In this #PoisedforExit episode we featured a long time journalist and radio personality, turned Podcast Producer, Bob Sansevere.  Bob has had quite the career over the years, spanning several different US publications and landing at KQRS in Minneapolis back in 1987. As a big part of the KQ Morning Show for 30 years, Bob grew quite an audience of fans. Now as a podcaster and producer, he's taken his expertise and expanded it for the benefit of Hosts like me.

When Bob was released from KQRS along with several others after COVID hit, he had to reinvent himself. He likens it to having an "Entrance Strategy" vs an Exit Strategy. He said when you find yourself being forced into an Exit (which many owners do) find your next thing and "don't wallow". In other words, move on and keep your mindset positive. 

Becoming an entrepreneur has been an ideal way for him to utilize his talent and over the past 6 years, he's expanded his audience into several other markets. 

Listen here to learn about Bob's story and how he's grown his production company and the BS Show into a wide spread, popular show with radio stations airing it all over MN.

Find Bob here: http://thebsblog.com/
Find Julie here: https://www.poisedforexit.com/

Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor

This episode of #PoisedforExit features Amy Quale, Co-founder and owner of Wise Ink Creative Publishing in Minneapolis.  Amy shared how she and her partner, Dara Beevus built Wise Ink from the ground up, starting with a blog for writers and working their way towards publishing 60 - 70 books per year!

She got her entrepreneurial bug from her parents who taught her that risk pays off when you do it right. The sacrifices they had to make when she was growing up have helped her continue to believe in her dream, build her empire and move forward, even when things seem to be moving backward. She called that the pendulum swing of business ownership and I love the analogy!

Aside from publishing, Dara and Amy have launched several key initiatives to foster the growth of writers among various minorities. Their ambitions have led them to launching Fellowships and Scholarships in these categories. 

Her advice to our entrepreneurial listeners is to accept the natural flow of business's ups and downs and not to panic, as long as you stay focused on your goals and values. Listen now!

Find Amy here: https://wiseink.com/
Find Julie here: https://www.poisedforexit.com/

Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor

This episode covers a very timely topic that concerns all of us. We featured Mary Dynes, a licensed healthcare insurance expert, who specializes in healthcare programs for business owners; individual or group. When employers and employees no longer have access to a group plan, Mary can help. When employers have had to reduce their employees hours, Mary can help with alternatives to group insurance the employees may no longer qualify for. 

Shopping for healthcare coverage for 2021 is upon us and enrollment periods have started.  Mary discusses alternatives employers can use in lieu of group coverage, which creates a win for both the owners and the employees. Coverages you should keep outside of your company plan, and options for elective procedures not covered by insurance, such as Stem Cell treatment or cosmetic surgery, and supplemental insurance for accidents and critical illness. 

She also talked about Health Sharing organizations (a growing and viable option) and how to assess whether they're a right fit for you. Listen now!

Find Mary here: https://myhst.com/agent/Mary-Dynes/
Find Julie here: https://www.poisedforexit.com/

Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor

This #PoisedForExit episode features prominent business attorney, Jeff O'Brien, partner at Chestnut Cambronne in Minneapolis. Jeff shared some horror stories with us (just in time for Halloween!) about some cases he's working on where partner disputes occurred. Some fell between 50/50 owners and some between majority and minority owners. 

We talked about a provision for Buy Sell Agreements called a "Texas Shootout", which resembles a marital Prenuptial Agreement, so that 50/50 partners can dissolve and buy one or the other out if "things don't work out". 

We also talked about minority shareholders and some of the ways he's had to unravel some oppressive situations, when majority owners attempt a forced sale.

Learn the details on these stories and more by listening to this episode!

Find Jeff here: http://chestnutcambronne.com/bio-jobrien.html
Find Julie here: https://www.poisedforexit.com/

Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor

We visited today with Chris Steffl, Co-Founder of Versatile Insurance Services. Chris is what I would call an expert for the experts. He works with insurance and financial advisers in selecting the right products or mix of products that assist the adviser and their clients with customized insurance solutions. They happen to specialize in privately held companies, so you'll want to listen if that's you!

Business insurance solutions are not one-size fits all, especially in today's environment!  A very hot topic for the times is in funding Buy Sell Agreements. Another is on insuring your Key People. We decided that instead of using Key Employee Retention (sort of negative, that word 'retention') we'd use 'Sharing in Enterprise Value'. Try that on and see if it's a fit next time it comes up in conversation, because really that's what we're doing when we reward our best and brightest. 

Chris himself comes from a family business and is the next generation to succeed his parents. He noted that as businesses change hands, one method of protecting your nest egg that's often missed is in Long Term Care insurance. Do you want to use up all the equity you get from the sale of your business to take care of yourself when you age? Probably not. Chris outlines several ideas and hybrid solutions that make this product an easy add-on to your insurance portfolio. 

Lastly, insurance products should tie into your existing financial plan, not be a separate thing.

Find Chris Steffl here: https://www.visins.com/about-us/#team
Find Julie here: https://www.poisedforexit.com/

Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor

Today's show featured yours truly, Julie Keyes, being interviewed by my producer, Bob Sansevere on my entrepreneurial journey, why I wrote the book and what I'm seeing in the world of entrepreneurship today.

