Tim Vorhoff, Vice President of CreoValo joins Mike Langford for an exploration of a growth strategy that many financial advisors are ignoring: helping private business owners sell their businesses to unlock their tied-up value. The conversation explores the opportunity for financial advisors to partner with investment banks to assist business owners in selling their companies. They discuss the scale of the opportunity, the average value of small businesses, and the importance of having conversations with business owner clients about their future plans for their businesses.

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Key Takeaways From This Episode:

Many wealthy individuals in communities are private business owners with a significant portion of their net worth tied up in their businesses.
Financial advisors have the opportunity to partner with investment banks to help business owners sell their companies and unlock their tied-up value.
Having conversations with business owner clients about their future plans for their businesses is crucial for advisors to understand their clients' needs and provide relevant advice.
Organizing a competitive process to sell a company can result in better valuations and terms for business owners. Financial advisors can help business owners maximize the outcome of selling their businesses by providing education and guidance.
Building a strong network of professionals who can solve business owners' problems is crucial for advisors.
Succession planning and creating a transferable business are important for attracting potential buyers.
Advisors should focus on solving business owners' problems and building trust to establish themselves as a resource in the community.

Chapters

00:00 Introduction: Unlocking Tied-Up Value

02:25 The Opportunity for Financial Advisors

04:21 Partnering with Financial Advisors

09:31 Understanding the Scale of Small Businesses

17:45 The Benefits of Organizing a Competitive Process

23:23 Having Conversations with Business Owner Clients

25:19 Maximizing the Outcome of Selling a Business

35:27 The Importance of Succession Planning

41:34 Building Trust as a Resource for Business Owners