Considering selling your business? Check out the latest Q&A Over Coffee podcast episode I Want Out: Planning Your Exit with our guest Randy Krivo, Senior M&A Advisor at True North Mergers & Acquisitions to begin thinking about next steps when you determine it may be time to retire or sell your business. In this episode we discuss:
- Reasons for Selling
- Initial Planning Steps & Timeline
- Goals of Exit Planning
- Letter of Intent
- Business Valuation
- Succession Planning
The best time to begin planning your exit strategy is 5 years ahead of time – this allows time for a complete business valuation to be performed and for you to analyze all of your options along with your CPA, financial broker, and legal team, as well as having a strong management structure in place and ultimately make the business less owner-centric so it can one day survive without you.
With over 70 years combined experience between Randy and our host Tom Pesch in business strategy and exit planning, this is an episode you won’t want to miss!
Relevant Resources:
The Exit Planning Institute puts out a State of Owner Readiness Report after surveying business owners across the state – the latest is from fall of 2023:
https://www.otcpas.com/wp-content/uploads/2023/10/2023-Minnesota-State-of-Owner-Readiness-Report.pdf
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