The Confident Exit Podcast
Welcome to The Confident Exit Podcast — the show that empowers business owners to plan their ideal exit with clarity and confidence. Hosted by Pete Bush, CFP®, Certified Exit Planning Advisor (CEPA®), Financial Advisor and founder of Horizon Financial Group, each episode dives into the key strategies, expert insights, and real-life stories that help you build a business exit plan on your terms. Whether you're a few years from your transition or just beginning to think about your future beyond the business, you'll hear practical tips, planning guidance, and engaging conversations with fellow advisors, attorneys, CPAs, and successful business owners who've navigated the exit journey. Your business exit is one of the most important financial and emotional decisions you'll ever make—this show helps you do it right. Horizon Financial Group 15015 Jamestown Boulevard, Suite 100 Baton Rouge, LA 70810 (225) 612-3820 Securities and advisory services offered through Cetera Advisors LLC, member FINRA/SIPC, a broker/dealer and Registered Investment Adviser. Cetera is under separate ownership from any other named entity.
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Planning for the Inevitable: The 5 D’s of Business Succession with Mark Fry
01/12/2026
Planning for the Inevitable: The 5 D’s of Business Succession with Mark Fry
In this episode of The Confident Exit Podcast, Pete Bush sits down with longtime friend and Baton Rouge attorney Mark Fry of Phelps Dunbar, who leads the firm’s Trust & Estates Group within its business practice. Together, they explore why estate planning and business succession planning must be addressed together, and why exit planning is not a future event—but an ongoing process that should start early in a business’s life. Mark shares insights from advising business owners across industries, explaining where deals break down, why owners often overestimate value, and what buyers truly care about during due diligence. The core of the conversation centers on the “5 D’s”—Death, Disability, Divorce, Disagreement, and Distress—and how strong governance documents (especially operating agreements) act as a practical playbook when unexpected life events occur. The episode closes with book recommendations, personal reflections, and a glimpse into Mark’s upcoming holiday travels. Chapters 00:10 — Welcome Pete welcomes listeners to the Confident Exit Podcast and introduces Mark Fry of Phelps Dunbar. 01:25 — Mark’s Role at Phelps Dunbar Mark shares his background, his leadership of the Trust & Estates Group, and how his entrepreneurial small-firm roots inform his approach to succession planning. 02:51 — The Silver Tsunami & Consolidation They discuss the aging baby boomer generation, increased M&A activity, and why consolidation is accelerating across professional services and business sectors. 04:58 — Trust & Estates Planning Connects to Business Succession Mark explains how estate planning directly impacts business succession decisions while owners are still alive—not just after death. 06:45 — Focus on the Process, Not the Exit Event Why planning early matters: it allows owners to identify gaps and create options long before a forced exit occurs. 07:41 — The Valuation Reality Check Mark explains why many owners overestimate business value by focusing on EBITDA multiples rather than readiness and transferability. 08:15 — Readiness Shows Up in Due Diligence How owner-centric operations, undocumented knowledge, and weak leadership depth surface during buyer diligence. 10:09 — Fix Issues Early or Pay for Them Later When problems appear late in the process, owners often suffer price reductions and less favorable deal terms. 10:38 — Quality of Earnings as a Proactive Tool Mark explains why forward-thinking owners use QoE reports early to strengthen weak points. 11:43 — Burnout as an Exit Trigger Pete connects owner burnout to exit timing and explains why waiting too long erodes value. 13:20 — What Buyers Are Really Buying Buyers focus on sustainable, repeatable cash flow and reduced risk—not just current profitability. 14:30 — Being Ready for the Unexpected Offer With significant capital seeking acquisitions, owners may be approached unexpectedly—readiness preserves leverage. 15:30 — Introducing the 5 D’s Pete and Mark outline the five forced-exit risks: Death, Disability, Divorce, Disagreement, and Distress. 16:23 — Death: Avoid the Default Plan Without buy-sell planning, ownership interests can pass by default law—often creating unintended partnerships with heirs. 18:04 — Operating Agreements as the Playbook Why governance documents should include clear triggering events, valuation formulas, and funding mechanisms that evolve with the business. 