7:20 What exactly is an exit strategy, and why is it important for owners to have one?

9:11 At what stage should a business owner think about an exit strategy?

10:11 What are key components of a successful exit strategy?

13:29 What are some common mistakes that business owners make when they're planning their exit?

18:19 How does a business owner determine the value of what their business is worth?

20:33 How do you help people navigate the psychological aspect of someone exiting their business?

23:09 Can you share some challenges that you have faced when you have helped clients?

25:27 What are the top three pieces of advice you would give a business owner who is starting to think about exiting?

26:53 Are there any books or resources you recommend?

29:07 How can people reach out to you? What's the best way?

29:39 Monika Hengesbach's tax tips when exiting your business

Today on episode 12 of The Wealthy Wallet, podcast host Monika Hengesbach has Russ Ray, a financial planner from Ameriprise, in studio. Russ emphasizes the need for early and comprehensive exit planning for business owners, noting that 50% of business exits are unplanned due to unforeseen circumstances. He covers key exit strategy components, common mistakes like delaying planning, and strategies for managing taxes, including using C corporations and donor-advised funds for tax relief.

Work with Russ Ray:
https://www.ameripriseadvisors.com/russ.ray

The purpose of this podcast is to give you tax tips, strategies, information on new tax law changes, and give you new tools to help you navigate life's unexpected financial curveballs, all in hopes to give you more money to put back into your wallet. 

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Podcast Host Monika Hengesbach has more than 30 years of experience in financial services. She’s an enrolled agent, an NTPI Fellow, and CEO at Decision Financial Services. 

Work with Monika Hengesbach:
https://www.DecisionFinancial.com

DECISION FINANCIAL
535 Silicon Dr. Ste 101
Southlake, TX 76092

Office: 1-817-268-9352
Fax: 1-800-860-6042
[email protected]