It’s another great day here on The Prosperity Perspective Podcast, and our host Liam Leonard is excited to bring on a master of EXITING and a globally prominent coach, Simon Bedard. Today, Simon will share with the audience several key components of his exiting model, particularly what you should do to prepare before it’s time to actually exit. Learn to better strip away the excess and identify your core needs as an individual while ensuring a fluid and safe transition out of the captain’s chair.
3 Key Takeaways:
How a bowl of spaghetti can be compared to many of Simon’s client mindsets in the beginning
Three specific components of Simon’s exiting model
How piloting a plane can be compared to investing
[0:20] Simon introduces himself
“I think The Prosperity Perspective is addressing a really fundamental issue for so many people.” -Simon Bedard
Co-founding Exit Advisory Group with his wife
Working with mindset and thinking about exits
[1:52] How working with banking lead him to founding an exit company
How little most people know about what to do with their money once they’ve achieved success
[4:00] What Simon did with his profitability when it came
How Simon’s personal experience changed how he talks to clients
Having tolerance and less planning for risk as a young businessman
[5:50] Simon’s framework now
Being less reactive as he was when he was young
“You really need to be thinking about what’s important to you as an individual.” -Simon Bedard
“How do you want to invest your most valuable resource, which is your time and your impact?” -Simon Bedard
The role of Maslow’s Hierarchy of Needs
Once you’ve nailed down your core wants, then expand to how you can impact
[9:55] Simon’s example of the need to discuss core wants
So why five million?
Go and stress test that number a bit first
Having less money made Simon’s client happier, and here’s why
[12:25] How many business owners are able to identify their core values and wants?
“Unless you give people a framework and model to follow, that’s where most of their thinking will end.” -Simon Bedard
Reverting back to their “bowl of spaghetti” mindset
[14:00] Taking people through a distinctive model
Their financial need, the time frame, and legacy
“I liken legacy to what people think or say about you when you aren’t in the room.” -Simon Bedard
Coming back to time and managing an asset continually
Wanting to step back and manage less
Accountants with concern about selling your business
You need to be able to look at your business like a part of your portfolio
Being able to rely on other people to manage your business and dealing with diversification
[20:00] Simon’s top recommendation to those looking to invest their profits
It depends on the situation!
Looking at it from a fundamentalist perspective
An example of a client of Simon’s who was getting to an unprofitable point
“Personality plays a lot into investment. Some people are so invested in their business, but risk comes with that.” -Simon Bedard
[23:00] Where Simon has seen making sense for investment
Investing in property
Seeing a lot of buys in order to keep cash out of the bank
Investors reassessing their cash and looking for businesses to put their money in
Simon’s pilot analogy
[26:10] Simon’s one piece of advice for someone looking into exit
Who are the significant others in your family? Talk to them in an environment where you’re not under pressure
Build relationships with people before there’s pressure
About Simon Bedard:
Simon Bedard is the CEO of Exit Advisory Group, a boutique M&A firm, that also provides a range of advisory services focused on exit strategies and how to maximize company value. Simon’s experience spans over 20 years in the finance, investment, energy, and technology sectors. As an entrepreneur, Simon has started, bought, and exited companies. He has also worked for one of Australia’s largest banks as an investment advisor to high net worth clients and private companies in their Institutional Banking & Global Markets division.
Simon has earned an MBA (with distinction) and a Diploma of Financial Markets. He is a licensed Business Broker, a registered Business Valuer, and is a member of the Australian Institute of Company Directors, the Advisory Board Center, and Family Business Australia, whilst also sitting on a number of Boards.
Simon’s passion is helping business owners understand where they want to be, then building a business that can get them there. Simon is also the host of BUY GROW SELL, the podcast for entrepreneurs looking to acquire, grow, or exit a business.
Connect with Simon Bedard:
Linkedin: (Tell him you heard him on the Prosperity Perspective)
The Buy Grow Sell Podcast
Connect with The Prosperity Perspective Podcast: