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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Sometimes key employees do demand to have a piece of the action, but are they really asking for a share of ownership, or do they just want a significant share of the profits and some recognition. Looking at the situation from our business-owner clients’ viewpoint, they often want to “reward” key employees. To a business owner, “ownership” is the ultimate reward, so he (or she) often concludes that transferring stock is an appropriate solution. But for a key employee, sharing in company growth is usually reward enough. Before you start giving or selling away part of your company, take a look at exactly what that means and then explore other strategies that are available to you. More importantly, find out what both you and your key people are trying to accomplish before offering to give or sell stock to them.

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Of course you aren’t. Business is great. Cash flow is excellent. Prospective acquirers with lots of money are everywhere and you believe they’re willing to pay top dollar. Why even consider exiting now if you can exit for top dollar any time you wish? Perhaps you don’t even know what you would do if you left your business. In fact, maybe even the word “exit” makes you feel uncomfortable.

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Baron Rothschild, when asked how he became rich, replied, "I always sell too soon." By that he meant he never waited to get out of a business at the very top price. He sold while the price was still rising and by doing so minimized the chances of losing money on any of his investments and businesses. A good friend of mine used to say that “timing is everything”. Ask any business owner who tried to sell his business between 2000 and 2003. Even deals that were in the works were placed on hold. Many businesses are cash flowing very well now and have been for the last few years. It is tempting for many owners to wait one more year to sell just to enjoy the up-cycle we are currently experiencing. But, why chance staying too long at the dance, especially if your business is in a cyclical industry. You could find yourself trying to sell after the market has turned. Seek guidance from a Certified Exit Planning Advisor (CEPA®) to guide and assist you. By delaying your exit you could be gambling several millions of dollars for another year’s net earnings. Ask yourself if this makes sense.

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Top 10 Deal Killers

Feb 11, 2013

As we meet with business owners we are constantly reminded that most are unaware of what potential acquirers are looking for when they are in anacquisition mode. To some extent, the type of business or industry will define the deal breakers. Some can be determined by a quick glance at the basic information produced by the mergers and acquisitions group representing the seller. This means that the acquiring entity knows what it is looking for and can quickly root through numerous summaries. Such a search becomes a process of elimination. Quality mergers and acquisitions firms will look at several businesses before accepting an assignment to find an acquirer because they work chiefly for a success fee. If your business does not go to closing, they don’t make money. If you are thinking that you will get in front of a buyer and “explain”, chances are you will never have that opportunity. You have to first sell yourself to the mergers and acquisitions firm before they will take you on. The following is a list of the most common deal killers if you are seeking top dollar for your business, and, how to address 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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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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Are You Set for Life

Feb 11, 2013

That depends upon what you mean by “set”. For some it means that you know what you want to do with for the rest of your life. For others it means you know what you want to do and you have the financial means to carry out those wishes. While you might think you are set for life, you really aren’t unless you have quantified your goals and have a solid plan to achieve them.

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As a business owner, you are well positioned to create whatever you want in life. There is no one telling you what to do or how to do it. There is no one telling you what your life goals should be or how to achieve them. Business coach Steve Strauss says, “If you don’t have what you want in life, it’s because you don’t know what you want.” If you can articulate and feel what you want your life to look like after you leave your business, and are committed to that vision, you are at least 90% there. The rest is details. As an experienced business exit planner, it truly amazes me how many business owners cannot articulate what they really want to do after they leave their business.

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