Exit Planning Institute North Texas Chapter Social

Date:  June 8, 2017  4:30- 6:30
Place: Nick and Sam's, 8111 Preston Rd, Dallas 75225  (Preston Center SW corner)
Members: $15; Non-Members $20
Register: Here


"Working Capital - What You Don't Know Can Sabotage the Transaction"

Date: July 14, 2017  7:30-9:00
Place: Salmon Sims Thomas CPAs, 12720 Hillcrest Rd, Suite 900 Dallas, TX 75230
Members: $15; Non-Members $20
Speakers:  Monty Walker and Robert Rough

Register: Here


" Could Exit Planning Have Saved This Family and its Business"

Date: August 11, 2017  7:30- 9:00
Place: Salmon Sims Thomas CPAs, 12720 Hillcrest Rd, Suite 900, Dallas, TX 75230
Members: $15; Non-Members $20
Speakers: Doug Box, Interviewed by Mariann Montgomery
Register: Here


"Business Value for Exit Planning-Triggers Drivers Approaches"

Date: September 8, 2017  7:30-9:00
Place: Salmon Sims Thomas CPAs , Suite 900, Dallas 75230
Members: $15  Non-Members- $20
Speakers: Chris Mercer
Register: Here

 


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Our coaching program begins with the completion of our diagnostic report, called the “Business Attractiveness Index”. Once the Business Attractiveness Index is completed, we create specific recommendations to help your company run better, increase profitability and grow in value…so that you can achieve your personal financial goals. Our reports also include scores and graphics which help prioritize the areas of your business that need the most attention to increase the value of your business.

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Our coaching program begins with the completion of our diagnostic report, called the “Business Attractiveness Index”. Once the Business Attractiveness Index is completed, we create specific recommendations to help your company run better, increase profitability and grow in value…so that you can achieve your personal financial goals. Our reports also include scores and graphics which help prioritize the areas of your business that need the most attention to increase the value of your business.

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What was your goal when you started your business? To create a nice lifestyle for yourself , or To create personal wealth The answer to that question will drive how you view your business, the role it plays in your life, and what you hope or plan to get out of it. What Kind of Business Owner Are You? If your goal was option one, then you have what we call a Life Style Business. If your answer was option two, you have what we call a Wealth Builder Business. The major difference is, one generates personal income and the other creates personal wealth.

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What chance would a football player have of winning a game if he lacked the proper equipment and never showed up for practice? He would probably have two chances- slim and none. A football player who shows up for a game with no shoulder pads and not knowing the plays is likely to get creamed on the field. For the unprepared, winning is not even a remote possibility. There are many similarities between what it takes to win the game and what it takes to successfully sell a business. Consider the similarities…

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What chance would a football player have of winning a game if he lacked the proper equipment and never showed up for practice? He would probably have two chances- slim and none. A football player who shows up for a game with no shoulder pads and not knowing the plays is likely to get creamed on the field. For the unprepared, winning is not even a remote possibility. There are many similarities between what it takes to win the game and what it takes to successfully sell a business. Consider the similarities…

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Category: Estate Planning

A distraught 40’s something woman, call her Sarah, phoned me about two months ago and shared the following story. “My father walked into his place of business last week, told his secretary a joke, and then dropped dead at his desk. My parents were divorced and my mother has a serious illness. We buried Dad yesterday. I had been after him for a long time to write a will, but I don’t know if he ever did”.

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Category: Estate Planning

You have labored long and hard in your business for several years, and to your credit the business is thriving. Your son or daughter has worked in the business and you have paid him a fair wage. (I will use the male gender only for the sake of simplicity.) Somewhere along the line you might have mentioned or insinuated that someday “he could or would take over the business”, or, that “the business would be his”. If you are like most business owners, you probably did not give much thought at the time about what this meant to your son, to you, or how you would make this happen.

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Category: Estate Planning

Fortunately no one really believes that. These are just lyrics from the show “Cabaret”. And although money is not the most important thing in the world, we sure do enjoy what it allows us to do, such as buy the things we enjoy, give to those we love, and support the causes we believe in. As business consultants who focus on Comprehensive Exit Planning, we learn a lot about what our clients really value. Turns out their value system includes far more than money.

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Business owners are often intrigued by the idea of establishing an ESOP (Employee Stock Ownership Plan). There is no shortage of salespeople and professional advisors offering to help you set one up. But before you do, check out the following. These tips can help to insure that your ESOP fulfills your requirements, is viable long after you establish it, and, that you are not setting yourself up for a law suit(s). Meet with at least two or three highly qualified, experienced ESOP advisors. Chose one who has designed and installed numerous ESOPs that are still in existence many years later. You would be wise to avoid anyone who says he can do an ESOP in favor of one who has actually done numerous ESOPs over a long period of time. Ask your prospective ESOP advisors:

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Tom and Jerry started their business 25 years ago and now they want to meet with me to talk about how they will leave it. They have weathered a lot of storms together - employee issues, high interest rates, vendors and customer issues, struggled to make pay roll, and, they celebrated the victories when times were good. Both are age 62, and, like most business owners, they have some ideas about when they want to leave the business and who the next owner(s) might be. The purpose of our first meeting is to become acquainted to see if I can help them.

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