Ellen McIlhenny - "Smart and Savvy Business Exit"
Today is the first episode of Smart and Savvy business Exit. For years I have lived and breathed the topics we will be discussing, starting with my years as a CFO with a company who grew through acquisition and now as a fractional CFO helping small business owners increase their value to prepare for a sale.
Today we are going to start with an overview of the Smart and Savvy exit plan. So you may be asking….what is an exit plan and how do I get me one of those.
If you’re just starting a company — or your business is in the early stages — it’s likely you haven’t yet thought of an exit strategy. After all, why think about the end of the journey when you are just getting started?
But I think everyone has heard the famous saying by Stephen Covey “Begin with the end in mind”
Well we are going to talk today about why that is so important and what you need to be doing to prepare.
By the end of our time together I hope you will understand the importance of planning and better understanding some of the steps you need to take to be proactive in implementing the plan
Key Issues - Owner/Manager Perspective:
When is it time to sell
1. Do you have sufficient financial statements?
2. How will the business be valued?
3. Who should be on the team to prepare the busines?
4. Is the business right at this time?
5. Is the market right at this time?
6. Am I prepared to hold onto the business?
7. Can the business survive without me?
8. Am I willing to walk away from a deal?
What You Need to Know
1. The Big Picture
2. The Short term focus
3. Exit Options
4. Potential Buyers
5. The Team
What You Need to Do
1. Due Diligence
2. General Information
3. Employee Information
4. Products and Services
8. Intellectual Property
11. Contracts and Insurance
Written by Ellen McIlhenny - CFO Plus Services - www.cfoplusservices.com
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