19:43 — A Real Example of Updating Agreements Pete shares how even small firms benefit from updating operating agreements as ownership and complexity change. 21:41 — Disability: Define It Clearly Mark explains why disability must be clearly defined (duration, triggers) and aligned with insurance provisions where applicable. 23:09 — Divorce: Community Property & Ownership Risk How divorce can unintentionally create economic interests for a spouse—and why agreements must address it directly. 25:00 — The Must-Have Takeaway: Written Operating Agreement Mark emphasizes that while not legally required, a written operating agreement is essential protection for owners and partners. 26:33 — Concentrated Net Worth Risk Pete notes that most owners’ wealth is tied up in their business, making proactive planning critical. 28:17 — Disagreement: Planning for Conflict Loss of alignment on vision, growth, or exit timing can derail a business without pre-agreed rules. 29:53 — Mediation, Arbitration, and ADR Tools Mark explains how alternative dispute resolution can prevent disagreements from becoming destructive lawsuits. 30:55 — Drag-Along and Tag-Along (Plain English) Clear definitions of how majority and minority owners are protected in sale scenarios. 33:04 — Decisions vs. “Biggies” Most day-to-day issues resolve informally—but major life events must be documented in advance. 34:54 — Distress: Resilience Through Diversification Customer concentration, weak balance sheets, and lack of leadership depth amplify distress during economic shocks. 36:42 — “Stay Ready” as a Business Mindset Clean operations and documentation reduce both crisis stress and transaction stress. 38:24 — Capital Calls & Unequal Partner Capacity Why agreements must address funding obligations, dilution, and fairness when partners’ resources differ. 40:21 — The “Messy Deal Closet” Problem Outdated contracts, inconsistent financials, and poor enforcement create friction and distress. 41:30 — Book Recommendations Mark recommends Finish Big by Bo Burlingham and references the Exit Strategy Handbook by Adam Coffee. 42:38 — Favorite Wine Mark jokes his favorite wine is always “the next bottle that gets opened.” 43:05 — Personal: Leavenworth, Washington Mark shares plans to visit Leavenworth, WA—“Christmastown, USA”—a Bavarian-style holiday village. 44:10 — How to Reach Mark Mark directs listeners to Phelps Dunbar’s website and LinkedIn. 45:05 — Closing Holiday wishes and sign-off. Key Takeaways · Estate planning and business succession planning must be addressed together. · Exit planning is an ongoing process, not a last-minute event. · Owners often overestimate value by focusing on profitability instead of transferability. · Buyers prioritize sustainable cash flow and reduced perceived risk. · Quality of Earnings reports help identify and fix issues early. · The “5 D’s” can force unplanned exits if not addressed in advance. · Without planning, default law determines ownership outcomes. · A written operating agreement is essential—even when not required. · Disability must be clearly defined within governance documents. · Disagreements should be anticipated with ADR provisions. · Drag-along and tag-along clauses protect both transactions and minority owners. · Operational readiness reduces distress and improves exit outcomes. Sound Bites “There’s not really a choice as to whether to exit your business. It will happen.” “Cash flow divided by risk—perceived risk at that.” “If you don’t have a written operating agreement… get one.” “Those who stay ready don’t have to get ready.” “My favorite wine is the bottle that’s going to get opened next.” Guest Contact Mark Fry, Phelps Dunbar Disclosure The views depicted in this material are for information purposes only and are not necessarily those of Cetera Advisors LLC. They should not be considered specific advice or recommendations for any individual. Neither Cetera Advisors LLC nor any of its representatives may give legal or tax advice. Pete Bush is a registered representative offering securities and advisory services through Cetera Advisors LLC, member FINRA/SIPC, a broker-dealer and registered investment adviser. Cetera is under separate ownership from any other named entity. The guest on this episode, Mark Fry of Phelps Dunbar LLP, is an attorney and does not offer securities or advisory services through Cetera Advisors LLC. The views expressed by the guest are his own and are not intended as legal or tax advice. Phelps Dunbar LLP is not affiliated with Cetera Advisors LLC. Address: 15015 Jamestown Boulevard, Suite 100, Baton Rouge, LA 70810.
