Latest / Money Matters with Greg / Episode 196: Exit Planning For Business Owners Using The Three-Leg Stool

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Episode 196: Exit Planning For Business Owners Using The Three-Leg Stool · Money Matters with Greg

• 0:02
  SPEAKER_01: Welcome to Money Matters with Greg, where we dive into the money conversations shaping your life.
• 0:08
  SPEAKER_01: From investments to estate planning, insurance to taxes, we cover it all with a fresh perspective.
• 0:14
  SPEAKER_01: Join Greg and his guests each week to get inspired and take control of your financial future.
• 0:20
  SPEAKER_01: Let's get started.
• 0:22
  SPEAKER_01: Securities and investment advisory services offered through LPL Financial, a registered investment advisor, member Pimrez IPC.
• 0:51
  SPEAKER_01: Welcome to Money Matters with Greg, where we dive into the money conversations shaping your life.
• 0:58
  SPEAKER_01: From investments to estate planning, insurance to taxes, we cover it all with a fresh perspective.
• 1:04
  SPEAKER_01: Join Greg and his guests each week to get inspired and take control of your financial future.
• 1:10
  SPEAKER_01: Let's get started.
• 1:11
  SPEAKER_01: Securities and investment advisory services offered through LPL Financial, Registered Investment Advisor, members and Red IPT.
• 1:32
  SPEAKER_00: All right, good afternoon.
• 1:33
  SPEAKER_00: It's Greg Farrell, CEO and owner of Faro Wealth.
• 1:36
  SPEAKER_00: The show's Money Matters with Greg, and we are back, and better than ever, here at WVLP 103.1 FM, and also uh anywhere you pod, you can find us as well as our YouTube channel, The Show's Money Matters with Greg.
• 1:49
  SPEAKER_00: We talk money on this show, and that's what I'm here to do today.
• 1:52
  SPEAKER_00: So sorry, we've uh had a couple of weeks off here, needed to uh rest and repair.
• 2:00
  SPEAKER_00: Wanted to mention uh that take care of yourself.
• 2:04
  SPEAKER_00: You know, make sure you're watching after your numbers and making sure you're doing stuff because I was lucky enough to be told just in this last week that I am cancer free.
• 2:15
  SPEAKER_00: Never had any family history in cancer and was diagnosed with prostate cancer just recently here uh in May of 2026.
• 2:22
  SPEAKER_00: So we've been working as a family trying to figure this all out.
• 2:26
  SPEAKER_00: I didn't disclose it to anyone, really, other than just uh my wife, uh Liz, who's just been absolutely fantastic through all this and a true warrior and having to deal with uh the emotion of it all.
• 2:40
  SPEAKER_00: But uh it's not every day you get diagnosed with cancer, and that's certainly not what I expected.
• 2:45
  SPEAKER_00: But fighting through it, uh had surgery and pathology reports came back.
• 2:50
  SPEAKER_00: I'm good.
• 2:50
  SPEAKER_00: The doctors said uh see in 30 years uh or not.
• 2:55
  SPEAKER_00: So hey, um the reason I'm bringing it up is one, we're in a world, and I'm in the world of financial services that we have some very emotional moments, and uh that's why I wanted to be able to bring up to you as you deal with whatever you're dealing with out there, whether it be mental health issues or bad di or diagnoses that nobody wants.
• 3:18
  SPEAKER_00: Uh just wanted you to know that there are people out there that can help, uh, whether it be family friends or professionals.
• 3:25
  SPEAKER_00: So I've been blessed with a great team, was very happy with obviously with the results, uh fighting through some serious pain, getting through uh after the surgery, but uh everything's good and getting better and every day, like every day.
• 3:43
  SPEAKER_00: And you know, we're all we're all day-to-day, right?
• 3:46
  SPEAKER_00: As they say in the sporting world.
• 3:47
  SPEAKER_00: But just wanted to mention that because it was watching blood counts and a very nerdy internal that we have in Northworthwestern in Chicago, uh, that uh started watching PSA levels.
• 4:02
  SPEAKER_00: And even though they weren't very high, uh they had gone up uh based on a percentage pretty quickly over four years, and he just didn't like it.
• 4:13
  SPEAKER_00: So did it an MRI, and then obviously that was cloudy, and did the biopsy and got the news that you've got cancer.
• 4:22
  SPEAKER_00: So I know many people out there have had things that are much worse, and we've gone through much, much worse for sure.
