long term? What options have you considered for the transfer of your business? What steps have you taken to make your business more attractive to a potential buyer? What are your concerns about transitioning your firm to new ownership? What would be your ideal scenario for transitioning out of your company? What topic(s) have we touched on today that we should put on our agenda to revisit? So, what happens after you pose a few of these questions and your clients open up about emotional matters? Remember, the most helpful thing you can do is to listen attentively. You’ve created a valuable opportunity for them to talk about things they may not share with other advisors. Here are some tips for managing the conversation when clients raise emotionally loaded topics: Don’t try to “fix things” by immediately offering suggestions. Doing so sends the message that you’re uncomfortable hearing their concern. You can offer suggestions but do so later. Don’t say anything that conveys the message that their feeling or concern is unwarranted. “There’s really no need to feel that way” or “I’m sure it will be just fine” may sound reassuring to you but could be experienced as dismissive by your client. Don’t immediately offer a logical counterpoint to your client’s emotion. Remember, feelings don’t have to make sense; they’re “as is”. Put another way, if feelings made sense, they would be thoughts. People report concerns and characterize their feelings differently from one another, so it’s in your best interest to seek amplification and clarification by inquiring as follows . . . “I want to make sure that I understand exactly what you mean by ___. Can you tell me more?” “People sometimes mean slightly different things when they talk about ___. What does ___ mean for you?” “Before I suggest anything, I’d like to learn more about it from your perspective.” It’s possible that during early conversations your client may hint at mixed feelings about exiting their business. That’s perfectly normal, but you need to bring it out into the open. You want to foster an atmosphere such that your client keeps you apprised about where they’re at. If they keep their ambivalence to themselves, it has greater potential to blindside you and complicate the sale. You can say: “In my experience, it’s normal to have some mixed emotions about selling. Those thoughts may not always be top of mind, but when they do pop up let’s be sure to talk about them. Believe it or not, they can help inform our process and alert us to aspects of the sale that are important to you.” You may also find that your client is overly risk averse. If so, consider saying the following: “Our work together won’t be comprehensive if we only plan for what could go wrong. That’s just half the equation. It’s fine to be conservative and err on the side of caution, but to be truly realistic we should also consider a range of possibilities both good and bad.” Author’s Note: The concepts in this article are derived from Robert Leahy’s book, Overcoming Resistance in Cognitive Therapy. New York: Guilford
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Welcome to our Community Exchange! It’s designed to give you to get a quick snapshot of all the great new members, content and events at XPX- Exit Planning Exchange across our network. Please explore and click through to learn more about our members and benefit from the knowledge they share with the community. If you don’t want to miss this valuable update, subscribe to our monthly email digest.
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Call Me When... You are a business owner thinking about a liquidity event - it is never to0 early plan.
![Ally Hicks of Riggs Davie PLC is a member of XPX Nashville](https://www.exitplanningexchange.com/wp-content/uploads/2024/06/ALOR3220.jpeg)
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Call Me When... you need estate or tax planning. Or a good restaurant recommendation.
Call Me When... With over 20 years of corporate law experience, I specialize in all facets of complex mergers, acquisitions, securities offerings, corporate transactions and general counsel matters.
![Lyle Newkirk of SeatonHill Partners is a member of XPX Atlanta](https://www.exitplanningexchange.com/wp-content/uploads/2024/06/Lyle-Photo-300x300.jpg)
![Lyle Newkirk of SeatonHill Partners is a member of XPX Atlanta](https://www.exitplanningexchange.com/wp-content/uploads/2024/06/Lyle-Photo-300x300.jpg)
Call Me When... You need the expertise of an experienced CFO to help plan for or execute a strategic transaction.
Call Me When... We are a Third-Party Administrator for Qualified retirement plans.
Call Me When... You have a client who needs advice on government grants & incentives or general tax assistance.
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Call Me When... Low Code Road specializes in custom inventory and process management systems. Contact us for tailored software solutions to streamline operations and reduce COGS for small to medium-sized businesses.
Call Me When... We are a national M&A firm devoted to founder-owners in federal government contracting, commercial B2B services and manufacturing.
Call Me When... a business owner wants to exit but he is the rainmaker or the valuation is too low. We work with advisors & owners to create the needed marketing engines to exit.
Call Me When... Property/Casualty Insurance Issues arise
![Laura Ferguson of The Value Builder System is a member of XPX](https://www.exitplanningexchange.com/wp-content/uploads/2024/06/lab-9635lr.jpg)
![Laura Ferguson of The Value Builder System is a member of XPX](https://www.exitplanningexchange.com/wp-content/uploads/2024/06/lab-9635lr.jpg)
Call Me When... You are looking for tools and training to help you start more strategic conversations with business owners.
![Billy Amberg of Bloomwood is a member of XPX Atlanta](https://www.exitplanningexchange.com/wp-content/uploads/2024/07/Headshot-1.png)
![Billy Amberg of Bloomwood is a member of XPX Atlanta](https://www.exitplanningexchange.com/wp-content/uploads/2024/07/Headshot-1.png)
Call Me When... Call me when capital gains tax on sale is an issue. My firm specializes in deferring and eliminating gains on the sale of businesses.
Call Me When... I assist companies with transaction readiness, buy/sell side due financial due diligence support and QofE preparation, Working Capital analysis and closing support, assistance with GAAP compliance, and a variety of other accounting services.
