In this episode of the Grow My Accounting Practice podcast, Doreen Binkiewicz, founder of DGL Business Solutions and Certified Profit First Professional, dives into the vital components of exit planning and succession strategies for business owners. She explains how these strategies are not necessarily retirement plans, but rather a way for owners to harvest the value of their business when the time is right. The key, according to Doreen, is making sure that the business is transferrable—meaning it can operate independently of the owner—ensuring long-term value and success.
Doreen highlights the critical difference between “business attractiveness” and “business readiness.” While business attractiveness refers to how appealing a company looks to outsiders, business readiness focuses on internal operations and the company’s ability to function efficiently without the owner. Both elements play a crucial role in determining the real value of a business and its ability to sell or transfer ownership.
Doreen also touches on the importance of financial allocation, a concept central to Profit First principles, where money is separated into different accounts, much like Mike Michalowicz’s money envelope system. This helps business owners manage their natural spending tendencies, building profitability and business value. By meeting clients where they are—whether they are exploring, pivoting, or triggering—Doreen emphasizes the importance of clarity, liquidity, and legacy in crafting a long-term, winning business strategy.
With over twelve years in Standard & Poor’s Debt Rating Services and more than two decades of experience working with small and mid-sized businesses, Doreen Binkiewicz founded DGL Business Solutions Inc. in 2002 as a full-service bookkeeping firm. Her focus is to provide business owners with accurate, timely financial information and strategic guidance for profitability.
Doreen and her team specialize in helping businesses implement the Profit First cash management system to ensure consistent profits, even in tough times. They also offer succession planning to give business owners the freedom to enjoy life outside the business.
Doreen is a Certified Profit First Professional and a Certified Exit Planning Advisor (CEPA), ready to help you maximize your business’s value and profitability.
Website:
www.DGLBusinessSolutions.com
Corporate Partner:
People Processes – https://peopleprocesses.com/
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