• 4:31
  SPEAKER_00: I call it a blessing for you know that it is this.
• 4:34
  SPEAKER_00: It's 95% curable, whether you do radiation or surgery.
• 4:38
  SPEAKER_00: And I just am telling all my all my guys out there any way I can, whether it be through the podcast, through the radio show, uh, through the YouTube channel, or any of the socials, is get your PSA checked.
• 4:52
  SPEAKER_00: And it might be low, but keep tracking it every six months and keep your eye on it because that's exactly what happened to me.
• 4:59
  SPEAKER_00: Anything over four is something they worry about.
• 5:02
  SPEAKER_00: Mine wasn't it was below three.
• 5:04
  SPEAKER_00: So after it was all said and done.
• 5:07
  SPEAKER_00: So it started out at 0.51.
• 5:10
  SPEAKER_00: So uh whatever that means uh to you and your health and watching, I'm just bringing it up today because I want to start the show with that to say, hey, look, I'm sorry I missed you.
• 5:19
  SPEAKER_00: I've missed you a lot.
• 5:20
  SPEAKER_00: I've really wanted to be able to tell you about a number of different things that have been out there, but uh until now I just couldn't.
• 5:26
  SPEAKER_00: So I want to thank the WVOP 103.1 FM family for being with me and uh uh giving me air hugs along the way.
• 5:33
  SPEAKER_00: For sure, my Rotarian family, my Valparaiso community family, my Culver family, my Indiana University family, and all the other families that I love very dearly, including the most important one, which is mine.
• 5:48
  SPEAKER_00: They are my why, and that is why I do what I do.
• 5:52
  SPEAKER_00: So for that reason, I broadcast it out loud and say, you know, keep after yourselves, take care of yourselves, and if you can be as profitable and make a ton of money and follow this show and other shows and take our suggestions as much as you like to build your wealth.
• 6:12
  SPEAKER_00: But if you don't have your health, what good is your wealth?
• 6:15
  SPEAKER_00: And I've always said you've never seen a hearse without a with a luggage rack.
• 6:20
  SPEAKER_00: I've never seen a hearse with a luggage rack, and it is real when you go through things like this.
• 6:26
  SPEAKER_00: So hug the ones you love and continue to make wise decisions in this lifetime, and let's all work really, really hard to avoid the next for now.
• 6:38
  SPEAKER_00: So again, the show's Money Matters with Greg.
• 6:40
  SPEAKER_00: I'm Greg Farrell, CEO and owner of Farrell Wealth.
• 6:42
  SPEAKER_00: It's a wealth management firm here locally in Valparaiso, Indiana, and then serving clients in 25 states.
• 6:48
  SPEAKER_00: We are all over the nation helping high net worth individuals and families uh with their own wealth and their uh their businesses.
• 6:56
  SPEAKER_00: And today we're launching a three-part series, maybe even longer, depending on how it goes, on uh the business owners.
• 7:03
  SPEAKER_00: I was recently went through this summer, found finished over a year-long process, a year and a half or so, of going through the Exit Planning Institute's requirements to get an accreditation called a CEPA.
• 7:17
  SPEAKER_00: It's a CEPA uh accreditation, which is a certified exit planning advisor.
• 7:23
  SPEAKER_00: And this is helping business owners exit.
• 7:26
  SPEAKER_00: So as we all build our wealth and build our businesses and spend so much time as business owners, and I've been a business owner since I was 23 and have owned and shut down many businesses throughout my career.
• 7:40
  SPEAKER_00: Currently owning two that are Fairwealth and Fairwealth NIL, helping college athletes.
• 7:46
  SPEAKER_00: Uh, these are my passion for sure, and we are growing.
• 7:51
  SPEAKER_00: Ultimately, will we look to exit?
• 7:54
  SPEAKER_00: Sure.
• 7:55
  SPEAKER_00: Depends on a lot of things.
• 7:57
  SPEAKER_00: But what I wanted to be able to bring to you today was the things I've learned from the SEPA program and how they might help you as a business owner to consider the fact that you are always selling your business.
• 8:12
  SPEAKER_00: If there's one thing I've learned through this program is you are always selling your business every day.
• 8:21
  SPEAKER_00: You're getting your business ready for exit, you're training your culture to get ready for exit, you are training your people and your staff to get ready for exit, and everyone has the same mentality that in a very simple, simple way, every 90 days you ask yourself, do we grow or do we exit?
