S11 E1-4: THE SMART AND SAVVY EXIT - TIPS AND TOOLS OF BUSINESS SUCCESS - ELLEN MCILHENNEY

THIS WEEK’S THEME TITLE “Your Financial Health, Part 1” 

This week we are going to talk about the fun stuff (at least it’s fun for me); your business finances. You will want to listen to the next four episodes because …. 

We all know that Cash is King! 
Especially in a small business 

S11 E1 Cash is King!! 

1. The Hook - The company we didn’t buy; and why… And the Profit and Loss Statement looked very good. 
2. The Why - Profits aren’t the only thing a potential buyer looks at. 
3. The What - Owners need to look at all of the financial statements in order to get a good assessment of company strength. 
4. The How - First - well prepared financial statements; Next - Learn to read and interpret. 

It’s good to always remember to: Know Your Numbers 

S11 E2 -”Know Your Numbers” 

1. The Hook - Trust in others can only go so far when you are talking about YOUR money. A story that will make everyone take a pause. 
2. The Why - It’s not only the trust factor, but it also shows potential lenders and buyers that you know what you are doing. 
3. The What - It’s good to have a conversational knowledge of all your financial statements. 4. The How - First - well prepared financial statements; Next - Learn to read and interpret. 

Learn to Budget and Forecast: Especially when planning to expand. 

S11 E3 “Budget and Forecast” 

1. The Hook - Forecasting should be a yearly/quarterly process for your company. The importance of this is more important if you are planning any kind of expansion in your business. I’ve seen the results of not doing it before expansion, and it wasn’t pretty. 
2. The Why - Pre-thinking anticipated expenses and revenue give you a roadmap so you’ll know if changes in plans need to be made. 
3. The What - Use historic and current conditions to some up with your best “educated” guess on what to anticipate. 
4. The How - Start with current numbers and look at anticipated increases and decreases in both revenue and expenses. 

All Riches Have Limits: Be Frugal 

S11 E4 “Be Frugal” 

1. The Hook - “There is no dignity quite so impressive, and no independence quite so important, as living within your means.” ― Calvin Coolidge 
2. The Why - Obviously, in these uncertain economic times, now more than ever we should, while continuing to be in growth mode, be a bit more cautious in how we spend our money. 3. The What - Assess the value of each purchase. Hard economic times can help strengthen a company in the future. 
3. The How - Make it part of your business culture. 

BIO: Ellen McIlhenny - Owner; CFO Plus Services - a fractional CFO and Bookkeeping firm specializing in bringing the services of an experienced CFO to small businesses. 

She graduated with an accounting degree from Virginia Tech and spent more than twenty years as a CFO or controller in mid-sized and large privately held businesses. 

She is the author of the book "The Big Turnaround - How bad management nearly destroyed an exceptional company", a business novel dealing with common problems business owners face on a daily basis. 

In addition to The Smart and Savvy Exit on the IBGR.network she hosts a weekly podcast called The Scaling for Business Growth Podcast 

• Connect on LinkedIn 
• CTA: Give us a call at 804-301-6312; or email at ellen@cfoplusservices.com. We will help you find ways to save money. 

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