Poised for Exit

Next Level Collaboration in Exit Planning: Dealmakers and Manufacturers Team up for Better Owner Outcomes! We had the pleasure of welcoming two guests, representing two different industries, but working together to achieve better outcomes for their manufacturing business clients. Kevin Szozda, Director of Strategic Relationships with Sunbelt Business Advisors and True North M&A, and Steve Kalina, President and CEO of MN Precision Manufacturing Association. Their intentional collaboration efforts between the two organizations begun about two years ago, but since Steve and Kevin met, it's become more robust and is making a difference in numerous ways. A significant outcome has been through the generosity of the Advisors at Sunbelt and True North, who after the closing of a sale of one of the MPMA member owners, they donate a portion of their fee to a manufacturing scholarship fund so as to keep the manufacturing legacy of MN going, and to help foster training the best and brightest for our manufacturing sector. Steve's recent trip to Germany was an eye opening experience that produced innovative ideas for how to regularly focus on developing a strong workforce of the future. The Apprenticeship model he learned about was the most impactful, and he hopes to emulate it as much as possible within the MPMA organization. "One of our biggest problems in manufacturing right now has to do with all the gray hair out there" he said. "We need to be working towards succession plans for those aging key people, and that's not happening like it should." So much more that we discussed! Listen to this excellent interview right here ____________. Connect with Steve Kalina at MPMA here Connect with Kevin Szozda at Sunbelt and True North here Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

Using Data to Drive Decisions for Growth, Acquisitions and Exit Our guest for this episode is Luke Komiskey, Founder and CEO of DataDrive, a data analytics company who enables its clients to make fast, informed decisions through the use of data and AI! Luke says he's always been an entrepreneur at heart and has enjoyed the challenge of starting and growing companies. And he's helped numerous clients grow their businesses, by helping them collect, analyze and utilize their data for strategic decision making. He's a member and big fan of the Entrepreneur's Organization and leads as a Board member for them as well. Luke says every company has pockets of data sitting in different spots within the systems of the company; most are not utilized. What if a company had a service who could not only dissect this data from various places, but also interpret what it means and provide you with advice on how best to use it? That's what Luke's company does; his technicians are not only national but global and he's working with some pretty impressive companies. DataDrive takes a Managed Services approach that creates long term relationships and allows techs to become very familiar with a business's strategy, philosophy and nuances within the competition. This puts them in a position to provide immense value for the client! Private Equity firms like to partner with DataDrive to assist them in making sound analytical decisions about companies they're interested in acquiring. DataDrive creates Scorecards for the business once its been acquired, so the PE firm can monitor financial and operational metrics of their investment. Listen to the episode here! Connect with Luke and his team at DataDrive Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

A Story of two Brothers, their Music and their Give-Back Mission It all started for Julie when she attended a Christmas Concert by the O'Neill Brothers that impressed her so much, she decided to invite them to be on the show. Both brothers are accomplished musicians; mostly piano, and have had their music downloaded over 2 Billion times worldwide! They've been inducted into the MInnesota Music Hall of Fame, and besides all the concerts they play and other businesses they run, they recently launched O'Neill Foundation that helps local citizens manage their lives with financial help that comes to them in various ways. When they were young, music was strongly encouraged among the family members with talent. When Tim went off to college, his mother asked how she'd keep the music in the house when he was gone, so he recorded her favorite songs on piano for her. From there, a recording and concert career sprung. Ryan found himself interested in not just music but real estate, and over the years has built The Minnesota Real Estate Team of Remax Results. The largest Remax team in the country. Much more to the story! Listen to the episode here Learn more about the O'Neill Brothers Learn more about the O'Neill Foundation Find the O'Neill Brothers in the MN Hall of Fame Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

A Financial Advisor’s Journey from Global M&A to Private Business Clients Today we had the pleasure of interviewing Jeremy Weston, a financial advisor with Edward Jones whose unique background sets him apart in the financial advisory space. Jeremy's education in Business Finance first led him to work for large manufacturing corporations, primarily as an auditor for Mergers and Acquisitions. After his skill set proved to be one that could bring people together and build relationships, his role expanded into leading M&A Integration teams. His goal then was to align the company's purpose with its financial goals. If the two are not a match, the Integration usually takes much longer, costs more and many times will fail. He found he needed more than being a short term problem solver. Fast forward, he found his niche in working with owners of privately held companies to achieve their financial dreams, and 5 years ago acquired his CEPA designation. Now as a Certified Exit Planner, Jeremy is working more closely with business owners. He's not only advising them on their wealth planning, he's also advising them directly on money management decisions. As a CEPA, he wraps in advice on how and when to exit their businesses. Jeremy's expertise in manufacturing has been especially helpful for the clients who own these types of businesses; he gets what they've been through and what they're trying to do now. His advice is sound and not just theoretical. As a family man, Jeremy spends as much time as he can with his wife and four children. He's one of Edward Jones higher level advisors and takes his advisory role very seriously. Listen to the episode here Find Jeremy here and Julie here Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