• 8:40
  SPEAKER_00: And that exit might be towards family, that might be strategic buyers, it might be private equity, it might be an ESOP, it might be many different options.
• 8:51
  SPEAKER_00: But the question is, are we growing or are we selling?
• 8:56
  SPEAKER_00: So that's what I want to get you ready for today, and just go to the basics really to really just sort of talk about this in the next half an hour or so uh as we walk through this episode, I think 195 or 196.
• 9:12
  SPEAKER_00: I can't remember.
• 9:13
  SPEAKER_00: It's just a it's a blur.
• 9:15
  SPEAKER_00: It's and I really appreciate all the uh comments and uh all the people that have followed us along the way as we broadcast here at WVLP103.5, FM locally, and then anywhere you pod, you can find us too.
• 9:29
  SPEAKER_00: Many of these things also have a uh blog attached to it, so you can find our blog at FaroWalk.com.
• 9:35
  SPEAKER_00: Uh so I know when I talk to market, I've got a lot of charts, and uh that seems to matter if you want to be able to see what's going on as far as the charts side of things.
• 9:45
  SPEAKER_00: But really, I wanted to get personal personal about exit planning.
• 9:51
  SPEAKER_00: And it's was really shocking as when I first started in this program that the biggest the biggest statistic that I saw that I really encountered throughout the program says that 75% of business owners experience profound regret within a year of selling their business.
• 10:12
  SPEAKER_00: Now, I know this because I've seen it.
• 10:16
  SPEAKER_00: I've seen the statistic.
• 10:18
  SPEAKER_00: I've seen business owners, we've helped business owners sell their business.
• 10:22
  SPEAKER_00: We manage their wealth after they sell their business.
• 10:25
  SPEAKER_00: They manage, they sell their businesses for 10, 20, 30, even 100 million dollars.
• 10:30
  SPEAKER_00: There's money that needs to be invested, and we have to work with that.
• 10:34
  SPEAKER_00: And we have to game plan for that for the family, for the next generation, and the generation after that.
• 10:40
  SPEAKER_00: But the profound regret that is the business owner that has built so much of his kingdom or her kingdom is real.
• 10:50
  SPEAKER_00: And I was alarmed by this so much with through many clients that we've helped sell and walk through that process to be very, very emotional about what am I gonna do?
• 11:02
  SPEAKER_00: Who am I?
• 11:03
  SPEAKER_00: I've lost my identity, I've always been the person, I've always been the team.
• 11:08
  SPEAKER_00: Um and it's a very introspective process that is necessary to get to the point where you are ready to go on to the next path and you're confident about where it's gonna be and what you're going to do.
• 11:26
  SPEAKER_00: And it all starts with planning now.
• 11:30
  SPEAKER_00: So again, you're always looking to sell and you're setting your business up to be sold on a 90-day uh process.
• 11:43
  SPEAKER_00: These are called sprints inside the program.
• 11:45
  SPEAKER_00: You sprint to 90 days, you work on different things as a team.
• 11:49
  SPEAKER_00: Each person gets individualized to have three to four sprints in 90 days that they feel like they can take on.
• 11:57
  SPEAKER_00: The entire team does, the owner does, and whomever it might be.
• 12:01
  SPEAKER_00: And then at the end of the sprints, the question is asked, are we selling or are we growing?
• 12:08
  SPEAKER_00: And some people, some businesses stay in their sprints for 10, 15 years.
• 12:12
  SPEAKER_00: And it's wonderful because they continue to grow and do what they're doing, adding value to their communities, on and on and on as small business owners.
• 12:20
  SPEAKER_00: We are the most powerful group in America, for sure, because we are the lifeblood of the economy.
• 12:28
  SPEAKER_00: And we run a lot of things that people take for granted.
• 12:32
  SPEAKER_00: In the meantime, you have business owners that are driving to be better, driving to be growing, and you have incredible growth in your company, and mostly because you have good employees that felt empowered and they wanted to stay.
• 12:50
  SPEAKER_00: And now if every business is trying to align for that purpose, wouldn't it be an incredible thing?
• 12:57
  SPEAKER_00: And the one main way to be able to do this is through the what they call the three legs of the stool.
• 13:04
  SPEAKER_00: So again, this is from the Exit Planning Institute.
• 13:07
  SPEAKER_00: Uh you can find it at Exitplanning Institute.com to say who they are.
