Savvy Broadcasting, From Startup to Exit, Navigating the Entrepreneurial Journey With Joe Gitto
Joseph Gitto, CFP®CEPA,CSA, is an accomplished senior Finance, Sales and Operational Executive, Entrepreneur, Coach, Thought Leader, and Board Member with more than 25 years of success in various industries.
Leveraging extensive experience in finance, sales, marketing, and operations, Joseph is a valuable asset for growing businesses that are seeking expert assistance with raising capital, developing sales and marketing strategies, business and strategic planning, developing financial controls, reporting and oversight as well as leadership team development.
Joseph’s broad areas of expertise include business development, forecasting, planning, P&L management, marketing, and key partnership building. https://blueskyexitplanning.com/
Key Points from the Savvy Broadcasting Episode with Joe Gitto:
1. Introduction to Entrepreneurship: Joe Gitto shares insights into the world of entrepreneurship and the importance of proper planning.
2. Neglected Retirement Planning: Small business owners often overlook retirement planning, and Joe discusses the consequences of this oversight.
3. Partnership Challenges: Joe talks about his personal experience with a partnership that didn’t go as expected and the valuable lessons learned.
4. Impact on Relationships: Exploring how proper exit planning can potentially prevent business-related stress from affecting personal relationships, including marriages.
5. Starting as an Entrepreneur: Joe provides advice for aspiring entrepreneurs and those looking to start their entrepreneurial journey.
6. Blue Sky Exit Planning: The story of Blue Sky, which began in the midst of the COVID-19 pandemic, and how they assist businesses with exit planning.
7. Resource Information: Encouragement to visit Blue Sky Exit Planning’s website for more information on their services.
If you enjoyed Christina Nitschmann-Rivera’s conversation with Joe, check out Savvy Broadcasting’s podcast site here.
Selling Your Business With Increased Value with Blue Sky Exit Planning Services
In this episode of the Thoughtful Entrepreneur, host Josh Elledge speaks to the Managing Director of Blue Sky Exit Planning, Joe Gitto.
Joe focuses on the lower middle market, which includes companies with revenue ranging from 5 to 25 million dollars. This market is often overlooked when it comes to exit planning, and Joe’s mission is to bring the level of expertise and resources available to larger companies to these smaller businesses.
Exiting a business is not just a financial decision; it’s an emotional one too. Joe shared his experience selling his healthcare business and how the buyers initially wanted him and his wife to stay involved, but eventually, they all realized it was best to have a clean break. He acknowledges that letting go of a business can be emotional, as owners worry about how their employees will be treated and what changes will be made
When valuing a company for a reasonable exit price, Joe mentions that there is no one-size-fits-all approach. While some may use a multiple of four as a rule of thumb, every business differs. Factors such as the industry, technology, and team can significantly influence the valuation.
Joe also shared insights into the process of preparing for due diligence. The potential buyers can be strategic, financial, or internal, and the preparation starts by putting together the necessary materials and working with corporate counsel. Depending on the industry, Joe either takes the company to market himself or partners with investment banking strategic partners.
Key Points from the Episode:
- Focus on the underserved lower middle market in exit planning
- Goal to bring expertise and resources to smaller businesses
- Typical clients are blue-collar business owners in the lower middle market
- Importance of maximizing business value and considering personal financial and estate planning
- Valuing a company for a good exit price is not one-size-fits-all
- Examples of transitioning ownership and the importance of clear plans and structures
- Psychological and emotional aspects of exiting a business
- What business owners typically do after exiting their businesses
- Potential buyers and the process of preparing for due diligence\Factors influencing multiples and typical range
The Biggest Mistake Advisors Make – Joe Gitto interview with John Dini, The Exit Planning Coach
In the past decade surveys have shown that 75% of former business owners are “unhappy” or “have regrets” a year after their transition. This week, Continuing in our series of Conversations with Exit Planners, John talks to Joe Gitto.
Joe is a serial entrepreneur, coach, board member, and so much more. He has built and sold 4 different businesses, and now teaches other how to do the same.
In this episode, you will learn the right steps to take and the mistakes to avoid that Joe went through to grow his 4 businesses from the beginning all the way to a successful exit.
WACH FOX 57 – Market Makers interview with Joe Gitto
Joe Gitto, Blue Sky Exit Planning’s Managing Director and Owner, discusses Blue Sky’s mission to democratize the exit planning process for small business owners.
Blue Sky helps business owners that are ready to sell their company come up with a plan. An exit plan asks and answers all the business, personal, financial, legal and tax questions involved in selling part or all of a privately owned business.
Most business owners avoid preparing an Exit Plan because they do not have a clear understanding of the process, or they are concerned about the cost and time commitment.
The Blue Sky Exit Planning “4 Phase Process” creates a clear path to maximize the value you will get for your business upon a partial or complete exit from your business.