Episode Summary
In this episode, Ron Haik, Wealth Advisor | Client Relationship Manager, at Nicola Wealth, welcomes Joe Markovitch, a seasoned business exit planner, to discuss the complexities and emotional journey of exiting a business. Joe, who describes himself as an “exit Sherpa,” shares his expertise in guiding business owners through the intricate process of exit planning.
Joe outlines the seven-step planning process he employs, emphasizing that exiting a business is not a single event but a comprehensive process requiring time, expertise, and a team of diverse advisors. He highlights the importance of early planning, often starting at least two years in advance, to navigate tax regulations and other critical factors.
The conversation also explores the emotional challenges owners face when leaving their businesses and the importance of having a clear, structured roadmap. Joe shares his personal experience of exiting his own bakery business in Vancouver, offering valuable lessons and strategies he wished he had known during his transition.
Episode Featured on:
The Wealth Exchange
The Wealth Exchange podcast provides insight, innovation, and access to the experts on a wide range of topics affecting affluent families across Canada. Join our team of hosts as they sit down with leaders and changemakers from around the globe to discuss investing, leadership, philanthropy, entrepreneurship, and more.
Joe Markovitch
Business Exit & Succession Planner
Joe is a Business Exit & Succession Planner with a CExP certification from BEI, the leading Exit Planning institute in North America. Joe's passion for exit planning stems from his own journey of exiting his co-founded business, Solly's Bagelry, a successful Vancouver SME. He understands the challenges and opportunities that business owners face when they decide to transition from their businesses, and he guides them through the process with a coaching approach. He develops customized exit strategies that align with the owners' goals, timelines, and values, and he empowers them to achieve both their desired lifestyles and legacies. Joe's mission is to educate, guide and support business owners through the process of making the most significant decision and transaction of their lives - the exit from their businesses.
Disclaimer
This presentation contains the current opinions of the presenter and such opinions are subject to change without notice. This material is distributed for informational purposes only and is not intended to provide legal, accounting, tax or specific investment advice. Please speak to your NWM advisor regarding your unique situation. Forecasts, estimates, and certain information contained herein are based upon proprietary research and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. NWM Fund returns are quoted net of fund-level expenses. Past performance is not indicative of future results. All investments contain risk and may gain or lose value. Projected returns are estimates only. Returns are not guaranteed. NWM is registered as a Portfolio Manager, Exempt Market Dealer and Investment Fund Manager with the required provincial securities’ commissions in Canada.