A Partnership Exit Strategy where Everyone Wins Our guest Host for today was Chris Jones, President of True North M&A. Chris interviewed his firms' advisor, Tim Schinke and Tim's client, Dan Sundin. Dan is the co-founder and CEO of Innovative Technology Partners (ITP), a managed services tech company in the Twin Cities. Dan and his partners, Andy and Mark founded the business in 2004, and grew it rapidly, utilizing the unique skill sets they each brought to the table. Andy and Mark were former employees of Dan's at another firm, which is how they initially met. When Dan approached them to discuss starting their own business, they were all ears. They did a lot of the right things to try and stay out of the day to day of the business. They even hired outside leadership to grow and operate the company, but that plan didn't work so well, so when Dan decided he was ready to take some chips off the table, he approached his partners to see what their appetite was for selling the company. Being about 10 years younger than Dan, they were at different stages in life and were more motivated to get the most money possible for the business than Dan. They kicked the idea around for a couple of years, and then brought Tim in to talk more seriously about their options. Dan knew that his children were not interested in taking over, so an outside sale was apparent. The team at True North was able to help them structure the right deal at the right price, and everyone came away with feeling it was a fair deal. They all still work for the firm and Dan has an equity stake. Each partner achieved their best exit outcome, and Dan says that would have never happened without the help of the team at True North M&A. Listen to the show here Learn more about True North M&A here Connect with Chris here Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

Building our "All Star Network" with Cathy Paper Cathy Paper has been teaching best practices in meaningful connections for many years and we were happy to have her on the show again today, because we know that Business Development and building a network that fosters it can be very challenging; regardless of the industry! If you have sales people or other professionals whose job it is to be the face of the business, but who don't like to leave the office, this episode is for you. Let's face it, some people are "people people" and some are "project people", yet there are folks in both groups who are many times in charge of building a book of business. "Paper" as everyone calls her, delivered some simple, valuable techniques for how to build a strong network, and she said "it doesn't have to be just for business referrals". Having other professionals in your network that you can connect to your inner circle are just as valuable. She also noted that a diverse network is also recommended; people with different backgrounds, ethnicities, and generations bring a wealth of unexpected perspective, expertise and knowledge. To her point about networking with 20 somethings, they know people and have technology prowess far beyond the older generations who may have more street smarts or industry expertise. In other words, if you want to know how to effectively use TikTok, ask a 20 something! We all have our strengths. Some primary tips from Paper include: Be on time Introduce yourself well Do one new thing weekly to build your network Understand how to use LinkedIn to your benefit and start with your Profile! Take a few risks; if you normally would not be the first to initiate a conversation, try it Be genuine, whether online or in person Her new book "A Scaredy Cat's Guide to Networking: Bloopers, Blueprints and Best Practices" is in its pre-order stage and can be found below on her website! Listen to the episode here Contact Cathy Paper here Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

Kendall Qualls and TakeChargeMN: Making Black Lives Better! It's been a few years since Kendall Qualls was in the studio, so it was great to have him back again. Kendall is the Founder and President of TakeChargeMN, a nonprofit described as "a Coalition supporting Blacks in the pursuit of American core principles". Their foundational approach includes fostering free enterprise, education, faith and family life in the Black community. All of the values that have historically made America the destination of many from around the globe who aspire to achieve their dreams. Kendall started out in dire poverty as a child, yet over time was able to rise above it and accomplish some remarkable things. From being a Military officer, to a C-level leader for several Fortune 100 companies, to a professor at Crown College, Kendall has a background that affords him a wide area of subject matter expertise. As a black man, he has had his share of discrimination and setbacks over the years, but does not believe our country is racist. Rather he believes that America still provides the best opportunities in the world for anyone, regardless of color, and that Black Americans just need the right support, resources and encouragement to succeed, with the nuclear family at its core. Statistically, two parent black households have been on the decline since the 1960's and now comprise just 20% of Black households. Kendall is out to change that through education, leadership and promoting entrepreneurship opportunities that build up black families rather than diminish them. Check out all that Kendall has going on here Listen to the interview here Connect with Kendall here and Julie here Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

