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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Category: Estate Planning

Many business owners work day in and day out focusing on the issues at hand but not paying much attention to how they will eventually leave. If you have not given it much thought, or if you are assuming that someday you will sell it to some outside party,you might not be aware of how attractive or unattractive your business is from a buyer’s viewpoint. It would be a mistake to think that because you are making a nice living, someone will want to buy it. However, your employees might be interested, and, if you have not properly prepared the business for a sale to an outside third party, they might be your only option. There are pros and cons to selling to employees.

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Many business owners work day in and day out focusing on the issues at hand but not paying much attention to how they will eventually leave. If you have not given it much thought, or if you are assuming that someday you will sell it to some outside party,you might not be aware of how attractive or unattractive your business is from a buyer’s viewpoint. It would be a mistake to think that because you are making a nice living, someone will want to buy it. However, your employees might be interested, and, if you have not properly prepared the business for a sale to an outside third party, they might be your only option. There are pros and cons to selling to employees.

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Like many business owners you might be thinking about selling in a few years. Maybe you have not taken as much cash to the bottom line recently as you did in the past. And, because you don’t like to pay taxes, you probably tended to enter lots of personal expenses as business expenses on the Profit and Loss Statement. That strategy worked well for you because it reduced your tax bill and provided you with a comfortable lifestyle. There’s just one problem. Your business might not be bankable. If it’s not bankable, it’s not salable unless you will finance the entire transaction for your buyer. Becoming a banker in retirement is probably not what you had in mind. Here are a few things you can do to increase the bankability and the value of your business.

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If you are hoping to transition ownership of your business in the next five years, this article assumes that you have a plan. Even if you do not, read on. I will lay out for you a checklist of the basic steps that you need to take to prepare for a successful transition from your business to your next big adventure. Simply go down the list and check-off the items that you have not completed. If you need an advisor in an area that you have not completed, check off that item. If you have not completed an item because you lack the time or expertise, indicate that item with a check mark.

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As I meet with business owners, I observe how much they rely on instincts and intuition when making important decisions. Theyhave confidence in this approach because it has worked, or appeared to work, in good times and bad. In the past, if theirinstincts were misguided, they still had time to recover. But, as the days go by, you are inching closer to the day you no longer wish to work, or cannot work. And because of your decreasing time horizon, every decision you make, every tactic you implement, will have greater impact on your personal net worthwhich is tied up in your business. How you have lead your business in the current environment has been very telling about how much you depend on your instincts.

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That all depends on who the buyer is. Your buyer could be a family member, employee, management, a private equity group, another shareholder, or a strategic buyer. Which type of buyer you attract has everything to do with: What kind of shape your business is in Your personal desires and motivations Your personal financial needs and goals Your time horizon to leave the business Unique, special aspects of your business How well prepared you are mentally to leave The quality of your advisors Protections you have in place Market conditions Your business entity The industry you are in This is the short list. It is far from exhaustive.

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Selling a business can be very stressful. Chances are you have a large share of your personal identity, and perhaps your family’s identity, wrapped up in it, not to mention the family wealth. Unlocking that wealth through a transfer of a part or all of the business begins when you select a firm to represent you. Gather important information before entrusting anyone with your precious asset. Where to Meet Your professional advisor, such as your CPA, attorney, or financial planner, might prefer that the intermediary meet you at the advisor’s office. Instead, consider meeting with your trusted advisor at the intermediary’s office. While there, observe the support staff. Is there full time staff to facilitate information flow about potential or pending transactions? Is the staff polite to callers? Do they appear to be well organized? Read the office shelves. The reading material and shelves will reveal something about the professional’s coursework, area of interest and expertise, and sources of information.

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Business owners are often surprised and unprepared when an unsolicited suitor approaches with the intent of making an offer. A typical reaction is flattery, and then defensiveness and fear, not to mention greed. A well-prepared seller is in a position to recognize a serious offer that merits further consideration. Here are a few steps you can take to prepare for the inevitable unexpected offer.

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Independence, desire for control, image, and prestige – all these describe most business owners. Whether your business is a family affair or not, as a business owner you want to be in control. But when it comes to taking charge of the future of the company in the event of the your retirement, incapacitation, or death, like most business owners, you probably ignore or put off facing the realities for another day. According to the American Family Business Survey, 85% of owners of family owned businesses plan to pass the business on to other family members, but of those CEOs age 61 or older who expect to retire in five years, 55 % have not chosen a successor. Sadly, 47.7% of family owned businesses will fail to pass to the next generation due to inadequate estate planning, failure to properly prepare for transition to the next generation, and lack of liquidity to pay estate tax at the founder’s death (Univ. of Conn. Family Business Program). That means that the business will need to be sold to pay estate tax and estate administration costs, or to invest the proceeds to support dependents, such as a spouse. This is especially troubling if your children work in the business since they could find themselves out of a job if the business needs to be sold.

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Suppose you were thinking about transitioning out of your business in the next few months, or even three years from now. Would you know where or how to start the process? Most business owners do not know the answer to that question. As a result, between 50% to 70% of all privately held businesses that are in play, fail to sell. With a sound plan, your chances of a successful transition are greatly increased, regardless of whether you wish to transfer the business to family, employees, management, or to a third party.Most business transitions fail due to any number of reasons including: Unrealistic price and terms, business-owner’s lack of preparation, inappropriate exit strategy, due diligence surprises, the business’s lack of preparation, inappropriate transition team, inadequate post-transition planning, and poor timing. With proper planning, these issues can be addressed and the chances of a successful transition greatly increased.

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