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The Insider’s View of Buying, Building & Exiting a Financial Advisory Firm (with Brian Toma)
12/10/2025
The Insider’s View of Buying, Building & Exiting a Financial Advisory Firm (with Brian Toma)
Summary This episode dives into the real-world journey of growing up inside a financial advisory firm, buying into it, becoming the successor, and then turning around to acquire other practices. Pete and Brian unpack the mindset, mechanics, and emotional reality of ownership transitions—both for founders planning to exit and for next-generation successors stepping in. Brian shares why early, honest communication between owners and potential successors is the #1 factor in successful internal transitions, how deal financing has evolved, why continuity documentation is mandatory, and what every advisor should be doing today to increase the value—and resilience—of their businesses. Chapters 00:00 — Welcome Pete frames the episode: two SEPA-designated advisors talking about real-world buyouts, succession, and ownership transitions. 01:00 — Meet Brian Toma Brian’s background: 24 years in the same firm, rising from intern to owner, wearing every operational hat along the way. 02:39 — Growing Up Inside a Firm Why having done every job—trash to dishwasher to advisor—helps him lead and train effectively today. 03:23 — The Power of Early Conversations Brian explains how he and the founders discussed future ownership years before a deal was even possible. 04:32 — Appetite for Risk: Not All Advisors Want to Own Something Why some advisors don’t want debt, responsibility, or entrepreneurship—and why that’s okay. 05:24 — The SEPA Framework & Value Gap Awareness Understanding value gaps, profit gaps, and what successors must help owners close. 06:28 — Choosing Ownership Over Comfort Story of turning down a higher salary to pursue long-term ownership potential. 08:08 — Proving Yourself as a Successor How competence, consistency, and “doing every job first” built trust with the founding owners. 09:12 — Entrepreneurship Isn’t for Everyone Pete and Brian unpack why advisors inside banks or captive channels often underestimate the realities of ownership. 10:13 — Transition Paths: Slow Glide vs. Clean Exit Owners may want to stay on with top clients; why Brian encourages it. 11:32 — The Reality of Health Events Sudden exits, health scares, and why planning cannot be postponed. 12:56 — Successor Conversations From Both Sides How younger advisors can signal interest—and how founders can invite successors to step up. 13:51 — Shockingly Few Advisors Have Exit Plans Most either lack documentation or have outdated documents that no longer reflect team structure or intentions. 14:45 — The Critical Role of the BD/RIA Even perfect legal docs fail if rep code assignments and continuity agreements aren’t filed properly with the BD. 16:03 — Deal Multiples in Today’s Market Revenue multiples rising from ~2.6× to 3–4×; cash-flow multiples reaching 7–10×. 17:48 — Protecting a Million-Dollar Asset (Even for Small Firms) Why even solo practices with $300k revenue must preserve business value for families. 18:28 — The Most Overlooked Risk: Missing Documentation Why “hit-by-a-bus drills” should be done with your BD and your attorney. 19:52 — Exit Planning Is a Today Project Why waiting until you’re “ready to retire” is too late. 20:33 — Closing the Profit & Value Gaps Recurring revenue, best-practice comparisons, and improving business fundamentals. 21:14 — Advisor Busyness vs. Strategic Planning The compounding opportunity cost of ignoring long-term planning. 22:55 — Lending Has Evolved More lenders understand advisory firms—but deal structure must fit a credit box. 23:38 — Taking Chips Off the Table Partial sales, minority stakes, team buy-ins, and why these options are more accessible than ever. 24:55 — How Brian Helped a Bank Learn the Industry The origin story of building a bank’s $200M advisor-loan portfolio. 26:31 — Structuring Deals Banks Can Actually Underwrite Why lenders should be involved early in negotiations. 