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Four Phases of Exit Planning
- 1. The Four Phases of Exit Planning© Strategic Exit, Transition and Succession Planning For Owners of Middle Market Companies Structured Financial Partners 20700 Ventura Blvd. #140 Woodland Hills, CA (818)888-9037 www.sfpartners.net
- 2. Phase One: Framing The Issues When a man does not know which harbor he is heading for, no wind is the right wind. --Seneca
- 3. Phase Two: Building the Structure “If you build it, they will come…” The voice in Ray Kinsella’s head in “Field of Dreams”
- 4. Phase Three: Putting the House in Order Coordinating estate, succession and contingency planning issues…
- 5. Phase Four: Turning over the Keys "The final test of greatness in a CEO is how well he chooses a successor and whether he can step aside and let his successor run the company." --Management guru Peter Drucker
- 6. The Exit Planning Team Business Owner—Team Owner Exit Planning Consultant—Quarterback Key position players CPA Business attorney Estate planning attorney Other advisors as engagement dictates
- 7. Meet Structured Financial Partners Steven R. Craig has been an advisor to the owners of closely held companies since 1983. He spoken across the country and published articles on a variety of topics related to business and estate planning matters. He earned a Master of Science in Financial Services degree from the American College in Bryn Mawr, PA Susan Laine spent the first twenty years of her career as an investment banker and advisor to CFOs and Treasurers of Fortune 500 companies. She then turned her focus to the closely held arena when she and Steve formed SF Partners. She earned her MBA at UCLA’s Anderson School of Management.
Notes de l'éditeur
- The best way to describe the work that we do is to tell a story. My partner and I met a business owner at an event we spoke at a few weeks ago. After our presentation, he decided to meet with us. He is 45 and wants to sell his business within about 5 years so he can spend more time with his family. His kids are 12 and 15. He owns a construction related company that did $50 million last year and is expect to do the same this year. In our pre-engagement meeting, we talked about our process and about the multi-disciplinary team approach we take with his other trusted advisors.
- The first phase of the process we use is to determine his objectives. We already know he wants out in five years, we’ve already discussed that no one inside the company has the wherewithal to buy him out, so he is going to find an outside buyer. But he’s a young guy and we need to get an idea of how much money he’s going to need to last him a lifetime if he’s going to stay retired… We might bring in a valuation firm at this stage to see if there is a gap between the business value and other personal assets and the financial needs in retirement…
- In the second phase of the process, we will address growing and preserving the value of the business in the years between now and his expected exit. We will address value drivers and key employee retention that will likely be critical to a buyer. So for this contractor we’ll focus on the things that set him apart from his competitors. The talent and experience of his estimators…The ability to bring in a job on time and under budget…
- In this phase we talk about coordinating business and estate planning issues. Make plans for the lawyer on the team to do a legal audit and discuss other contingency planning issues… We look at things in the way a buyer might, like diversifying a customer base…For this contractor, balancing inside and outside business…Balancing government vs. private work…