• 13:12
  SPEAKER_00: There are many, many different, it's not just financial advisors, it's estate planning attorneys, it's CPAs, uh, business owner CPAs that focus on business owners.
• 13:22
  SPEAKER_00: And there are a number of other professions that work with a SEPA.
• 13:26
  SPEAKER_00: I just happen to be a financial advisor that wanted to do the financial side of things and walk clients through the financial side and the wealth management side.
• 13:36
  SPEAKER_00: But you're going to have a number of different people to talk with in this industry.
• 13:41
  SPEAKER_00: There's over 13 or 14,000 SEPAs now nationally, and you can find a local SEPA by going to the Exit Institute of ExitPlanning Institute.com.
• 13:52
  SPEAKER_00: But the three legs of the stool is really what they have the entire core of the program on.
• 13:58
  SPEAKER_00: And the alignment is between three separate legs.
• 14:03
  SPEAKER_00: One is personal, one is financial, and uh and and the next is business planning.
• 14:10
  SPEAKER_00: And that is really the value.
• 14:12
  SPEAKER_00: Those three things are the things you work on as you look to sell.
• 14:18
  SPEAKER_00: And as I said, you're constantly selling.
• 14:20
  SPEAKER_00: So this all works to what they call and is included in what they call the value acceleration model.
• 14:30
  SPEAKER_00: So basically, what you're going to try to do is add more value to your company.
• 14:34
  SPEAKER_00: Well, on the personal level, give you an example.
• 14:37
  SPEAKER_00: Who wants to come in and buy your business if your books are a mess?
• 14:41
  SPEAKER_00: Or your personal books are a mess, or you owe back taxes?
• 14:45
  SPEAKER_00: Who wants to come in and buy your business if you haven't had an estate plan or you have no key man insurance and no buy-sell agreement for your key people?
• 14:53
  SPEAKER_00: No one wants to come in and buy your business and have to put those things into place.
• 14:58
  SPEAKER_00: You need to do it on your own and you need to work at it and build and add value.
• 15:02
  SPEAKER_00: So each of those that I mentioned are going to add more value to your business and make you more attractive to a potential buyer.
• 15:11
  SPEAKER_00: Now we work with a lot of business owners and we talked with a lot of different advisors who work with all these different business owners.
• 15:20
  SPEAKER_00: And you'd be alarmed to know that many of the people, they just don't have anything planning and planned on their personal side.
• 15:27
  SPEAKER_00: The personal side is very often overlooked as that leg of the stool.
• 15:32
  SPEAKER_00: When it actually it should be top of mind and first, you can immediately add value without a bunch of fees and a bunch of other things that happen by just as a business owner making sure you have your estate plan done.
• 15:48
  SPEAKER_00: That's very, very simple.
• 15:50
  SPEAKER_00: That immediately de-risks your business uh very, very quickly.
• 15:55
  SPEAKER_00: You can add value by reviewing your property casualty conversations with uh any agent that you're working with and having conversations about protecting yourself by making sure that you have the right policies in place and enough insurance to be able to make sure nobody wants to come in to buy your business if you're underinsured and you're at risk.
• 16:18
  SPEAKER_00: And this goes for everything from cyber attack risk all the way to physical equipment risk.
• 16:25
  SPEAKER_00: So these are very, very important that you get done ahead of time and very quietly and quickly within a 90-day sprint, start working on them.
• 16:36
  SPEAKER_00: Um so the one question that is very important as we go through personal, financial, and business planning legs of the stool is who are you outside of your business?
• 16:52
  SPEAKER_00: What legacy do you want to leave?
• 16:56
  SPEAKER_00: These answers really should drive your business and drive your thoughts and then not be an afterthought.
• 17:02
  SPEAKER_00: This is what exit planning really is working on the why and the how of personal planning so that business owners and advisors alike can all kind of create a world with more impact and ultimately sell your business for not three or four times EVITA, but 10, 12, 14.
• 17:25
  SPEAKER_00: What makes a company in your industry worth that much?
• 17:29
  SPEAKER_00: That's a difference between selling a business for three to four million to maybe thirty or eighty.
• 17:37
  SPEAKER_00: That's life-changing money.
• 17:39
  SPEAKER_00: That's life-changing impactful wealth, and it's generational wealth.
• 17:43
  SPEAKER_00: So let's work on you first, is the way we're gonna run this.