CFO of YTS companies Shares their ESOP Journey, with Guest Host, Kyla Hanson of JAK CPA's! Our episode today featured a guest co-host with Kyla Hansen, Partner at JAK CPA's and Sponsor of the Poised for Exit Show! Kyla's client, YTS Companies, became an ESOP in 2021 with the help of JAK's team and Kyla's expertise. Kyla invited YTS CFO, Andy Yetzer to share the story of how their company pursued an ESOP transition and after facing some obstacles, successfully organized a structure for ESOP that will eventually involve all three of their companies while honoring the future exit timelines of its founders. Andy shared that it was through the expert guidance of JAK that they were able to eventually accomplish their goal. Not only did JAK serve as their accounting firm, but also led the assembly of a collaborative advisory team and acquisition of independent Board members. A couple of key tips they both recommended for our listeners considering ESOP were to know the current value of the business before making any transition decisions. If the value is not where it needs to be, work on strategies to grow it. The other is to educate yourself on what an ESOP is and know the basic qualifying criteria before making any decisions. A good resource for employee ownership education is here Listen to the episode here Find Kyla here Find Andy at YTS Companies here Find Julie here Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

Selling a Financial Advisory Practice: A Former Financial Advisor Shares Tips and Advice Our guest today was Steve Juetten, CFP and Founder of Bridgegate Partners, a firm who specializes in succession and exit for owners of financial advisory practices. Steve's background in M&A prior to becoming a CFP really gave him a great window on how to prepare when the time came for him to sell his practice. He decided through the lessons that he learned along the way, that advising other firm owners was a great way to sunset his working career. Steve said that figuring out "what's next" was one of his biggest hurdles, when after finishing his own process, decided he could help others with the process to have better outcomes. His focus was to make sure the transition benefited all parties: clients, colleagues, staff, and the buyer- not just himself. Many times, owners of financial practices believe their Book is worth more than it actually is. Not knowing how to value the quality of the Book is the biggest obstacle. Steve helps them understand the true value, and helps them achieve their best outcome, even when their RIA says they will 'help' with the transition. The truth is, Steve says, they don't care, as long as the assets under management and clients stay in place. In other words, an outgoing advisor needs outside help. And, there are far more advisors at 65 years and older than there are advisors young enough to buy their books of business, so make sure you have a buyer-ready business to sell. Steve offers a free resource for advisory firm owners. It can be downloaded here Listen to the episode here Connect with Steve here and Julie here Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

Tiger 21: Your Personal Board of Directors Our guest today was Bonnie Speer McGrath, Chair of the Minneapolis chapter of Tiger 21, a ultra-high net-worth peer group for entrepreneurs, investors and executives. Bonnie's background and role as a peer group facilitator are quite different from the typical facilitator profile, since her members are all ultra wealthy individuals. As she said, people think when you have all that money why would you need a peer group? And the answer is that life doesn't end just because you sell a business and acquire significant assets. The challenges, opportunities and problems of life don't go away when money enters the picture, they just change (and change a lot). The benefit of being supported by others who have been there and understand is huge, and Tiger 21 is an appropriate next step for growers of wealth to take advantage of. As I have always said, outside perspective is priceless when you have the right kind. Tiger 21 was founded by an entrepreneur who sold his company and needed to stay engaged in something meaningful and productive. He'd been in a peer group prior to selling, but that was no longer an option after the sale. Enter the concept of Tiger 21 for those who've recently had a large liquidity event and are looking for ways to keep life meaningful and productive, but want to associate with the same kind of people. The benefits for members of Tiger 21 might be similar to other peer groups, but let's say they're on steroids ;) Some of the unique benefits are that they are located in 45 cities across the country with 1300 members who gather annually for their Global Exchange event, where members can share advice, network connections and participate in educational offerings. Members give and receive investment and philanthropic advice, share connections, life hacks and many other tips for better living. Each meeting includes a spotlight on one member with others providing feedback. Their unique challenges and opportunities are faced in knowing their fellow Tiger 21 members have their back. Bonnie shared so much more! Just listen to the interview here. Learn more about Tiger 21 here https://tiger21.com/insights/life-after-selling-a-business-finding-purpose/ and here https://tiger21.com/locations/minneapolis/ Find Bonnie here and Julie here Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