Call Me When... Tax planning and compliance, reviewed and compiled financials, monthly accounting assistance, CFO viewpoint and advisory consultation
![Ashley Love of FullFraction is a member of XPX Charlotte](https://www.exitplanningexchange.com/wp-content/uploads/2024/06/Headshot.jpeg)
![Ashley Love of FullFraction is a member of XPX Charlotte](https://www.exitplanningexchange.com/wp-content/uploads/2024/06/Headshot.jpeg)
Call Me When... you're seeking professional finance, accounting, or M&A support at a fraction of the cost of a full time team.
Call Me When... you need legal advice in connection with selling or buying a small business.
![Chris Albert of Clarity Family Office is a member of XPX Nashville](https://www.exitplanningexchange.com/wp-content/uploads/2024/06/Untitled-1.jpeg)
![Chris Albert of Clarity Family Office is a member of XPX Nashville](https://www.exitplanningexchange.com/wp-content/uploads/2024/06/Untitled-1.jpeg)
Call Me When... an individual or business owner with an entrepreneurial mind set is needing ideas and consultation to significantly reduce their taxes, protect their assets, transfer wealth and grow generational wealth.
Call Me When... Make your exit a success story. Scott Simon’s leadership coaching and strategic facilitation will support future leaders as part of a succession development plan.
![Katie Todd of Blue Sky Business Guides is a member of XPX Denver](https://www.exitplanningexchange.com/wp-content/uploads/2024/07/headshot-300x300.jpg)
![Katie Todd of Blue Sky Business Guides is a member of XPX Denver](https://www.exitplanningexchange.com/wp-content/uploads/2024/07/headshot-300x300.jpg)
Call Me When... you are preparing an owner for an exit.
Call Me When... Selling your business? Let me I have the funding to make it happen.
Call Me When... If you know someone interested in selling there business in the next 5-7 years.
Call Me When... I can help make an introduction or offer insights to unique business problems.
Call Me When... you're working with an organization that needs investment banking help and feels frustrated by not getting the service they want
Call Me When... Trust & Investment Management; estate planning
![Michael Peden of Calvetti Ferguson is a member of XPX Nashville](https://www.exitplanningexchange.com/wp-content/uploads/2024/06/Michael_Peden_website.png)
![Michael Peden of Calvetti Ferguson is a member of XPX Nashville](https://www.exitplanningexchange.com/wp-content/uploads/2024/06/Michael_Peden_website.png)
Call Me When... Opportunities to help advise business owners on preparing for the transition
Call Me When... a business owner wants to unlock growth and maximize their company's valuation by building a sustainable revenue model (strategy, infrastructure, processes, KPIs, comp plans, etc.) in preparation for a robust exit event.
Call Me When... Build credibility before a liquidity event; enter markets more swiftly than hiring a sales team and lead customers/investors to you
![Jason Deshayes of Cook Wealth LLC is a member of XPX Triangle](https://www.exitplanningexchange.com/wp-content/uploads/2024/06/Jason-smaller-scaled.jpg)
![Jason Deshayes of Cook Wealth LLC is a member of XPX Triangle](https://www.exitplanningexchange.com/wp-content/uploads/2024/06/Jason-smaller-scaled.jpg)
Call Me When... you need comprehensive tax and financial planning advice as you explore an exit
New Posts in The XPX
Knowledge Exchange
Owner's Academy & Advisor Exchange
For five decades, the southern United States has been an attractive location for automakers to open plants thanks to generous tax breaks and cheaper, non-union labor. However, after decades of failing to unionize automakers in the South, the United Auto Workers dealt a serious blow to that model by winning a landslide union victory at Volkswagen. In an effort to fight back, three southern states have gotten creative: they passed laws barring companies from receiving state grants, loans and tax incentives if the company voluntarily recognizes a union or voluntarily provides unions with employee information. The laws also allow the government to claw back incentive payments after they were made. While these laws are very similar, each law has unique nuances. If you are in an impacted state, you should seek local counsel. In 2023, Tennessee was the first state to pass such a law. This year, Georgia and Alabama followed suit. So why this push? In 2023, the American Legislative Exchange Council (“ALEC”), a nonprofit organization of conservative state legislators and private sector representatives who draft and share model legislation for distribution among state governments, adopted Tennessee’s law as model legislation. In fact, the primary sponsor of Tennessee’s bill was recognized as an ALEC Policy Champion in March 2023. ALEC’s push comes as voluntary recognition of unions gains popularity as an alternative to fighting unions. We recently saw this with the high-profile Ben & Jerry’s voluntary recognition. Will this Southern strategy work to push back against growing union successes? Time will tell. Brody and Associates regularly advises its clients on all labor management issues, including union-related matters, and provides union-free training. If we can be of assistance in this area, please contact us at info@brodyandassociates.com or 203.454.0560.
Almost since time began, the nimble small business has been axiomatic. Large corporations are like big ships, the common knowledge goes. They take a long time to change direction.
I once had the thrill of interviewing Jerry West on management. He was “The Logo” for the NBA, although back then they didn’t advertise him as such. Only the Laker followers knew for sure. In 1989 the “Showtime” Lakers were coming off back-to-back championships. Pat Riley was a year away from his first of three Coach of the Year awards.
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XPX is a multi-disciplinary community of professional advisors who work collaboratively to help owners build valuable businesses and assist them in preparing and executing a successful transition. Our members have specific areas of expertise as well as a holistic understanding of the breadth of challenges an owner faces throughout the stages of the private company life cycle.
We are unique in that we are the only open advisor network in the private company/business value transfer market. This means that we do not advocate a single approach or vendor. Instead, we endeavor to be a place where all advisors, owners and vendors can interact and collaborate. Each XPX Chapter is a locally-controlled non-profit organized by national and regional leaders in the private company market.
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