• 17:48
  SPEAKER_00: We're gonna start with the first leg of the stool on the personal side, and you as a business owner.
• 17:53
  SPEAKER_00: So I'm talking to all my all my brethren out there that uh has made payroll, has risk uh out the wazoo for sure, and all that they do.
• 18:05
  SPEAKER_00: We think the market's risky.
• 18:07
  SPEAKER_00: Well, own your own business.
• 18:08
  SPEAKER_00: See how that goes.
• 18:10
  SPEAKER_00: Try to make payroll when when you know it's it's gonna be very difficult to do this quarter or this month.
• 18:16
  SPEAKER_00: Make sure you have enough insurance involved and the fact that people aren't stealing your goods or whatever it is, it's just a constant risk.
• 18:24
  SPEAKER_00: And it's very rewarding ultimately, but then no business owner would say, you know, pity me.
• 18:30
  SPEAKER_00: But no matter how you are to you, no, no, how no matter how close you are to your perceived exit, personal planning begins today for you.
• 18:43
  SPEAKER_00: So I really hope you can start with this plan, which is what we do here, is as my dad always used to say, make a plan, work the plan.
• 18:54
  SPEAKER_00: So what's your personal plan?
• 18:56
  SPEAKER_00: As we talk here on Money Manager Greg, I'm Greg Farrell, CEO and owner of Ferrell Wealth.
• 19:01
  SPEAKER_00: It's on WVLP 103.1 FM.
• 19:04
  SPEAKER_00: We broadcast at one o'clock on Thursdays and replayed at 11 o'clock on Saturdays.
• 19:09
  SPEAKER_00: Every week, new episode, and then we uh pod on Apple and Spotify and anywhere you pod.
• 19:14
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• 19:25
  SPEAKER_00: So knowing that one day every business owner really wants to exit their business, and whether it be whether they spent one year or fifty building the business, their exit is on hopefully on their terms as a result sometimes of a tragedy, a diagnosis, whether they plan to find a new business or never earn another dollar again.
• 19:53
  SPEAKER_00: Every business owner will face this exit eventually.
• 19:56
  SPEAKER_00: So that's what I'm really wanting to get you ready for and talk to you personally as a business owner to say, you know, you sit on this three-legged stool, and it's not the stool that you build on the day of the exit.
• 20:12
  SPEAKER_00: It's just not a stool that they build, and it's not a stool you build post-exit.
• 20:16
  SPEAKER_00: It's a stool that is built, whether you know it or not, one day they start acquiring, you start acquiring your business.
• 20:26
  SPEAKER_00: And no matter the time or the care, the craftsmanship that they put into the stool, uh, they have to sit.
• 20:34
  SPEAKER_00: And when you sit, it has to be even, or one leg will give away.
• 20:40
  SPEAKER_00: And whether the seat is stable or wobbly comes down to the effort, the focus, and the alignment they dedicated to the stool from the first place.
• 20:54
  SPEAKER_00: So I'm giving you the stool, we're gonna we're gonna sit and it's gonna be stable, is the plan.
• 21:00
  SPEAKER_00: We're gonna sit down, three legs of the stool is a real key component in the value acceleration methodology that is the foundation of and and concept of exit planning through the exit planning institute.
• 21:15
  SPEAKER_00: And it is the core teaching of the exit planning institute, without a doubt.
• 21:18
  SPEAKER_00: I mean, that's where we start.
• 21:20
  SPEAKER_00: And that's what we teach when we walk in to help you and help your team and build your culture towards exit.
• 21:30
  SPEAKER_00: So the three legs of the stool are business, building a business with transferable, transferable value.
• 21:36
  SPEAKER_00: One statistics they threw out is 70% of all business owners in the in the United States don't even sell their business.
• 21:43
  SPEAKER_00: They either businesses are worthless or not of any value, which is a travesty because you build or you spend all this time and it ultimately is just a job, and you don't have any asset after that can pay for all the things that you built.
• 22:00
  SPEAKER_00: So you want to build a business with transferable value and you want to invest in the business's culture, the people, the customers, the systems, and the owners need to create a company that can thrive without them.
• 22:16
  SPEAKER_00: I know that's tough to hear because it's certainly tough to hear from me too.
• 22:21
  SPEAKER_00: But you need to mo that that multiplies the value of potential owners.
• 22:25
  SPEAKER_00: Again, if someone wants to some potential buyers.
