ExitReadiness® PODCAST: Exit Planning, Succession & Selling Your Business

Today we want to discuss something very unfortunate that we see and hear about all too often tragic events that could be easily avoided with the right advanced planning.

Because of the work we do in helping owners prepare for their eventual exit. We are often privy to stories of businesses that die when the owner unexpectedly dies or becomes permanently incapacitated.

And so this is a planning area that we quite passionate about.

Just recently a business owner we know of died suddenly with no plans in place for the business to continue, or a current estate plan

And, it couldn’t have happened at a worse time as it was during COVID.

His spouse is lost as to what to do as she was not at all involved in the business. Not only does she have to cope with the tragic unexpected loss of her husband, but she also has to deal with all aspects of the business that she’s completely unfamiliar with Customers and employees are leaving.
There is a lot of debt to be liquidated and the business value has tanked the business may have to be shut down with no value.

This is an area of planning that we bring up right away in any new exit planning engagement because it can destroy the business quickly impacting all stakeholders. employees, customers, vendors, suppliers, the economy. But most of all it can have a devastating impact on the owner’s spouse and family if they were dependent on the value of the business.

So, our topic today is Business Continuity: A Plan for the Unexpected

Conversations that move you closer to a regret-proof exit.

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Learn more about working with Pat and Walter at ennislp.com 
Connect with Pat: linkedin.com/in/pat-ennis-25b4a111/
Connect with Walter: linkedin.com/in/walter-deyhle-cpa-abv-cff-maff-cexp-cepa-57386614/

#PatEnnis #WalterDeyhle #ExitReadiness


DISCLAIMER: The information in this presentation is provided as education only. 
Neither the presenter nor ENNIS Legacy Partners is engaged to render legal, accounting, or other professional services. Consult a qualified professional for advice specific to your situation. ENNIS Legacy Partners assumes no legal liability for any loss related to information contained in this presentation.

In building a sellable business, you need to “protect the value of your business” and continually manage areas like the one we’re going to talk about today, cyber security. We’ve discussed the topic here before, and will continue to in the future because it’s so important, and October happens to be
Cyber Awareness Month which is another good reason to talk about it today.

Listen to these statistics gathered from numerous sources regarding Cyber risk:
1. 43% of cyber-attacks target small businesses.
2. 60% of small businesses that are victims of a cyber attack
go out of business within six months.
3. 66% of small businesses are concerned or extremely
concerned about cyber security risk.
4. 47% of small businesses say they have no understanding of
how to protect themselves against cyber attacks.
So, our topic today is Protecting Value Through Cyber Risk Management, and our goals today would be to raise awareness of the risks and provide some actions you can take to mitigate the risk.

Our guest is Melissa Musser of GRF CPAs and Advisors. Melissa is a principal at GRF CPAs & Advisors with over 15 years of professional experience. Her expertise includes establishing, maintaining and optimizing internal controls, compliance, Enterprise Risk Management
(ERM), and cybersecurity programs. She is also the proud recipient of the 2018 AICPA Information
Management and Technology Assurance (IMTA) Standing Ovation award.

Conversations that move you closer to a regret-proof exit.

Subscribe To The Channel By Clicking HERE!

Learn more about working with Pat and Walter at ennislp.com 
Connect with Pat: linkedin.com/in/pat-ennis-25b4a111/
Connect with Walter: linkedin.com/in/walter-deyhle-cpa-abv-cff-maff-cexp-cepa-57386614/

#PatEnnis #WalterDeyhle #ExitReadiness


DISCLAIMER: The information in this presentation is provided as education only. 
Neither the presenter nor ENNIS Legacy Partners is engaged to render legal, accounting, or other professional services. Consult a qualified professional for advice specific to your situation. ENNIS Legacy Partners assumes no legal liability for any loss related to information contained in this presentation.

We’ve both seen situations where a business owner has done all they can in executing strategic and operational plans to grow their business organically, only to experience continued stagnation in both sales and profit And, they may have a financial exit goal that is going to require a much larger valuation and sale price. So, they begin to wonder if growing thru acquisition could make
sense Some of the common reasons they might consider an acquisition
might include.

1. A need to increase revenue
2. A goal of expansion in a declining market
3. Declining market share
4. They need to add new talent or stabilize the financials
5. Or maybe they need to expand their customer base

They may remain confident, based on research, in their market – and taken all reasonable steps to reduce expenses to improve the bottom line. So, with their goals for growth and increasing business value being greater than what they’re realizing, they begin to wonder if external growth through acquisition makes the most sense.

