S12 E6: Smells Like Money Podcast: Financial Wellness for Wastewater Pros Series- Part II: Your Exit Strategy, Are You Prepared?

In this episode of Doo Doo Diva’s Smells Like Money Podcast, we continue our conversation with Steve, diving deeper into financial health and wellness strategies tailored for wastewater industry professionals. This second installment focuses on exit strategies—whether you’re a business owner or an employee. Steve shares his personal experiences and professional insights, providing actionable advice on how to prepare for a smooth transition when leaving a job or selling a business.

Host: Suzan Chin-Taylor | Guest: Steve Selengut

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Key Discussion Points:

The importance of exit planning for both employees and business owners.
Steve’s journey from leaving a corporate role to starting his own investment management business.
How early financial planning, like setting income-generating investments, creates security for transitions.
Strategies for replacing income after selling a business, including investment tips for sustainability.
The critical need for preparation and adaptability in response to unexpected challenges, like regulatory changes or shifts in business priorities.

Steve also emphasizes the value of creating multiple income streams to ensure financial stability, regardless of the circumstances, and shares how he built his own financial infrastructure to support his lifestyle after selling his company.

Key Takeaways from This Episode:

Plan Your Exit Early: Whether you’re an employee or business owner, start preparing well in advance for a smooth transition.
Financial Security is Key: Build income-generating investments early to replace your salary or business income when you exit.
Diversify Income Streams: Ensure financial stability by creating multiple sources of income for flexibility during unexpected changes.
Be Realistic About Business Sales: Prepare for varying payout structures and understand your business’s true market value.
Preparation Pays Off: A well-documented plan and strategic investments ensure you’re financially ready for any career or business transition.

Connect with Dave Smoljan and Extra Air:

Steve Selengut – The Retirement Income Coach

Website: https://theincomecoach.net/

LinkedIn: linkedin.com/in/privateinvestmentmanagement

Email: Steve@theincomecoach.net

Final Thoughts:

Exiting a career or business is inevitable, but with proper planning and financial foresight, it doesn’t have to be overwhelming. Whether you’re an employee transitioning roles or a business owner preparing to sell, early preparation, diversified income streams, and realistic expectations are your keys to success. As Steve shared, having a solid financial plan in place provides not just stability, but also the freedom to embrace the next chapter confidently. Remember, the earlier you start, the better prepared you’ll be for whatever comes your way.

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Don’t forget to subscribe to the Smells Like Money Podcast for more insights and innovations in the wastewater industry. Follow us on creativeraven.com/podcast-episodes for updates and more episodes.

I hope you find this episode as informative and as exciting as we have.

Please let us know your thoughts about the episode!

Connect with Suzan Chin-Taylor, host of The DooDoo Diva’s Smells Like Money Podcast:

Website: www.creativeraven.com | https://thetuitgroup.com/

LinkedIn: https://www.linkedin.com/in/creativeraven/

Email: raven@creativeraven.com

Telephone: +1 760-217-8010

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https://creativeraven.com/smells-like-money-podcast/

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