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.

Thursday Mar 06, 2025
Are You Taking Your Financial Supplements? (Rebroadcast)
Thursday Mar 06, 2025
Thursday Mar 06, 2025
Recently I was speaking with a client about how important it is to take preventative measures in regard to health - eating right, exercising, and taking the right supplements. It is just as important that we take preventative measures in regard to our finances - planning for the worst-case and best-case scenarios, exercising good financial habits, and revisiting your plan on a regular basis to make necessary changes.

Wednesday Nov 06, 2024
The Dirty Dozen of Long-Term Care Stats
Wednesday Nov 06, 2024
Wednesday Nov 06, 2024
Have you ever thought about what it could mean for your family if you needed care? What decisions would need to be made? Who would make them? How would things look? What impact would this have on your spouse and kids? Let us help you walk through the Quality-of-Life Planning Process™ to develop a true long-term healthcare plan. It is a gift beyond any measure of value for those you love the most!Â

Wednesday Oct 30, 2024
Family Support Checklist (Rebroadcast)
Wednesday Oct 30, 2024
Wednesday Oct 30, 2024
As a life planning firm, it is our mission to help you take the essential steps needed to face each of life’s stages with confidence and clarity. We were asked if we could compile a list of the things that need to be addressed on every level when you find it necessary to assume physical, emotional, and financial responsibility for your parents.

Wednesday Oct 09, 2024
Your Will is Not Enough (Rebroadcast)
Wednesday Oct 09, 2024
Wednesday Oct 09, 2024
While it may sound like the title of a James Bond movie, you need to ask yourself: Is your will alone enough to keep your estate from going through probate when you die? We’re talking legacy planning on this week’s episode. We give you 3 questions you need to ask yourself when setting up your estate.

Wednesday Aug 21, 2024
Retirement - The Easy Years Are Over
Wednesday Aug 21, 2024
Wednesday Aug 21, 2024
The accumulation years are the easy years…if any years are really easy years. And frankly, that is when you need to start thinking and become proactive about your retirement years. Here are some things to consider.

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 Jul 17, 2024
Is Your IRA a Tax Nightmare?
Wednesday Jul 17, 2024
Wednesday Jul 17, 2024
For many Americans, putting money back into a retirement account such as a 401(k) or traditional IRA has been their primary choice to save for retirement. The problem with this is: The IRS is going tax you…either coming or going. Here are some important things you need to consider.

Wednesday Jun 12, 2024
Can I Still Retire?
Wednesday Jun 12, 2024
Wednesday Jun 12, 2024
If the cost-of-living increase for food remains at 5% each year, that $100 worth of groceries will only be worth $56.03 just 10 years into retirement. This week we share 12 questions you need to be asking your financial professional.

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 Apr 10, 2024
Do You Have a Checkbox Mentality?
Wednesday Apr 10, 2024
Wednesday Apr 10, 2024
I was honored to sit down with the Real Wealth Podcast to talk about the struggles with long-term care in the United States, how grief heightens temperament, and how having a plan isn’t enough. You don't want to miss this week's episode.

Tuesday Mar 19, 2024
Dementia Care and the GEMS State Model (Rebroadcast)
Tuesday Mar 19, 2024
Tuesday Mar 19, 2024
We're honored to have Lisa Hunter join us this week on our show. Lisa shares with us the Teepa Snow Positive Approach to Care and information about the GEMS State Model. You don't want to miss this!