27:19 — Disability Protection Over Life Insurance A practical approach to protecting loan payments if the buyer becomes disabled. 29:07 — The Industry Has Matured Private equity, professionalization, and the rise of investable advisory businesses. 30:18 — Fragmentation & Consolidation Thousands of small firms + aging advisors = massive acquisition demand. 31:09 — The Largest Advisor Transition in History 50–70+ buyers for every seller; urgency for proper continuity planning. 31:54 — The Real Bottleneck in Exit Planning Most advisors don’t know what they want their next chapter to look like—and get stuck. 33:17 — The Personal Side: Designing Life After Work Identity, purpose, time use, lifestyle patterns—how owners should think beyond the dollar signs. 34:29 — Owners Rarely Change Personality After Exit Your ideal lifestyle is usually visible today; plan around what you already do and enjoy. 35:05 — Selling 20% to Secure Your Life Number Why partial sales can fund retirement while keeping control and empowering the next generation. 35:52 — Making Ownership Feasible for Younger Advisors Avoiding the “throw up at the purchase price” problem by selling in stages. 36:39 — Book Recommendations Walking to Destiny; Bob Buford’s Halftime and Finishing Well for the personal side of transition. 37:36 — Teaching Your Team What Ownership Really Means Cash flow realities, risk, bonus timing, and how to build business literacy across the team. 38:59 — Closing Thoughts Pete wraps up with reflections on building valuable businesses and preparing for the future. Key Takeaways Ownership succession works best when conversations start years before a transaction. Successors must be transparent early: “I want to buy this practice; here’s my timeline.” Many advisors are not naturally entrepreneurial—ownership isn’t for everyone. Health events often force exits prematurely; plans must be in place long before. Documentation alone is not enough—your BD/RIA must have the correct rep code assignments and agreements on file. Business values today are significant: 3–4× revenue, 7–10× cash flow in many cases. Recurring revenue dramatically increases multiples and should be a strategic priority. Lenders increasingly understand advisory practices—but only if deal structure fits their underwriting models. Disability protection is often more important than life insurance in acquisition financing. Private equity and minority-stake buyers give owners new options to “take chips off the table.” Most owners don’t know what they want to do after they sell—and that creates inertia. The next decade will see the largest advisor retirement wave in history; demand far exceeds supply. Sound Bites “I’d rather starve now… because I knew I was never going to own that bank.” “Communicate your desires as quickly as possible so you can plan toward them.” “If you have to teach your lender your business, you have the wrong lender.” “Documentation means nothing if your broker-dealer doesn’t actually have the right paperwork.” “These next 10 years will be the largest transfer of advisory businesses we’ve ever seen.” Guest Contact Brian Toma, FHT Advisors https://www.fhtadvisors.com/ Disclosure The views depicted in this material are for information purposes only and are not necessarily those of Cetera Advisors LLC. They should not be considered specific advice or recommendations for any individual. Neither Cetera Advisors LLC nor any of its representatives may give legal or tax advice. Pete Bush is a registered representative offering securities and advisory services through Cetera Advisors LLC, member FINRA/SIPC, a broker-dealer and registered investment adviser. Cetera is under separate ownership from any other named entity. The guest on this episode, Brian Toma of FHT Advisors, is a registered representative offering securities and advisory services through Cetera Advisors LLC, member FINRA/SIPC, a broker-dealer and registered investment adviser. Cetera is under separate ownership than any other named entity. Address: 15015 Jamestown Boulevard, Suite 100, Baton Rouge, LA 70810.
