The Conversation Advisors Should Be Having With Business Owners (But Often Aren’t)

This episode is a repurposed conversation from Get Your Fill: Financial Independence and Long Life, where Adam Koós joined the show as a guest to talk candidly about what actually happens when business owners approach an exit — and where advisors often underestimate the risk.

In this discussion, Adam breaks down why the majority of business owners never monetize the asset that represents most of their net worth, and why “I’ll deal with that later” is one of the most expensive assumptions advisors inherit from business-owner clients.

Rather than focusing on tactics or deal mechanics, this conversation centers on the advisory conversation itself — what needs to be addressed years in advance, what buyers truly care about, and how poor planning quietly erodes enterprise value.

For advisors who work with business owners, this episode highlights the difference between retirement planning around a business and planning for the transition of the business itself.

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⏱️ Episode Timestamps

00:00 – Why most business owners never sell their business
04:00 – The concentration risk advisors often overlook
08:30 – How businesses are actually valued (and why owners are surprised)
13:00 – Owner dependency and why buyers discount for it
18:30 – Customer concentration, retention, and perceived risk
24:00 – Why waiting “a few more years” costs real money
30:00 – Planning early vs. selling reactively
36:00 – Life after the sale: the emotional blind spot
42:00 – What advisors should be addressing long before an exit

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🔑 Key Takeaways

💡 Exit planning is not a transaction — it’s a multi-year advisory process
💡 Most business owners overestimate value and underestimate risk
💡 Owner dependency is one of the fastest ways to reduce enterprise value
💡 Advisors who address exit planning early create better client outcomes
💡 Planning years ahead creates optionality — waiting removes it

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🧠 Notable Quotes

🗣 “Most business owners don’t realize how much of their net worth is tied to their business.”
🗣 “If you don’t plan ahead, you don’t get what your business is worth — period.”
🗣 “Exit planning isn’t about selling tomorrow. It’s about being ready when the opportunity comes.”
🗣 “The goal isn’t just to sell — it’s to sell on your terms.”

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LinkedIn: https://www.linkedin.com/in/adamkoos
 Website: https://www.adrenalineadvisor.com