• 22:28
  SPEAKER_00: If somebody comes in and wants to buy your company and you have to stay there to make it run, they're not going to want that.
• 22:36
  SPEAKER_00: That's not an attractive thing.
• 22:38
  SPEAKER_00: They don't want the previous owner there.
• 22:40
  SPEAKER_00: They want to buy the company, buy what it's worth, and move on.
• 22:44
  SPEAKER_00: Input their people or keep the people that they have that you have, but you're gone.
• 22:49
  SPEAKER_00: So and you could do part-time.
• 22:52
  SPEAKER_00: I've seen that before for sure, but for the most part, they don't want you there.
• 22:58
  SPEAKER_00: Second leg of the stool is financial, crafting a plan to choose that to well to close the wealth gap.
• 23:06
  SPEAKER_00: So you find a valuation in your company initially what you think it might be worth, and then you find out it might not necessarily be worth what you think it is.
• 23:14
  SPEAKER_00: But you also have to know what is it going to take for you to retire, and that's where we come in.
• 23:19
  SPEAKER_00: Financial advisors can help you figure out what your number is and how much it's going to be, what's your spend rate, what's your burn rate, what all these different things that matter in regards to the advising world, and that's why I love what we do.
• 23:33
  SPEAKER_00: So that's your part of the teams, the financial advisor that gives you a chance to be able to know what the difference is for your wealth gap between the valuation of your business and what you're going to be able to use in retirement as you age and walk into sunset.
• 23:47
  SPEAKER_00: And you might live to 80, 90, even 100 years old.
• 23:50
  SPEAKER_00: And most owners have about 90% of their wealth tied up in their business.
• 23:57
  SPEAKER_00: Did they have a 401k?
• 23:59
  SPEAKER_00: Sure.
• 23:59
  SPEAKER_00: Maybe.
• 24:00
  SPEAKER_00: Did they contribute?
• 24:00
  SPEAKER_00: Maybe not.
• 24:01
  SPEAKER_00: These are all things you can work on as you plan ahead.
• 24:04
  SPEAKER_00: But smart financial planning bridges the gap between what's needed for the future and what currently exists.
• 24:13
  SPEAKER_00: So finding out how much is out there that's available to be able to use, and then knowing that the business needs to sell for an inexorbitant amount above that because you haven't planned puts a lot of stress on the purchase price or the the exit entirely.
• 24:29
  SPEAKER_00: So all of these are factoring into the proceeds of that business exit.
• 24:35
  SPEAKER_00: And then the third personal side is the third leg is the personal.
• 24:39
  SPEAKER_00: So working towards a personal vision that is driven by purpose.
• 24:48
  SPEAKER_00: So again, who are you?
• 24:50
  SPEAKER_00: What do you want retirement to look like?
• 24:51
  SPEAKER_00: What uh sort of value are you going to tribute contribute to a community?
• 24:56
  SPEAKER_00: I like I met a group at a golf course where we were golfing and about to tee off, and older gentleman, probably in his late 70s, turned to an older gentleman in his late 70s and he says, Hi, nice to meet you.
• 25:09
  SPEAKER_00: What were you when you were somebody?
• 25:11
  SPEAKER_00: And I always laughed at that because, you know, that is an identity.
• 25:15
  SPEAKER_00: These people have worked all their lives and then they retire and suddenly, you know, they're just they're a retiree on the golf course.
• 25:24
  SPEAKER_00: Uh they might have led thousands of employees.
• 25:27
  SPEAKER_00: They might have led um multiple, they might have owned multiple small businesses that were extremely profitable.
• 25:34
  SPEAKER_00: You don't know.
• 25:34
  SPEAKER_00: But uh I always thought it was funny.
• 25:36
  SPEAKER_00: It's like, what were you when you were somebody?
• 25:40
  SPEAKER_00: Working towards this personal vision and driven is driven by purpose.
• 25:44
  SPEAKER_00: And beyond how the owner spends their time post-exit, and look, I've seen a lot of retirees golf uh every day for six months and back away and do it once a week.
• 25:57
  SPEAKER_00: I've seen them fish every day for over two or three years.
• 26:01
  SPEAKER_00: Ultimately, there's things that you really need to focus on in this situation, which is your health, your relationships, your personal identity, and your lasting legacy.
• 26:13
  SPEAKER_00: So three legs of the stool, business, financial, personal.
• 26:18
  SPEAKER_00: Let's work on them all together.