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The Emotional Side of Selling a Business (with Bob Federici)
11/17/2025
The Emotional Side of Selling a Business (with Bob Federici)
Summary The conversation delves into the emotional complexities involved in selling a business, emphasizing the importance of understanding one's desires post-sale and the dynamics between buyers and sellers. It highlights why wealth management is uniquely relationship-driven, how to structure firms for continuity (solo, silo, ensemble), what makes a practice “sellable,” and why doing the involuntary/continuity plan first protects families and preserves value. Key Takeaways People often underestimate how emotional selling a business is. Be crystal clear on what you want after the sale (role, pace, legacy). In today’s market, there are more buyers than sellers. Staying involved post-sale (e.g., as an independent consultant) can smooth transitions. Emotional readiness is essential to letting go. Focus early on the human/relationship side of the transition. Consultants/advisors can maintain client relationships post-close to aid retention. Navigating a sale requires emotional intelligence, not just deal mechanics. Cashing out and staying involved aren’t mutually exclusive. Build a firm that is a business (P&L, processes, people) — not just a book. Sound Bites “What an emotional process this is.” “What do you want to happen after the sale?” “There’s certainly more a glut of buyers than sellers.” Chapters 00:00 — Welcome & framing Pete sets the mission of The Confident Exit Podcast: real-world lessons from experts who help owners plan and execute exits. 01:00 — Guest intro: Bob Federici Legal + wealth management background; general counsel at Hudson Wealth Management; long-time advisor continuity/succession work; history with Cetera Advisory Council. 01:58 — Why stories matter Bob’s favorite outcomes: early planners who thoughtfully bring children into the business—with real business discipline behind the handoff. 03:36 — Partners in love (at the beginning) Set terms early while everyone’s optimistic: timing, valuation mechanics, and “what ifs.” Contingency planning is essential. 04:51 — Post-close roles & stickiness Why a seller’s defined role (employee/consultant) for 12–24 months is often critical; what to do if a seller leaves early. 07:17 — Wealth management is hyper-relational Why this category is more relationship-centric than most professional services; 2008 anecdote of clients checking on their advisor. 08:35 — One-roof value Legal + planning + advisory under one roof eases decisions for clients with finite time/money and interlocking needs. 10:19 — Why the work is rewarding Designing foundations from scratch, collaborating with local counsel, aligning decisions to long-term goals. 12:31 — Biggest challenges Letting go is emotional; owners postpone with the “rolling 3–5 years.” Start by running a real business (P&L, ops, people). 14:11 — Who owns the client? Solo vs. silo vs. ensemble: decide whether clients belong to reps or to the firm. Bob’s firm evolved from “co-op” to true company. 15:27 — Ensembles rising Ensemble structures (firm-owned clients) support continuity, reduce client disruption, and make transitions “stickier.” 17:14 — Maximizing value before exit Tighten foundational documents, processes, and team; buyers prefer stable/growing firms with transferable systems. 19:15 — Growth paths: hire vs. acquire Acquisitions require culture fit, infrastructure, right-sizing, and realistic financing; start with deals you can operationalize. 20:14 — Process beats personality Document onboarding for clients and staff; create repeatable experiences driven by team (not a single rainmaker). 21:44 — Referrals & feelings Most growth comes from referrals; how you make clients feel is a decisive differentiator. 23:57 — Make continuity the “now” project Do the involuntary plan first (death/disability): name a successor, define price mechanics/retention adjustments, preserve value for family. 25:05 — Keep flexibility Continuity agreements can (and should) be revisited; include termination/change provisions and, optionally, ROFR for the successor. 27:08 — Bad-case example & the cost of delay A seller dies pre-close → price/terms shift; having a drafted continuity/purchase framework protects value. 29:18 — Wills analogy Like a will: get it done, file it away, update as you grow. Without it, assets (and clients) can scatter during family distress. 