Why Every Business Owner Needs a Business Success Plan ASAP

Ellen McIlhenny ,

Ellen McIlhenny resized 2
Do you know what you want to happen when you exit your business? Your business is a financial asset like stocks, bonds or real estate that can fund your retirement, but only if you have a strategic business succession plan. How do you determine what your business is worth? What can you do today to increase the value of your business for the future? In this episode, host Mary Foley talks with Ellen McIlhenny, a Certified Business Transition Expert with B2B CFO with 20 years of experience as Chief Financial Officer and Controller. Ellen knows the ins and outs of everything that touches the finances of a business, including how larger businesses acquire smaller ones. Today we tap into her experience and insights to help small business owners consider their own business succession plan.
Listen and learn:
  • What is business success planning and why it is critical to your financial future
  • How to figure out what your business is worth
  • What you can do now to increase the value of your business for a future buyer
  • The challenge of increasing the worth of any service-based business
  • The biggest financial mistake (and regret) most small business owners make
  • What savvy business owners do to stay financially smart about their business
  • Why retiring Baby Boomer business owners may make your business far less valuable
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Mary Foley
Mary Foley — Known for her insights, candidness and humor, Mary Foley energizes women entrepreneurs with the clarity, confidence, and tools to attract, engage, and win more clients. In addition to hosting the P.O.W.E.R. Plug podcast, Mary is the author of three books, energizing keynote speaker, business mentor and lover of red capes. For more, go to maryfoley.com.
The information contained in this P.O.W.E.R. Plug Podcast expresses the opinion of the author and does not constitute advice from or the opinion of Sonabank.