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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It seems like we’re at a fork in the road: there are some positive signs that the economy is entering the earliest stages of a long term expansion, but at the same time, if we dare read the headlines, it seems we’re destined to repeat 2008. It’s precisely because we’re at this inflection point that we see a lot of business owners thumbing the eject button. If you’ve been thinking of selling your business, here are seven reasons to get out now:

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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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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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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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