31:31 — Broker-dealer resources Home-office continuity programs can help, but choosing your own successor typically yields the best client-fit. 33:29 — Practical tip for solos & spouses Non-licensed spouses often must scramble without plans. A basic continuity document spares them at the worst time. 35:10 — Quick-hit playbook Run a business (P&L, SOPs), decide your model (solo/silo/ensemble), draft continuity now, acquire thoughtfully, measure culture fit. 36:37 — Personal quick hits Light personal notes; Pete wraps to contact details. 37:50 — How to reach Bob Email: Office: 732-747-1900 Mobile: 917-560-1761 38:55 — Close & disclosures Pete’s sign-off and full regulatory disclosure. Key Takeaways People often underestimate how emotional selling a business is. Be crystal clear on what you want after the sale (role, pace, legacy). In today’s market, there are more buyers than sellers. Staying involved post-sale (e.g., as an independent consultant) can smooth transitions. Emotional readiness is essential to letting go. Focus early on the human/relationship side of the transition. Consultants/advisors can maintain client relationships post-close to aid retention. Navigating a sale requires emotional intelligence, not just deal mechanics. Cashing out and staying involved aren’t mutually exclusive. Build a firm that is a business (P&L, processes, people) — not just a book. Sound Bites “What an emotional process this is.” “What do you want to happen after the sale?” “There’s certainly more a glut of buyers than sellers.” Guest Contact Robert “Bob” Federici Email: Office: 732-747-1900 Mobile: 917-560-1761 Disclosure The views depicted in this material are for information purposes only and are not necessarily those of Cetera Advisors LLC. They should not be considered specific advice or recommendations for any individual. Neither Cetera Advisors LLC nor any of its representatives may give legal or tax advice. Pete Bush is a registered representative offering securities and advisory services through Cetera Advisors LLC, member FINRA/SIPC, a broker-dealer and registered investment adviser. Cetera is under separate ownership from any other named entity. The guest on this episode, Robert Federici of Hudson Wealth Management, is a registered representative offering securities and advisory services through Cetera Advisors LLC, member FINRA/SIPC, a broker-dealer and registered investment adviser. Cetera is under separate ownership than any other named entity. Address: 15015 Jamestown Boulevard, Suite 100, Baton Rouge, LA 70810.
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Present-Tense Exit Planning: Vitals, Value & the Advisor Bench
10/09/2025
Present-Tense Exit Planning: Vitals, Value & the Advisor Bench
Episode Summary In this episode, host Pete Bush welcomes CJ Aulet to explore why exit planning isn’t something to save for the future—it belongs in the present. They unpack how education, strategic planning, and clear assessments help business owners protect value, reduce risk, and prepare for life’s inevitable transitions. CJ shares his journey back to Baton Rouge, his role as a CFO/COO-for-hire, and his mission to help owners close the profit, value, and wealth gaps. Together, Pete and CJ highlight the importance of building an advisor ecosystem, focusing on both offense (growing EBITDA) and defense (de-risking for buyers), and starting early to achieve a truly confident exit. Key Takeaways ● Exit planning is essential at every stage—not just at retirement. ● Education is lacking: most owners underestimate the work needed for a successful sale. ● Every business will exit—planned or unplanned, voluntary or involuntary. ● Knowledge without application = missed opportunities. ● Two levers drive value: adjusted EBITDA and the multiple buyers are willing to pay. ● Lifestyle vs. growth business: owners must clarify which path they’re on. ● De-risking matters: concentrated customers, weak depth charts, or undocumented processes lower multiples. ● Simple ≠ easy: small, consistent strategies yield big improvements. ● Collaborative ecosystems win: CPAs, bankers, wealth advisors, and specialists all play vital roles. Chapters ● 00:00 – Introduction: Pete sets the stage—why CEPA, why this podcast, and why exit planning is a present-tense issue. ● 02:15 – Meet CJ Aulet: CJ shares his “emergency sabbatical,” his return to Baton