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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Some day you will leave your business. That's a fact. If you are the type of person who needs to be in control, you have already decided how and when you will sell and who will represent you in the transaction. Or maybe you have a buyer in mind that you plan to approach on your own. No matter which camp you are in, here are some points to consider. One Buyer is No Buyer You have probably heard that "one buyer is no buyer". If you have one buyer, he (or that entity) will drag out the process, wearing you down until you are willing to agree to his terms. You would be wise to retain a mergers and acquisitions professional to identify at least two qualified, potential buyers. He will run an auction between the serious suitors. The result is all suitors will be forced to offer their best price and terms. You win.

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That's a loaded statement. Give serious thought to what it means to your son, daughter, employee(s), or whoever you are talking to. To them, it could mean something entirely different than what you intend. Or maybe over the years, exactly what you have intended has changed. Such a statement to family or key employees could mean that you intend to gift your business interest to them. Or, that maybe you will sell it to them for less than its true value. It could also mean that you will finance a sale for below market price and terms, or with no expectation of a down payment. Either way, be clear about your intent and your capability to follow through.

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You're about to enter into the transaction of a lifetime. If you're like most business owners, almost all of your investible net worth is locked up in your business. You're playing for keeps. The financial security and comfort of your family depends on exiting right. Preparation is everything. Gather all the facts before making a move. The success or failure of your exit depends on how well you prepare, and, the quality of your exit planning team. And when we talk about “exit plan” we really mean the plan itself, and, the exit planning process. The exit plan itself includes review of, and, recommendations, based on the sum total of all the data that needs to be gathered before you decide on and commit to your exit strategy. It's the data gathering that we're focusing on in this article.

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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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What does it mean when you receive calls from mergers and acquisitions advisors, business brokers, and private equity groups? Does it mean that your business is valuable, that they have a buyer or want to buy your business?

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Selling your business might be years away, but it’s not too early to find out what the process involves. When selling an attractive business, you have leverage—but only up to the point where you sign a letter of intent (LOI). Most LOIs include a ‘no shop’ clause that requires you to terminate discussions with other potential buyers while your newfound suitor does due diligence.

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Let’s start by defining “sell” as the total amount an acquirer would pay at closing including the down payment, bank financing, and an owner held note. So, we’re not talking about a number that a competitor suggests casually over a drink at a trade conference. Let’s also assume that yours is a financial buyer, and not a strategic buyer. Step I – Show Me the Money The first thing a potential suitor will look at is how profitable your business has been over the last three to five years, and, the projected revenues and profitability. If your company has had increasing revenues and profitability during that time, and, if your company is a top performer in your industry, your potential buyer is likely to seek more information.

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Business owners are often surprised to learn how long it takes to prepare a business for sale. It's a complicated process, so we'll focus only on the highlights. This will give you an idea of why it takes so long. You might be wondering if this process applies to your type of business. If you are looking to build your personal net worth to fund your retirement with the invested sales proceeds, and, if selling for top dollar is important to you, keep reading. To help you get your bearings, this article is written from the standpoint of a Certified Exit Planning Advisor (CEPA) and business consultancy. Phase I: Determine how much you need or want to net from the sale This is the diagnostic phase where the CEPA finds out where you are now, where you wish to go, how much money it will take to get you there, and the basics about what could stand in your way, either personal or business.

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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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The Value Builder System Software uses an advanced algorithm that weighs dozens of different variables to determine how easy it would be to sell your business. Developed by John Warrillow, author of "Built to Sell: Creating a Business That Can Thrive Without You", this innovative software will tell you how your business would stack up if you tried to sell it today. Once you know where you stand, you can start taking the appropriate steps toward actually selling your business and walking away with the fat nest egg you’ve been dreaming about.

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