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Each week on “I’m a Millionaire, So Now What?”, Colleen O’Connell-Campbell, Wealth Advisor at RBC Dominion Securities, delivers inspirational stories and practical advice to self-made millionaires and wealthy families. With a focus on financial planning and wealth management strategies, Colleen and her guests cover the critical issues that truly matter to you, including succession strategies, family business governance tips, how to cope with fundraiser fatigue, finding your purpose after losing your family business, and much more.

Oct 13, 2020

Hey there, Self Made Nation, hope you all had a fantastic Thanksgiving (Covid-style, of course!). 🦃🍁🦃

 

“I’m a Millionaire. So Now What?” is back, and I’m here on my lonesome with FIVE key questions you should ask yourself if and when you start planning a cash-rich exit:

 

Are you clear about how your business is set up?

What is its worth?

What happens if an unexpected tragedy occurs?

Do you already have an Exit Plan?

What about next steps, post-sale? Who are you outside of CEO of XYZ?

 

Cast a critical eye, friends. Don’t have the answers to the above questions? Then please join me (and Cameron Herold!) in November for Double to Sell! 🌟💰🌟

 

Hope to see you there!

 

 

For anyone looking into the future and planning to sell off - or pass on - their business, the goal should be to get the emotion out of the equation and look at the facts. Is your business – that you’ve spent years of hard work building – really worth what you think it is? Or is it worth more? Do you have a complicated corporate structure with co-founders, family members and investors? Have you fully (and honestly) mapped out what would happen to your company should you fall ill, or worse? Have you protected what or who needs to be protected in case of an unexpected tragedy? And if you already have an exit plan (perhaps you even “built to sell”) the mindset behind that exit is as important as the technical, practical steps required secure the sale. Maybe “retire” is a dirty word in your books. I'm okay with that. But what are you going to do with your time? How are you going to find purpose?

 

Are all the corners and borders of your particular business jigsaw puzzle lined up and ready to be filled in? If not, do yourself a huge favour, and join me and the CEO Whisperer, Cameron Herold (virtually!) in November for Double to Sell - Canada's premier workshop for business owners looking to ensure they have a cash-rich exit strategy fully mapped out before they sell. You’ll receive insights and guidance from one of the most successful entrepreneurs going, PLUS hear lessons from the trenches during a roundtable session with your peers who’ve already made the jump! Whether selling or handing off to the second generation, make sure you have all your ducks in a row to ensure a smooth and financially sound transition.