Rouge, and his CFO/COO-for-hire work. ● 03:55 – Positioning & purpose: Helping owners understand the value of planning and building stronger communities. ● 05:35 – Exit planning today: From “end-of-career” myth to daily discipline; knowledge vs. execution gap. ● 08:50 – Intangible capitals: Why culture, systems, and people drive revenue more than top-line obsession. ● 09:55 – Consolidation & private equity: Why PE and angel capital are coming down-market and what it means for owners. ● 11:45 – The advisor bus: Who sits on it (CPA, banker, wealth advisor, M&A experts) and where CJ adds value (strategic planning + value enhancement). ● 15:10 – Taking vitals: CJ’s assessment approach—quantitative (cash flow) and qualitative (owner goals). ● 17:40 – Offense & defense: Improving EBITDA while de-risking to strengthen multiples. ● 20:40 – Consequences of not planning: Concentrated wealth in one asset = high risk; competitors are planning even if you aren’t. ● 23:30 – The Value Builder tool: Why a baseline is critical and how to use it to close gaps. ● 25:00 – Simple vs. easy: Planning is straightforward but requires discipline. ● 29:15 – The “hired gun” role: CJ’s rewarding work fixing businesses and returning owners to the joy of why they started. ● 30:40 – Reading list: As a Man Thinketh and daily Bible study. ● 31:05 – How to reach CJ: Email and advisor-referral collaboration. Notable Quotes ● “Every business will eventually sell.” ● “Knowledge unapplied is why I exist.” ● “If you aren’t planning, your competitor is.” ● “Simple doesn’t mean easy.” ● “Baseline value today—then close the profit, value, and wealth gaps over time.” Resources & Next Steps ● Baseline your business: Use Value Builder or similar tools to establish starting scores. ● Quarterly cadence: Focus on one urgent-but-important initiative every 90 days. ● Build your bench: CPA + banker + wealth advisor + operators (CFO/COO-for-hire). ● Address the 5 D’s: Death, Disability, Divorce, Disagreement, Distress—plan around life’s inevitabilities. Connect ● Guest — CJ Aulet o Email: cjaulet@boulomai.com ● Host — Pete Bush, CFP®, CEPA® (Horizon Financial Group) o Email: pbush@horizonfg.com Disclosure The views depicted in this material are for information purposes only and are not necessarily those of Cetera Advisors LLC. They should not be considered specific advice or recommendations for any individual. Pete Bush is a registered representative offering securities and advisory services through Cetera Advisors LLC, Member FINRA/SIPC, a broker-dealer and registered investment advisor. Cetera Advisors LLC is under separate ownership from any other named entity. The guest on this episode is not affiliated with or registered with Cetera Advisors LLC. Any information provided by our guest is in no way related to Cetera Advisors LLC or its registered representatives. 15015 Jamestown Boulevard, Suite 100, Baton Rouge, Louisiana 70810.
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From Valuation to Vision: Starting Exit Planning Long Before the Finish Line
09/11/2025
From Valuation to Vision: Starting Exit Planning Long Before the Finish Line
Episode summary Pete kicks off The Confident Exit Podcast with Baton Rouge–area advisor Ben Vance to unpack what really drives a successful business exit. They cover why every business will exit (planned or not), how to start years earlier than most owners think, common valuation misconceptions (it’s not just “EBITDA × multiple”), and how to balance the financials with very real family and emotional dynamics. You’ll hear practical next steps, timeline expectations (think 2–9 years), and ways to surround yourself with the right advisor bench so you’re improving enterprise value today—long before you sell. Key Takeaways Every business exits. Planned/unplanned, voluntary/involuntary—so start early. Planning > “the plan.” Keep a cadence (e.g., 90-day priorities) and adjust as life happens. De-risk to raise the multiple. Diversify customers/vendors, deepen the bench, document processes. It’s not purely numbers. Family + emotion matter; align them before you model the financials. Know your gaps. Awareness gap → value/profit/wealth gaps; get a baseline valuation and track EV. Investment is required. Tech, people, facilities, and succession are value drivers buyers pay for. Consider staged exits. Minority sale to PE/family office can fund growth, then a second bite later. Chapters 00:00 – Welcome & why this show exists. Building a Baton Rouge–centric ecosystem for better exit conversations; today’s expert: Ben Vance. 