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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When called upon to show a business owner how to leave his1business, the “showing” starts with evaluating how prepared the business and the business owner is for executing the actual event of leaving. Most business owners are not aware that 70% of all deals fail - more like 85% in the current market. The reasonis “lack of pre-sale planning”, according to a PricewaterhouseCoopers study.

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The better question is “how do you derive your income”. According to author Robert Kiyosaki you have four choices. You are either … An Employee Self-Employed A Business Owner An Investor Since most who read this article will be either self-employed or business owner, I will focus my comments on those two. Let’s compare them.

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The better question is “how do you derive your income”. According to author Robert Kiyosaki you have four choices. You are either … An Employee Self-Employed A Business Owner An Investor Since most who read this article will be either self-employed or business owner, I will focus my comments on those two. Let’s compare them.

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I once found myself in a meeting where the potential buyer of a company would not buy unless a key employee signed a noncompete. The employee would not sign the non-compete unless the seller agreed not to sell and agreed to give him a generous equity stake. If the seller would not agree to his terms, the employee was threatening to leave and take his employer’s customers with him. This move would have crippled the business, and all but destroyed the seller’s personal net worth. The discussion got so heated that the attorney had to separate the parties and sit them in separate rooms. Neither party was my client, but I recall that the parties never did come to an agreement.

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I once found myself in a meeting where the potential buyer of a company would not buy unless a key employee signed a noncompete. The employee would not sign the non-compete unless the seller agreed not to sell and agreed to give him a generous equity stake. If the seller would not agree to his terms, the employee was threatening to leave and take his employer’s customers with him. This move would have crippled the business, and all but destroyed the seller’s personal net worth. The discussion got so heated that the attorney had to separate the parties and sit them in separate rooms. Neither party was my client, but I recall that the parties never did come to an agreement.

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What is a Value Gap? A value gap is a term commonly used by business exit planners that describes the difference between the current value of a business and the value it needs to be for the owner to be able to achieve his or her post-exit goals. It is actually a bit more complicated than that because the exit planner is more focused onwhat the owner will net from ownership transition than the transaction value. So, taxes, fees, funding, and other considerations are a part of the value gap assessment. The value gap also is directly related to the exit strategy the owner decides to execute. There are about 34 of those.

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Business owners commonly view financial recordkeeping as a necessary task that must be done so the accountant can prepare tax returns and other filings. If you are like most business owners, you judge your accountant‘s performance by the amount of taxes you pay, or, how much you don’t pay. But financial record keeping is so much more than tracking of income and expenses for tax purposes. Quality financial record keeping, quality being the operative word here, reveals much more about a business than most business owners realize. To a trained eye reading between the lines, the numbers indicate a great deal of information about the business and the business owner that is critical for a potential acquirer, lender, investor, and anyone else involved in the growth and exit process.

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Business owners commonly view financial recordkeeping as a necessary task that must be done so the accountant can prepare tax returns and other filings. If you are like most business owners, you judge your accountant‘s performance by the amount of taxes you pay, or, how much you don’t pay. But financial record keeping is so much more than tracking of income and expenses for tax purposes. Quality financial record keeping, quality being the operative word here, reveals much more about a business than most business owners realize. To a trained eye reading between the lines, the numbers indicate a great deal of information about the business and the business owner that is critical for a potential acquirer, lender, investor, and anyone else involved in the growth and exit process.

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Identify Goals. What do you envision that your life will be like and what will you be doing after you are out of the business? Although your exit is likely to be a few years away, it’s not too soon to have this conversation. Start with a clean canvas where money and time are no object. Give this a lot of thought. The key here is to identify and commit to whatever you are passionate about. Here are some examples: work with underprivileged children, maybe in a foreign country; be a volunteer for the arts; or travel and write about your adventures. If you are not passionate about your post-exit goals, you might run out of energy before the exit implementation is complete, and the whole thing might fall apart, seriously jeopardizing the value of your business. How do you think you would like to exit? There are at least 34 ways to leave a business, including transition to family, employees, other shareholders, non-profits, and to an outside third party. How you exit will have a direct impact on your post-exit lifestyle.

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Identify Goals. What do you envision that your life will be like and what will you be doing after you are out of the business? Although your exit is likely to be a few years away, it’s not too soon to have this conversation. Start with a clean canvas where money and time are no object. Give this a lot of thought. The key here is to identify and commit to whatever you are passionate about. Here are some examples: work with underprivileged children, maybe in a foreign country; be a volunteer for the arts; or travel and write about your adventures. If you are not passionate about your post-exit goals, you might run out of energy before the exit implementation is complete, and the whole thing might fall apart, seriously jeopardizing the value of your business. How do you think you would like to exit? There are at least 34 ways to leave a business, including transition to family, employees, other shareholders, non-profits, and to an outside third party. How you exit will have a direct impact on your post-exit lifestyle.

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