Most business owners have a number in their head. Sell for £10 million in five years, and life will be sorted.
But where did that number come from?
In the latest episode of the ActionCOACH podcast, wealth planner Dominic Baldwin explains why that figure is often plucked from thin air. He also explains why getting it wrong can cost you far more than money. After 35 years of guiding families and business owners through major financial decisions, he takes a refreshingly human approach. Wealth isn't the destination. It's what helps you live the life you want.
What You'll Learn
How to find your "enough" number. Instead of picking a sale price, start with the life you want after you exit: where you'll live, the holidays you'll take, how you'll help your children, what you'll give back. Then work backwards to the figure your business needs to sell for. You either find out you're already there, or you get a clear target to grow towards.
Why you should start planning years before you sell. Dominic recommends starting the conversation two to three years before any sale, so you can move into the next chapter of your life with grace rather than in a rush.
The trap of advisers who already know what they'll sell you. Successful business owners often know their own industry inside out but have limited knowledge of personal financial planning. Dominic explains why some advisers walk into the room with a product already in mind, and the questions you should be asked first.
The costly mistake many owners make straight after a sale. Dominic shares the story of an entrepreneur who sold his business for millions and then rushed into taking risks he never needed to take. It's now one of his biggest regrets.
The five-year exercise that brings real clarity. Picture yourself waking up five years from now. Where are you? Who's with you? What will you do that day? Write down every detail. It's a simple exercise, and a surprisingly powerful one.
Why your values should shape your money decisions. One client valued simplicity above all, yet his investments were so complex they caused him constant anxiety. When you know what matters to you, good decisions become much easier.
Why This Matters for Your Business
You don't need to be ready to sell to benefit from this conversation. Knowing what you want from life gives your business a clear purpose and a target to aim for. And if there's a gap between what your business is worth and what you need, that's exactly where focused business coaching can help you close it.
As Dominic puts it, it's not the Ferraris or the Lamborghinis. It's a long walk in the hills with the people you love.
Watch the Full Episode
Grab a pen and paper. You'll want to do the exercises as you listen.
Thinking about the future of your business, even if an exit is years away? Get in touch and let's talk about how to get you there.
