The Life Planning 101 Podcast
Episodes

Tuesday Mar 18, 2025
Why Every Business Owner Needs an Exit Plan
Tuesday Mar 18, 2025
Tuesday Mar 18, 2025
This episode features Rich Hall, a certified exit planning advisor, discussing the importance of preparing businesses for sale. The conversation focuses on the challenges business owners face when selling their companies, the need for proper exit planning, and strategies to ensure a successful transition while aligning with personal and financial goals.
Key Takeaways đź’ˇ
A significant portion of business owners' wealth (80%) is tied up in their businesses, yet only about 10% have a formal exit strategy. This lack of planning can lead to financial risks and missed opportunities when attempting to sell.
Many business owners overvalue their companies, viewing them as personal investments rather than marketable assets. This often results in unrealistic expectations and challenges during the sale process.
The value of a business is determined by how easily it can be transferred to a buyer. Businesses that are too dependent on the owner or a few key clients are less attractive to potential buyers.
Only 30% of businesses listed for sale actually sell, and many owners attempt to sell too late, often due to burnout. Proper planning and preparation are essential to increase the chances of a successful sale.
Over half of business exits occur involuntarily due to unforeseen events like death, disease, divorce, disagreements, or distress. Advance planning can help ensure the business continues to operate under such circumstances.
A significant number of business owners (75%) regret selling their businesses within the first year, often due to inadequate financial planning or a lack of purpose post-sale. It's crucial to plan for life after selling to avoid this regret.
Exit planning involves aligning the business's value with the owner's personal and financial goals, while also considering legacy and financial outcomes. Ideally, this process should start 2-3 years before the intended sale.
Businesses that are income-based rather than value-based often struggle to sell, even with strong financials. Owners should focus on making their companies less dependent on themselves and diversifying their client base to enhance attractiveness to buyers.
Living a purpose-filled life post-retirement is essential, as many business owners struggle to find fulfillment after the initial excitement of retirement fades. Planning for a meaningful life after selling is as important as the sale itself.
Business owners should prioritize family and faith, as time spent with loved ones is irreplaceable. Living life intentionally rather than by default is a key takeaway from the discussion.

Wednesday Aug 14, 2024
Have You Outgrown Your Advisor?
Wednesday Aug 14, 2024
Wednesday Aug 14, 2024
I believe one of the hardest things to do is find the “right fit” advisor for you and your family. Because of this, I thought I might take a minute to educate you a little about our industry.

Wednesday May 29, 2024
My Farm & Ranch - Transitioning and Retirement Planning
Wednesday May 29, 2024
Wednesday May 29, 2024
If you haven’t thought about your own legacy, please do. In order to help you get off on the right foot, here are some things to consider. We call it the “Who, What, When, How, Sam and Plan Approach.

Wednesday Feb 21, 2024
When to Start Planning (Rebroadcast)
Wednesday Feb 21, 2024
Wednesday Feb 21, 2024
Angela was honored to be a guest on the Real Wealth podcast with Jim Silbernagel to share the benefits and pitfalls that could occur when starting a financial strategy later in life. Please enjoy this gem from our archive.

Wednesday Sep 27, 2023
The 8 Life Planning Issues
Wednesday Sep 27, 2023
Wednesday Sep 27, 2023
Over 35 years of working in various fields of Life Planning has shown us that most people don’t plan to fail –they just fail to plan. And one reason behind this procrastination is that they are overwhelmed by the complexity of the task and don’t know where to start. We feel it is very important for every family to seek help and take the time to focus on the questions that need to be addressed. I encourage you to be proactive as opposed to reactive and live your life on Purpose!

Tuesday May 16, 2023
Decompress from Stress
Tuesday May 16, 2023
Tuesday May 16, 2023
Life gets stressful sometimes, there’s no way around it. This week we give you some tools you can use to help decompress from the stress…whether its financial, business, or life.

Tuesday Apr 18, 2023
Preventative Financial Care
Tuesday Apr 18, 2023
Tuesday Apr 18, 2023
Over 35 years of working in various fields of Life Planning has shown me that most people don’t plan to fail –they just fail to plan. I encourage you to be proactive as opposed to reactive and live your life on Purpose!

Tuesday Feb 14, 2023
Do You Cut and Paste Your Decisions About Money? (Rebroadcast)
Tuesday Feb 14, 2023
Tuesday Feb 14, 2023
Think of your 3 favorite restaurants. Now imagine the head chef from each made his/her very best dish for you. Sounds splendid, right? Now imagine if you took a big bowl and mixed these three dishes together with a wire whisk. How does that sound? Not so good, right? So why do we do that with our money? We cut and paste every strategy that sounds good and mix it all together. No matter how superb each strategy may be, when you mix the 3 they may not mesh well together at all.

Monday Jul 18, 2022
A Tax Nightmare for Your Business
Monday Jul 18, 2022
Monday Jul 18, 2022
Don’t leave your spouse and partner with a tax nightmare. Let us help you review your situation and show you any pitfalls that may be in your current plan.

Monday Jul 11, 2022
Are You Planning for a Financial Drought?
Monday Jul 11, 2022
Monday Jul 11, 2022
We work with several business owners across several industries and realistically speaking? 95% of our time is spent fixing problems, not preventing them. I want to challenge you today to take care of the old you person you will be some day and address the risks you may not even know are out there. Let us help you plan for a drought.

Monday Apr 18, 2022
The Griever’s To-Do List
Monday Apr 18, 2022
Monday Apr 18, 2022
If you love your family, you don't want to miss this week's episode. Planning is a gift. It is a gift of peace of mind and the ability to not just survive, but to thrive. Provide your family with the tools to take care of you and your wishes with confidence because you love them.

Monday Jan 24, 2022
Blake Briscoe Interview
Monday Jan 24, 2022
Monday Jan 24, 2022
We were honored to have a sit down interview with Blake Briscoe, CPA and Jim Kennedy to talk about their new business partnership, Briscoe & Associates, LLC. For more information, check out: briscoeandassociates.com