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

 


3 comments

I'm going to give an attorney-like answer - "it depends". It depends on 1) how dependent you are on the business for income or investible assets 2) how dependent the business is on you and 3) how dependent you are on the business for your own personal well-being. Digging a little deeper, ask yourself a few questions ...

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I was sitting in a reception area of a lower mid-market business recently. I watched two very experienced and professional receptionists (call them Kathy and Diane) struggle to write company advertising to be placed on Craig's List. Some company sales come from Craig's list so new ownership thought it would be a cost-saver to have Kathy and Diane write the Craig's List ads. Under previous ownership, all advertising had been written by an outside source that specialized in ad writing and placement.

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Perspective is essential for any leader. Without it you wander aimlessly and are likely to lose your way. Many business owners find themselves in this situation where they can’t see the forest for the trees. You can’t lead effectively if you can’t see. If you are so focused on the day-to-day operations and are constantly putting out fires, then you have reached the point where your fingerprints are on every aspect of the business. This is not a good situation if you are hoping to transfer ownership of your business someday. It is especially troubling if your equity is earmarked to fund your retirement.

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Have you ever wondered who would immediately step in and run your company if you became unavailable for any reason? If you are wondering, then your employees, key people, customers, vendors, bankers, other shareholders, and family members probably are too.

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The representations that you make when your business is in play will be confirmed by the buyer’s own advisors during due diligence. Anything to the contrary will harm or destroy your credibility and your intermediary’s. Buyers don’t like surprises. Before meeting with an intermediary, put together your pre - due diligence checklist. It could take much longer than you anticipate to create and assemble the required information for the buyer’s due diligence team. Here are 13 common deal killers that are discovered during the due diligence process.

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Join the crowd. Over 60% of all privately held businesses are owned by baby boomers. So, there’s a real possibility that most of you want to slow down, work on your own terms, or bolt for the door as soon as possible. But here’s the thing. While you might be ready, your business might not be. What does that mean? Based on Empirical data from national research from “Pepperdine Private Capital Markets”, nearly 40% of all businesses with 5m to $100m in annual revenues that reach a transaction fail. The other 60% deal with involve concessions (earn outs, value discounting, etc.) What’s worse, in the below $5m revenue market, the failure rate is as high as 80%

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Since 93% of a business owner’s retirement income is the return on the invested net proceeds from the sale of the business, the discussion about value comes to mind immediately. And although the economy, interest rates, and other factors play an important role, ultimately it’s the buyer that determines value...

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The majority of businesses in America today started out as service companies. If you want to own a web design firm, you don’t need a lot of money, just a technical knack. Enterprising professionals who know how to get the media’s attention can start their own public relations firms without much more than a mobile phone. No capital required. But if you want to build a valuable company – one you can sell – you’ll want to stop presenting yourself as a service firm. Consultancies are not usually valuable businesses, because acquirers generally view them as a collection of people who peddle their time on a hamster wheel. The typical way to sell a consultancy is for the consultants themselves to trade their equity for a job, in the form of an earn-out that may or may not have an upside.

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Private Equity Groups, sometimes called a “PEGs”, invest in privately held businesses. Their cash comes from several sources including: pension plans, insurance companies, wealthy individuals, family offices, endowments, such as universities and family foundations, and sovereign funds such as the Middle East and Asia. They usually have cash that has already been raised from those sources, but some private equity groups identify the business they wish to acquire first and then raise the cash from investors. One common requirement is that they will only acquire a majority interest in the selling company, although occasionally a PEG will hold less than a majority interest. It all depends on their business model.

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Many of our Baby Boomer clients tell us that they are hoping to sell their businesses to their employees. Here are some reasons they give: They want to reward their employees for their loyalty and service They want to protect and preserve employees and customers They want to sell “as is” with no pre-sale preparation They want to remain as employees of the new owner Let’s take a look at some of the ways you can sell to your employees that you might not have thought of:

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