Most business owners have an Action Plan—they know how to generate sales, serve customers, manage employees, and keep cash flow moving. But many have never developed what Thomas J. Perrone calls a “Plan for Details.”

In this episode, Thomas explains why the details behind the day-to-day operation of a business can have a tremendous impact on its ultimate value and the owner’s financial future.

The Plan for Details focuses on four critical areas:

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  Growth — increasing the value and strength of the business.

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  Protection — preparing for the unexpected, including the death or disability of an owner or key employee.

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  Equity Creation and Distribution — turning business success into personal wealth outside the company.

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  Exit and Transition — preparing for the eventual day when the owner is no longer running the business.

Thomas also discusses one of the biggest challenges facing business owners: “You don’t know what you don’t know.” Missed opportunities involving key employees, company culture, systems, cash flow, taxes, business value, and succession can become expensive when they are discovered too late.

A major theme of the episode is that a buyer wants to purchase a business—not purchase a job. The less dependent a company is on its owner, the more attractive it can become to a future buyer.

Thomas introduces the GWT Business Planning System and its 30-Day Business Planning Pathway, designed to help owners identify the areas that deserve attention without becoming overwhelmed by a complicated planning process.

The ultimate objective isn’t simply to build a bigger business. It is to build value, protect that value, create wealth outside the business, and give the owner the freedom to eventually leave the business on their own terms.

Key takeaway: Your Action Plan gets the business moving. Your Plan for Details determines what happens after it starts moving.

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Tperrone@necgginc.com