So, our topic today is something we talked about before. Growing Your Business Through Acquisition
and, our guest is Carl Allen of Dealmaker Wealth Society. Carl Allen is an entrepreneur, investor and corporate dealmaker In his nearly 30-year career, Carl has analyzed thousands of
businesses big and small in 17 different countries across nearly every business sector…and has worked on more than 330 transactions worth close to $48 billion. Carl first earned his reputation during his 16 years on Wall Street working for Bank of America, Hewlett-Packard, Forrester and
Gartner.

Conversations that move you closer to a regret-proof exit.

Subscribe To The Channel By Clicking HERE!

Learn more about working with Pat and Walter at ennislp.com 
Connect with Pat: linkedin.com/in/pat-ennis-25b4a111/
Connect with Walter: linkedin.com/in/walter-deyhle-cpa-abv-cff-maff-cexp-cepa-57386614/

#PatEnnis #WalterDeyhle #ExitReadiness


DISCLAIMER: The information in this presentation is provided as education only. 
Neither the presenter nor ENNIS Legacy Partners is engaged to render legal, accounting, or other professional services. Consult a qualified professional for advice specific to your situation. ENNIS Legacy Partners assumes no legal liability for any loss related to information contained in this presentation.

This week, Joe Ennis talks to Walter and Corby about how to build value through podcasts and content creation

Learn more about Podcasts By Joe: https://www.podcastsbyjoe.com/

Conversations that move you closer to a regret-proof exit.

Subscribe To The Channel By Clicking HERE!

Learn more about working with Pat and Walter at ennislp.com 
Connect with Pat: linkedin.com/in/pat-ennis-25b4a111/
Connect with Walter: linkedin.com/in/walter-deyhle-cpa-abv-cff-maff-cexp-cepa-57386614/

#PatEnnis #WalterDeyhle #ExitReadiness


DISCLAIMER: The information in this presentation is provided as education only. 
Neither the presenter nor ENNIS Legacy Partners is engaged to render legal, accounting, or other professional services. Consult a qualified professional for advice specific to your situation. ENNIS Legacy Partners assumes no legal liability for any loss related to information contained in this presentation.

In planning for a successful exit it’s important that you focus, not just on building sellable business value but also on protecting business value.

And a key planning area in protecting business value would be human capital…and nothing more important in the area of human capital than protecting the business against loss of a key employee.

A key employee defined by the following characteristics makes a substantial business contribution possesses critical information or knowledge or maintains and nourishes key contacts and relationships.

An owner will want to protect against a Key Employee’s departure resulting in solicitation of customers and employees, and disclosure of confidential business information --- and we would recommend our Episode 43 with Attorney Marc Engel regarding Employment Agreements for that issue.

They should also protect against premature death and permanent disability of a key employee and the impact either of those events could have on the value of their business.

The impact due to loss of an employee who makes a significant business contribution possesses critical information or knowledge or maintains key business contact and relationships can be quite damaging and even destructive --- particularly when the most key employee is an owner of the business.

So, our topic today is The Importance of Key Person Insurance in Protecting Your Business, and our guest is Bill Betz of Betz Financial Advisory.

Betz Financial Advisory is a family owned and operated business and Bill is a specialist in the design and implementation of advanced planning strategies for high net worth families and successful business owners. Bill’s process involves consulting with the client’s key advisor’s to establish and execute leveraged strategies and one of his area of expertise would be planning for key person issues.

Conversations that move you closer to a regret-proof exit.

Subscribe To The Channel By Clicking HERE!

Learn more about working with Pat and Walter at ennislp.com 
Connect with Pat: linkedin.com/in/pat-ennis-25b4a111/
Connect with Walter: linkedin.com/in/walter-deyhle-cpa-abv-cff-maff-cexp-cepa-57386614/

#PatEnnis #WalterDeyhle #ExitReadiness


DISCLAIMER: The information in this presentation is provided as education only. 
Neither the presenter nor ENNIS Legacy Partners is engaged to render legal, accounting, or other professional services. Consult a qualified professional for advice specific to your situation. ENNIS Legacy Partners assumes no legal liability for any loss related to information contained in this presentation.

As a small business owner you experience countless transactions with customers, vendors, suppliers, etc that require negotiation skills. A successful business owner is often characterized by skilled negotiation. There is one negotiation where we always recommend you engage professional assistance the sale of your business. There is just too much at stake all that you’ve built, and all of your personal goals are at stake, and so we believe that warrants professional experienced help. Professional help could be a business broker, an investment banker or Mergers and Acquisition attorney.