01:00 – Ben’s winding path. From 2007 real estate “crisis start” → CPA/valuation → M&A → family office → local firm focus helping owners earlier in the journey. 03:05 – A new chapter. Bringing valuation/transaction know-how into a long-standing local CPA firm; starting exit conversations years in advance. 04:30 – Mentors, background & owning a business. Family small-business roots; lessons from top professionals; becoming an owner and seeing both sides. 06:20 – The exit landscape now. Specialists are emerging; exits take time; why owners must begin now despite constant macro “punches in the face.” 08:35 – Two real-world stories. (1) Family business upset at value → hires CFO, grows, chooses to keep the company. (2) Patriarch passes → governance gaps strain the business. 11:40 – Planning is present-tense. The best exit work happens today; cadence beats one-off retreats. 13:10 – Balancing head & heart. Sequence: align family/emotional goals → run the numbers → execute operationally—keep guardrails. 14:55 – Build your advisor bench. Outside eyes, informal coffees, or a 6-month advisory board cadence; the power of accountability. 16:50 – The three-legged stool. Business-ready, owner-ready, financially-ready—expect “wobble,” close gaps over time. 17:25 – Time & investment reality. Even when “ready,” the sale sprint is ~2 years; add prep, buyer search, and post-deal runway → 5–9 years is common. 19:55 – Example: staged PE exit. Sell 30–40%, invest for growth with a 5-year runway, then second bite; not for everyone, but a powerful path. 22:15 – First steps for owners. Get clear on: (1) personal non-business finances, (2) true business value, (3) needed number & desired life post-exit. 24:45 – Avoid motion-without-progress. Retreats need systems (EOS/Value Builder/Value Acceleration) to convert ideas into traction. 27:50 – What buyers actually value. It’s EBITDA and risk/growth: customer/vendor concentration, team depth, processes, culture, and transferability. 31:00 – Add-backs & reality checks. Clean up the numbers you’ve run for taxes; buyers underwrite their cash flows. 33:05 – Final advice. Clarify vision, work urgent-but-important items every 90 days, and shore up documents (buy-sell, insurance, governance). 34:50 – First jobs (fun closer). HVAC-in-the-attic summers vs. roofing in Louisiana heat—why both hosts value A/C (and better life choices). 36:10 – How to reach Ben & wrap. Connect on LinkedIn; local firm services include tax, plan administration, and now valuation/transactions. Notable quotes “Every business will exit. Planned, unplanned, voluntary, or involuntary.” “A plan might be worthless; planning is everything.” “Stuff that’s never happened… happens every year.” “Start with the awareness gap—then close the value, profit, and wealth gaps.” “De-risk and document—that’s how you move the multiple.” “Get a baseline value and track enterprise value like a KPI.” Resources & Next Steps Baseline Valuation: Start with an initial assessment (e.g., Value Builder/Value Acceleration style) to benchmark enterprise value and identify top gaps. 90-Day Cadence: Pick one urgent-but-important initiative each quarter (succession, customer concentration, process playbook, KPIs) and execute. Advisor Bench: Assemble tax, valuation/M&A, legal, financial planning/CEPA, and operations—and meet at least twice a year. Connect Guest — Ben Vance: bvance@fw-cpa.com Host — Pete Bush, CFP®, CEPA® : pbush@horizonfg.com Disclosure The views depicted in this material are for information purposes only and are not necessarily those of Cetera Advisors LLC. They should not be considered specific advice or recommendations for any individual. Neither Cetera Advisors LLC nor any of its representatives may give tax or legal advice. Pete Bush is a registered representative offering securities and advisory services through Cetera Advisors LLC, member FINRA SIPC, a broker dealer and registered advisor. The guest on this episode is not affiliated or registered with Cetera Advisors LLC. Any information provided by our guest is in no way related to Cetera Advisors LLC, or its registered representatives. Cetera is under separate ownership from any other named entity. 15015 Jamestown Boulevard, Suite 100, Baton Rouge, LA 70810
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