• 26:20
  SPEAKER_00: Let's like let's work on them uh throughout this series.
• 26:23
  SPEAKER_00: Uh this is going to be the first of what I think is gonna be three parts, but honestly, after today, after doing this and talking about this, uh it's already up on the hour or the half hour.
• 26:34
  SPEAKER_00: Uh we might have a few more.
• 26:36
  SPEAKER_00: So I hope this is helpful for you as a business owner out here and keep on loving what you do.
• 26:42
  SPEAKER_00: Uh, we're proud of you.
• 26:44
  SPEAKER_00: You're, you know, you're you're kicking ass, doing great.
• 26:47
  SPEAKER_00: And uh let us help educate you on some things while you're out and about, maybe working out, taking care of yourself, or on your way to your next uh appointment because you're taking care of yourself and listening to us here.
• 27:01
  SPEAKER_00: Uh maybe we can help you somehow always be selling your business because that's really what you need to be working on as you go and gain further wealth because of the value that you've built in your practice and in your in your overall business.
• 27:17
  SPEAKER_00: So thanks for being here today.
• 27:19
  SPEAKER_00: The show's Money Matters with Greg.
• 27:20
  SPEAKER_00: I'm Greg Farrell, CEO and owner of Faro Wealth.
• 27:23
  SPEAKER_00: It's a wealth management firm, registered financial advisor.
• 27:26
  SPEAKER_00: Uh we are members of LPL Financial, by the way.
• 27:30
  SPEAKER_00: It's uh very it's one of the largest uh broker dealers in the nation.
• 27:34
  SPEAKER_00: There's multiple statistics for that.
• 27:36
  SPEAKER_00: I did forget, I always do, but the opinions voiced in this show, program, podcast, which is Money Matters with Greg, are for general information only and intended to provide specific advice and recommendations for any individuals to determine which strategies and investments may be suitable for you.
• 27:54
  SPEAKER_00: Consult the appropriate qualified professional prior to making the decision.
• 27:58
  SPEAKER_00: Third party guests are not affiliated with LPL Financial or Faro Wealth.
• 28:02
  SPEAKER_00: So there's my disclaimer.
• 28:03
  SPEAKER_00: I apologize.
• 28:04
  SPEAKER_00: I didn't say it in the beginning.
• 28:07
  SPEAKER_00: It happens.
• 28:08
  SPEAKER_00: I had some news to disclose.
• 28:11
  SPEAKER_00: So thanks to all my friends and family for watching after me.
• 28:13
  SPEAKER_00: Thanks for thanks for the Lord Above for watching after my family and and myself through all of this.
• 28:20
  SPEAKER_00: And I just want to congratulate all the business out there, uh business owners out there that are doing great things.
• 28:26
  SPEAKER_00: And thanks for listening.
• 28:28
  SPEAKER_00: So we are on 103.1 FMWVLP.
• 28:31
  SPEAKER_00: It shows Money Matters with Greg.
• 28:33
  SPEAKER_00: And uh check us out on all of our pods and wherever we are on socials at feralwealth.
• 28:39
  SPEAKER_00: And look forward to seeing you next week.
• 28:41
  SPEAKER_00: We'll see ya.
• 28:44
  SPEAKER_01: Thanks for tuning in to Money Matters with Greg.
• 28:47
  SPEAKER_01: We hope you gained some valuable insights today.
• 28:49
  SPEAKER_01: Remember, your financial journey is personal, but you don't have to go it alone.
• 28:54
  SPEAKER_01: If you enjoyed the show, be sure to subscribe and share.
• 28:57
  SPEAKER_01: Until next time, here's to making your money work for you.
• 29:01
  SPEAKER_01: Securities and investment advisory services offered through LPL Financial, a registered investment advisor, member FINRA SIPC.
• 29:13
  SPEAKER_01: Thanks for tuning in to Money Matters with Greg.
• 29:16
  SPEAKER_01: We hope you gained some valuable insights today.
• 29:18
  SPEAKER_01: Remember, your financial journey is personal, but you don't have to go it alone.
• 29:23
  SPEAKER_01: If you enjoyed the show, be sure to subscribe and share.
• 29:26
  SPEAKER_01: Until next time, here's to making your money work for you.
• 29:30
  SPEAKER_01: Securities and investment advisory services offered through LPL Financial, a registered investment advisor, member FINRA SIPC.