ExitReadiness®️ PODCAST

When an owner sells their business, they always need to be aware of what taxes they will be required to pay as a result of the sale and every owner we’ve ever dealt with has wanted to minimize taxes however possible. Another issue to be aware of is any potential risk in receiving future payments in a transaction that involves an installment sale. Today we’re going to discuss what could be a possib...

When we bring on a new client, one of the first actions is estimating the value of the business. What is the current fair market value of the business? We’ve talked many times about how important that number is in planning your eventual exit. In that process we consistently find that companies realizing consistency in strong financial performance, are those that have invested smartly in attracting...

If you’re a business owner and have one or more business partners. you more than likely have at least heard of buy-sell agreements. And hopefully you have one that is well-written, current and regularly reviewed. You may also have one if you’re in process of selling your business to insiders or children. A buy-sell agreement provides direction to owners and other stakeholders when the transition o...

How much money will you need when you exit? The answer to this third question very much impacts your answers to the other questions regarding departure date and who you end up selling to… We believe that the following are critical elements in creating a successful exit plan… - a preliminary business valuation - a forecast of future business cash flow - an experienced advisor team - your targeted d...

We want to help you build your business value, but also protect the value of your business, and one way to do that is through careful tax planning… Tax planning as you’re growing and building the business, but also planning that will minimize taxes when you eventually sell or transfer your business. Too often at sale an owner is sadly surprised with how much of their sale proceeds will go to both...

Want to learn more? Go to: ennislp.com Connect with Joe: https://www.linkedin.com/in/josephdurnford/ Check out JD Merit: https://jdmerit.com/ ============================================ “We want you to help you build a business that is sellable and exit successfully on your own terms and conditions.” - Pat Ennis ============================================ 👇Subscribe To The Channel By Clicking B...

Building a business that is transferable or sellable really begins when an owner launches a business with their eventual goals for exit --- do they indeed want to get value out of the business at some point in the future with a sale…or do they have vision for eventually transferring the business to children or key employees. If they simply want a lifestyle business while building their desired fin...

One strategy for accelerating the value of your business is grow through acquisition….and we’ve discussed this strategy in past episodes with M&A Advisors Matt Craft and Laurie Barkman. Today we are going to revisit the topic with our guest who has made three multi-million $$ acquisitions to scale is core business to over $35 million in revenue. We want to discuss what he’s learned from hi...

Want to learn more? Go to: ennislp.com ============================================ “We want you to help you build a business that is sellable and exit successfully on your own terms and conditions.” - Pat Ennis ============================================ 👇Subscribe To The Channel By Clicking Below! 👇 CHECK OUT THESE TOP TRENDING PLAYLISTS NOW! ExitReadiness Podcast: https://youtube.com/playlis...

All small business owners, at least all the ones we know, are continually focused on sales and increasing revenue. And rightfully so if they have a desire to get value out of the business eventually with a transaction. As you’ve heard us say many times here in the past, nothing is more important than financial performance when selling your business to a third party, but it's also important if you...

Want to learn more? Go to: ennislp.com ============================================ “We want you to help you build a business that is sellable and exit successfully on your own terms and conditions.” - Pat Ennis ============================================ 👇Subscribe To The Channel By Clicking Below!👇 CHECK OUT THESE TOP TRENDING PLAYLISTS NOW! ExitReadiness Podcast: https://youtube.com/playlist...

9 out of 10 business owners we work with are married. Most are married…and as married business owners ourselves…we recognize the unique challenges of being both married and a business owner. For one thing, the business if allowed to, can become all-consuming leaving little to no time or energy for the marriage relationship. Unique challenges like this one, absolutely can impact the marriage….but a...

Want to learn more? Go to: ennislp.com ============================================ “We want you to help you build a business that is sellable and exit successfully on your own terms and conditions.” - Pat Ennis ============================================ 👇Subscribe To The Channel By Clicking Below!👇 CHECK OUT THESE TOP TRENDING PLAYLISTS NOW! ExitReadiness Podcast: https://youtube.com/playlist...

Non-Qualified Deferred Compensation is an unfunded, unsecured promise by the employer to a key employee to pay compensation at a specific time or upon a specific event in the future. The program is a contract between the employer and the key employee for the payment of future benefits. As we help Business owners plan for their exit nonqualified deferred compensation can be a very viable solution f...

We would strongly encourage listening to Part One which is Episode 102 if you’re at all thinking that a sale to insiders could be a possibility and you have yet to do so… Today in Part Two we want to review some common mistakes that we would counsel against … #1 – Selling too much stock too soon #2 – Including too many employees in the key employees group  #3 – Including employees in the key emplo...

In the work we do, we are agnostic as to how an owner exits. We want to help the owner, or owners, first clarify and establish their financial and values-based goals for exit and then identify and plan for the exit route that will best attain their goals. Want to learn more? Go to: ennislp.com ============================================ “We want you to help you build a business that is sellable a...

It’s not unusual for us to hear from clients or prospective clients that they want to “test the waters” in selling their business. In other words, take it to market “as is” and see what happens. This is one of the areas, where the phrase “I don’t know what I don’t know” can result in a bad idea… In his book, The Art of Selling Your Business, John Warrillow says, “you don’t want to put your busines...

The problem that we're going to be discussing today is your business continuing if you are no longer available to run it… - Most business owners would want their business to continue... for at least a period of time... if they were to unexpectedly die or become permanently incapacitated. - But all too often…due to a lack of pre-planning…the business dies when the owner can no longer be available d...

If you’ve been a regular listener, you’ve heard our consistent exhortation to “start planning now! Because it takes longer than you think to get ready for a successful exit -- if you wait to begin planning until you’re quote ‘ready to exit’ then you and your business won’t be ready!” You’ve heard us say these things so many times your response might be something like, “OK start planning today, I g...

An issue that is important but often overlooked by business owners when preparing their business for a sale is working capital with owners we’ve worked with there has been at least confusion as to how working capital should be considered or treated if not total neglect due to ignorance until the sale is being negotiated. So we want to bring some clarity today to this important but often overlooked...

Today we want to talk about how accelerating business value and creating streams of revenue with your intellectual property or IP – this can easily be overlooked by small business owners…or if not overlooked completely, perhaps not prioritized as it should be. Just like many of the topics we discuss, it can be tough to know where to begin and some owners don’t have a clear understanding of what qu...

In building value, of course a steady increase in revenues is a key driver of value, and increasing revenues always involves some level of marketing strategy. Perhaps your strategy has been word-of-mouth and referrals, or mailers, or email campaigns and you have a website that you also consider to be instrumental in marketing your business. But your website is not creating revenue and you’re just...

In his book The Boutique, author Greg Alexander describes a Boutique professional services firm as being past the start-up stage but pre-scale. Examples being found in consulting, marketing, advertising, IT, etc. Basically, anyone that sells their expertise, maybe even an accounting or exit planning firm. Greg explains in The Boutique how to start, scale, and sell a professional services firm and...

We’re excited to have with us guests Elizabeth Carr Ph. D, and Attorney Cherie Morris. Elizabeth is the founder of Kentlands Psychotherapy which she launched in 2005 after serving six years as a Navy Clinical Psychologist. She continues to see some existing clients…but her role is now mostly one of leadership, administration, mentoring, and supervision of interns. Cherie is a lawyer and now a full...

In building a sellable business, you also need to “protect the value of your business” and continually manage areas of risk like the one we’re going to talk about today cyber security… This is an area of risk management that we highlight at least annually because it’s so important and relevant. And if you’ve listened to any of the past episodes on the topic you’ve heard us mention the following st...