At the same time, we know that some of you will end up
negotiating the transaction yourself or at least being involved
with the negotiation for various reasons and so today we want to
help you with some tips for a successful negotiation.

And, our guest today is Negotiation Consultant Randy Kutz of
ScotWork North America Randy has extensive experience working at the highest levels of corporate, government and foreign dignitary contexts. He is
skilled in Negotiation, Public Speaking, Training, Executive Coaching and Consulting, and is a Certified Professional in Learning Performance (CPLP) focused on Negotiation and Soft Skills Training with over 2500 classroom hours and 3800 students taught.

Conversations that move you closer to a regret-proof exit.

Subscribe To The Channel By Clicking HERE!

Learn more about working with Pat and Walter at ennislp.com 
Connect with Pat: linkedin.com/in/pat-ennis-25b4a111/
Connect with Walter: linkedin.com/in/walter-deyhle-cpa-abv-cff-maff-cexp-cepa-57386614/

#PatEnnis #WalterDeyhle #ExitReadiness


DISCLAIMER: The information in this presentation is provided as education only. 
Neither the presenter nor ENNIS Legacy Partners is engaged to render legal, accounting, or other professional services. Consult a qualified professional for advice specific to your situation. ENNIS Legacy Partners assumes no legal liability for any loss related to information contained in this presentation.

As a small business owner you’ve experienced unprecedented
challenges over the last number of months, none of which have
been more challenging than making decisions pertaining to your
employees.

And, now that things are beginning to open up again, you’re still
faced with questions pertaining to things like:

 Can I as an employer require my employees to return?
 What factors should be considered…in addition to legal
requirements…in deciding whether employees return to
work?
 Are there things that should be considered in managing
employees remotely?

These questions and others will be addressed today as our topic
is Return to Work Issues: Where we were, where we are,
and where we’re going.

Our guest today is Employment Attorney Marc Engel of Lerch Early & Brewer here in Bethesda, MD.
Marc is becoming a regular guest here on the podcast and we’re happy to have him back with us today.

Conversations that move you closer to a regret-proof exit.

Subscribe To The Channel By Clicking HERE!

Learn more about working with Pat and Walter at ennislp.com 
Connect with Pat: linkedin.com/in/pat-ennis-25b4a111/
Connect with Walter: linkedin.com/in/walter-deyhle-cpa-abv-cff-maff-cexp-cepa-57386614/

#PatEnnis #WalterDeyhle #ExitReadiness


DISCLAIMER: The information in this presentation is provided as education only. 
Neither the presenter nor ENNIS Legacy Partners is engaged to render legal, accounting, or other professional services. Consult a qualified professional for advice specific to your situation. ENNIS Legacy Partners assumes no legal liability for any loss related to information contained in this presentation.

It is our standard practice to have a guest with us to discuss a particular area of expertise needed for either building transferable business value or planning for a business exit…and per usual…we have a guest with us this morning. However, this guest has proposed a change in format for today’s episode. A “turning of the tables” as he put it. Our guest is my long-time friend Andrew Mahr.

A number of years ago Andrew and I worked together on a management team for a non-profit ministry with a mission of planting churches in the US and in other parts of the world. Andrew joined our team not long after graduating from Georgetown University and was considering continuing on to law school, but decided to stay on board with us instead. As a result of his success in management at the non-profit was presented with not a few attractive business opportunities and went in that direction instead.

Andrew’s one of the smartest and most talented people I’ve ever worked with, and he’s currently the Chief Customer Officer at Tribio. Triblio is an Account Based Marketing firm here in Northern VA.

Connect with Andrew: https://www.linkedin.com/in/andrewmahr/

Connect with Pat: https://www.linkedin.com/in/pat-ennis-25b4a111/

Connect with Walter: https://www.linkedin.com/in/walter-deyhle-cpa-abv-cff-maff-cexp-cepa-57386614/

Conversations that move you closer to a regret-proof exit.

Subscribe To The Channel By Clicking HERE!

Learn more about working with Pat and Walter at ennislp.com 
Connect with Pat: linkedin.com/in/pat-ennis-25b4a111/
Connect with Walter: linkedin.com/in/walter-deyhle-cpa-abv-cff-maff-cexp-cepa-57386614/

#PatEnnis #WalterDeyhle #ExitReadiness


DISCLAIMER: The information in this presentation is provided as education only. 
Neither the presenter nor ENNIS Legacy Partners is engaged to render legal, accounting, or other professional services. Consult a qualified professional for advice specific to your situation. ENNIS Legacy Partners assumes no legal liability for any loss related to information contained in this presentation.