When I got my start in business it wasn't as an entrepreneur, but eventually I realized it was the ideal way for me to achieve my goals and live the life I knew would make me happiest. Being a business owner definitely has its highs and lows. I share my struggle with the long learning curve, especially when it came to managing people! Over the past several decades as an entrepreneur and adviser to them, there's still more to learn, but I've definitely found the shortest path possible on the learning curve since becoming an exit planner. 

In my travels working with business owners, whether in exit mode or not, I've seen how some are really good managers and some are good leaders. It's rare to be good at both. Figuring out which one you do best can help you sleep better at night!

Understanding the runway for proper exit planning and business transition is vital for successful outcomes. If an owner thinks they can 'get it done' in a few months, they're only hurting themselves. 

Join me for "the rest of the story" by listening to this episode!

Find Julie here: https://www.poisedforexit.com/podcast

Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor

Our guest for this episode is none other than Scott Snider, who with his father, Chris Snider are the owners of the Exit Planning Institute in Cleveland, OH. EPI has a credentialed certification process for advisers to become CEPA's; there are over 2000 in the United States and around the world. 

Exit Planning became 'a thing' as Scott would say in the early 2000's and has taught and fostered professional collaboration among advisers from various disciplines ever since. As a faculty member for EPI, I can tell you that the curriculum is extremely relevant and actionable for anyone who advises privately held companies. 

Scott's focal points for 2021 are on Business Goals, Personal Goals and Financial Goals. He says these wrapped together support the owner and their business like three legs of a stool. He emphasizes that Exit Strategy is simply good Business Strategy, and it's never too early to prepare yourself and your business for a future exit. "Working with Certified Exit Planners like Julie Keyes is highly recommended," he said. 

When it comes to preparing a company for sale, Scott says there are two separate distinctions and both must be considered and assessed. They are, "Business Attractiveness" and "Business Readiness" and they're definitely not the same thing! Listen to the show and learn about the difference yourself along with other tidbits of Scott Snider wisdom!

Find Scott here: https://exit-planning-institute.org/about-us/
Find Julie here: https://www.poisedforexit.com/

Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor

This #PoisedforExit episode featured two of my trusted colleagues in Exit Planning, Joe Strazzeri and Shelley Lightfoot. Joe and Shelley are partners in several firms in San Diego. Joe has a prominent legal practice in Estate Planning and Tax Planning. The conundrum business owners have when in tax and estate planning, is actually taking the time away from the business to advocate for themselves and their own future, because they are usually so focused on the business instead. 

Do you feel like you are already paying more than your fair share of income tax? If you don't plan early for your liquidity event, you'll pay even more. Obviously, the goal is to keep as much as you can, but waiting to plan for how to do that will not serve you. 

Family businesses invariably deal with messes that go beyond day to day business and they tend to  manifest themselves in 4 areas:

1. Legal Messes
2. Tax Messes
3. Financial Messes
4. Family Conflict Messes

Joe and Shelley talked about how they identify, assess and solve for these matters, and illustrate that using several examples. 

Find Joe, Shelley, and their firms here:
Strazzeri Mancini: https://www.linkedin.com/company/strazzeri-mancini-llp?trk=biz-companies-cy…
SCI: https://www.linkedin.com/company/southern-california-institute?trk=biz-comp…
The Founders Group: https://www.linkedin.com/company/the-founders-group/ 

Find Julie here: https://www.poisedforexit.com/

Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor

In this #PoisedforExit episode we spoke with Dan Korsman, who is a CPA, JD and partner at Boulay Group in the Twin Cities. 

We focused our conversation on what he's been seeing among his clients who are preparing to or have sold their companies in the past few months, and what owners can do right now to strengthen the appeal of their businesses for buyers who are much pickier than before. 

He has noticed that buyers and sellers have become re-engaged since the pandemic hit and are putting their hats back in the ring to sell and to buy, however the rules of engagement have changed.

Sellers must be aware that Earn-outs and Seller Carried Notes can be hazardous if not given the right structure and competent scrutiny by their advisory team. Many times, a seller's Goodwill is not transferable, so Dan recommends (as we have so many times on Poised for Exit) to delegate authority and do other things that will increase the transfer-ability of the business, like eliminate customer concentration, retain key employees and diversify your suppliers. 

Working with the experts who can advise you and structure your exit, assures you'll achieve the highest and best possible exit outcome, even during these unpredictable times!

Find Dan Korsman here: https://www.boulaygroup.com/Partners/Daniel-J-Korsman
Find Julie here: https://www.poisedforexit.com

Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor

Today's Poised for Exit Show featured Chris Cuneo, an attorney with Ballard Spahr, whose long-standing reputation and expertise in Minneapolis is rivaled only by his own sense of humor! Chris compared a relationship with your attorney to be like Gandalf or Gollum from Lord of the Rings; both being different species of 'Guide'. Listen to the show to get the gist of the analogy and learn why "Gandalf" is preferable....

According to Chris Cuneo, an Attorney's most important attributes when guiding an owner through a Transition are:

1. Technical Expertise

2. Service Orientation

3. Collaborative

4. Business Acumen

5. Sense of Humor

Lower middle market businesses have challenges unique to their company size that larger companies don't have, which requires a unique set of skills from their attorneys. Many owners are focused on controlling things to the point that they've not created a company that's easily marketable. Chris said his 3 word mantra for business owners is "Build Transferable Value".  For more golden nuggets of advice, listen to the show and contact Chris at [email protected]

Find Chris here: https://www.ballardspahr.com/people/attorneys/cuneo-christopher
Find Julie here: https://www.poisedforexit.com/podcast 

Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor