Financial Cents | Arizona's Financial Podcast
Brent Cannon, executive vice president, director of community banking at National Bank of Arizona® is your host of Financial Cents, Arizona’s Financial Podcast. Each episode, Brent invites fellow banking colleagues with decades of experience in the financial industry to provide both financial and business insights that you could only get if you had a friend in the industry.National Bank of Arizona was founded on the mission to build local relationships, deliver financial literacy and exceptional customer service. More than 30 years later this approach has not changed, serving almost all the communities throughout the state of Arizona. By seizing technology opportunities in the 21st-century, National Bank of Arizona continues this approach with the foundation in which this organization was built upon. This financial podcast was created in efforts to continue to connect with consumers and business owners, building relationships with new listeners and currents clients alike. To learn more, check out nbaz.com/financial-cents.
Financial Cents | Arizona's Financial Podcast
How to Turn Your Business into an Economic Engine through Succession Planning
So, you’ve built and ran a successful family business, but now it’s time pass it along to the kids or another family member to let them take a crack at it. The question is: how did you get here, and what do you do now? As daunting as planning the eventual sale or transfer of your business may seem, especially when considering that 8 out of 10 businesses never sell, succession planning is something that you can start on day one. With the right planning, you can ensure you’ve got all your ducks in a row to maximize the liquidity in your business and the profit you’ll earn when the day comes to sell.
In this episode of Financial Cents, special guest Sharon Lechter, CEO of Pay Your Family First and author of Exit Rich, joins Brent Cannon, executive vice president and director of community banking, to discuss how succession planning can help you turn your business into an economic engine that will last for generations.
The truth is, as Sharon and Brent point out, going through the process of succession planning isn’t just about making sure your business will thrive after it leaves your hands, it’s about ensuring your business is built on a strong financial foundation that can generate wealth for generations. “To me, the whole advantage of taking the risk and building your business through your blood, sweat and tears is that you potentially have a payday,” explains Brent. “Otherwise, you might as well have stayed in your corporate job.”
“That’s true,” agrees Sharon. “And so many people own a job, not a business. They think they're business owners, but they really own a job because they haven't done what they need to to create that economic engine.”
Financial Cents is hosted by Brent Cannon, executive vice president and director of community banking, and features insightful interviews and discussions with bankers at National Bank of Arizona. Based on decades of banking experience, Financial Cents provides the insights you can only get from a friend in the business.
Subscribe from your favorite podcast platform by visiting nbaz.com/financial-cents.
Buy Sharon's new book at exitrichbook.com
Check out more content Financial Cents content by visiting: https://www.nbarizona.com/financial-cents/