What comes to mind as a “hurdle” that an owner has to
overcome in planning for a successful exit?

- Transition from being a busy business owner with much
significance and impact to life after the business
- The Transaction
- Any fears they might have in leaving

In today’s episode we are going to discuss some of the key
hurdles an owner will face in planning for their successful exit.

Today’s topic is Transition, Transaction, Trepidation: The
Three Hurdles in Every Successful Exit

Our guest is a friend and consultant who has been advising
business owners and CEO’s for years.

John Hrastar is CEO and President of Intersource Consulting which
he founded in 1990.

Having been both an owner and a CEO John has a unique
perspective on the effect of the personal ownership concerns that
drive business management issues.

He is now an advisor to leaders of private companies, family
businesses, and non-profit organizations.

He is a founding partner of the Greater Washington DC Family
Business Alliance, and a member of the Association for Corporate
Growth, the NeuroLeadership Institute, the Society of
International Business Fellows, the Exit Planning Exchange, and
Mensa.

Connect with John: [email protected]

Connect with Pat: https://www.linkedin.com/in/pat-ennis-25b4a111/

Connect with Walter: https://www.linkedin.com/in/walter-deyhle-cpa-abv-cff-maff-cexp-cepa-57386614/

Conversations that move you closer to a regret-proof exit.

Subscribe To The Channel By Clicking HERE!

Learn more about working with Pat and Walter at ennislp.com 
Connect with Pat: linkedin.com/in/pat-ennis-25b4a111/
Connect with Walter: linkedin.com/in/walter-deyhle-cpa-abv-cff-maff-cexp-cepa-57386614/

#PatEnnis #WalterDeyhle #ExitReadiness


DISCLAIMER: The information in this presentation is provided as education only. 
Neither the presenter nor ENNIS Legacy Partners is engaged to render legal, accounting, or other professional services. Consult a qualified professional for advice specific to your situation. ENNIS Legacy Partners assumes no legal liability for any loss related to information contained in this presentation.

Business owners are busy people…

- Successful business owners are very productive and so
they’ve got a lot going on in their business and personal
lives
- And as we both know planning for their eventual exit can
continually be put on the back burner even if they know they
need to do it
- A comprehensive plan for exit can be overwhelming…
- And so… it can be tough to maintain momentum in the
planning process…tough for the client which makes it tough
for us as the exit planners

Owners can become fatigued during
the process even when they know they need to get it done…

- Getting both the business owner ready…and their business
ready for a successful exit requires work in areas of tax,
personal financial estate planning, planning for the
unexpected and business continuity and other planning
areas
- And it requires added commitments of time, finances, and
work
- If an engagement begins with a full explanation of all that
needs to be addressed in a comprehensive plan it can be
overwhelming and result in little to no action by the business
owner
- I think you would agree that what we’ve learned through the
years…is that a more productive approach is one that
breaks down the comprehensive plan in phases and shorter
well-defined time frames
- More than a few times we’ve heard, “I had no idea that there
was this much to plan for"
- So today we want to discuss a planning approach that will
make it much easier for an owner to stay engaged until
everything that needs to be planned for is accomplished…

And we have with us one of our favorite guests Elizabeth
Mower. Elizabeth is the President for the Business Enterprise Institute.

Elizabeth Mower leads a team in the development of resources,
tools, materials and software that enable professionals in a variety
of disciplines accounting, legal, wealth management, business
consultants, etc, to work with business owners to design
and implement comprehensive Exit Plans.

Conversations that move you closer to a regret-proof exit.

Subscribe To The Channel By Clicking HERE!

Learn more about working with Pat and Walter at ennislp.com 
Connect with Pat: linkedin.com/in/pat-ennis-25b4a111/
Connect with Walter: linkedin.com/in/walter-deyhle-cpa-abv-cff-maff-cexp-cepa-57386614/

#PatEnnis #WalterDeyhle #ExitReadiness


DISCLAIMER: The information in this presentation is provided as education only. 
Neither the presenter nor ENNIS Legacy Partners is engaged to render legal, accounting, or other professional services. Consult a qualified professional for advice specific to your situation. ENNIS Legacy Partners assumes no legal liability for any loss related to information contained in this presentation.