In this episode we interview Randy Long, an entrepreneur, author, CPA, attorney and small business consultant. Through his firm, Long Business Advisors, he helps small business owners build a BraveHeart business – a business that’s always ready for an exit.
About Randy Long:
Randy is CEO of Long Business Advisors, creator of the BraveHeart Planning Process and author of the book, The BraveHeart Exit, 7 Steps to Creating Your Family Business Legacy. His unique business perspective, built upon an extensive background of more than 30 years of experience in law and finance, enables him to help business owners build and transition or sell their business, allowing them to create a family business legacy.
Randy has practiced law in the areas of estate planning and business planning since 1989. In addition, he is a Certified Financial Planner and has owned a wealth management firm since 1985.
Randy understands the importance of family: he and his wife, Lydia, have five children. His firsthand knowledge of growing his own family business places him in an ideal position to help others.
- Randy began his career as a cost accountant, then worked as a financial planner for a wall street firm, became a CPA and opened his own firm. The then went back to school to get his law degree. He operates a law practice and a financial planning firm, specializing in helping small business owners defined their business exit strategy.
- A BraveHeart business is a business that is always ready for transition or exit (it’s more than just existing your business). You can learn more about building a BraveHeart business here.
- Randy shares tips & advice for working in a small business with family. Two of Randy’s grown children are now part of his business.
- In this episode we discuss what’s required to make sure there is a plan in place for the transition of the business, regardless of what has triggered the need or desire to transition the business.
- He also shares some the common mistakes small business owners can avoid when it comes to operating and preparing a business for eventual transition.
- “Capital is a coward.” – Buyers will be looking for reasons to pay your less, and why they should not buy your small business. Look at your business through the eyes of a buyer, and not through the eyes of your customer.
- Value Catalysts – things like having a management team in place that are capable of helping you grow your small business, and consistent, recurring and growing revenue streams. Randy shares other Value Catalysts that you need to develop in your business to make it attractive to potential buyers.
- When to sell? One of the hardest questions and decision a small business owners must face at some point in the entrepreneurial life. Randy shares insightful stories and tips to help you determine the best time to sell your small company.
- Randy Long, and his associates at Long Business Advisors, focus on three primary areas of service for the small business clients: Managing the sale of a business, helping entrepreneurs prepare their business for sale or transition, and coaching and consulting to help people grow their small business.
Books mentioned in this episode:
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