Misbeliefs about Private Equity Partnership: Success Stories Revealed! We had the pleasure of hosting Shane Slominski on today's episode, who is a partner with Tonka Bay Private Equity Partners in the Twin Cities. Shane has been in the PE space with Tonka Bay for 18 years, and prior to that was a practicing CPA in the M&A space with Arthur Anderson and Deloitte. During those years, he worked often with PE owned companies and learned a lot about how Private Equity worked, prompting him to seek a role in a firm to get more involved, which is when he found Tonka Bay. Shane says that the world of Private Equity is really growing, and that each one has their own unique set of criteria around ideal acquisition targets. For Tonka Bay,. they're looking for companies with owners who are partners or founders seeking a way to scale the company and take some chips off the table. Shane says that the values and desires for the future of the business are an important aspect of finding a good match for his firm. It was a refreshing thing to hear, since so many owners would deem PE to be a last resort, due to all the bad press its received over the years. But, as Shane said, things have changed and owners have many options in this space, especially if they have well run, profitable companies with growth potential. Some things he recommends that sellers do now to drive the attractiveness of their business are to first, decentralize themselves from their companies. He said that is a big issue for PE (as with any buyer). If you are an owner and looking for a partner to take your business to the next level, consider chatting with Tonka Bay Equity Partners! Find them here and Shane here. Shane shared some impressive client success stories, so be sure to listen to the episode here Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

How CEO Peer Groups can get you "Poised for Exit" Our guest for this episode is John Palen, CEO and Founder of Allied Executives, a long running executive peer group in the Twin Cities. When John's career led him to a place where he sought his own peer group for some professional guidance and feedback, he couldn't find what he was looking for. With necessity truly being the mother of invention, he decided to start his own. Fast forward 24 years, and Allied Executives is likely the most well known name in executive peer groups in the Twin Cities area. The groups meet monthly in person; no virtual options, and the requirements to become a facilitator are quite strict. Afterall, how can a facilitating coach give relevant advice, if it's only theoretical? The leaders of each group are required to have been business owners themselves, be financially secure and have a track record for success and leadership. Allied expects to grow to 500 members over the next 3 years. Members must have annual revenues of $5M or higher to join a group. The resources offered go beyond the monthly peer group meetings, and even include "drive up coaching" whereby a member can contact their facilitator for some up to the minute advice on a pressing matter. Their large scale events and professional network of connections are also part of the peer group menu of benefits. John shared some compelling success stories with us! Listen here _________ Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

Rise of the Non-Technical Entrepreneur We had the great pleasure of interviewing Colin Hirdman in today's show. Colin and his partners founded Monkey Island Ventures, and their mission is to create as many successful founders as possible! Colin and his partners are entrepreneurs themselves, obviously, so their work is more than just a way to make a living. They love what the do and the difference it makes in the world. As Colin said, when an entrepreneur is motivated to create something from nothing and they build upon that success over time, the impact to others compounds the success. Monkey Island Ventures plays in that space of helping owners create more success, more jobs and more bright futures for all the stakeholders. Sometimes we as business owners have really great ideas to make a process more efficient, accurate, or profitable but we lack the technical expertise to automate it in the form of a software program. Enter Monkey Island Ventures, who have a process they work through with entrepreneurs to help them flesh out the ideas and map the feasibility of creating technology around it. Imagine having your own proprietary software! What if you were able to sell your software to others in your industry? Imagine the impact... Scaling a business can be done in many ways, but sometimes the next thing requires more knowledge or resources than what we have available to utilize. If you find yourself with a business problem or necessity that needs to be solved. It might make sense to meet with Colin and go through their "Clarity Canvas" process of unpacking the issue and ways it could be solved with technology. There's so much to this episode! Listen here Find Colin Hirdman here Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

Arrowhead Promotion’s Bud Schneider: Pointing the way toward a new generation of leadership! Today’s episode featured the long time leader of a family business in its 3rd generation. The Arrowhead Promotion Company is going strong and looking to the future, as Bud Schneider mentors and guides the new leadership to take over. As a non-family member of a family owned company, Bud truly embraced the role as leader and steward of the family business and its legacy more than most in his position. The family and its ownership have a strong affinity for him as well. Arrowhead’s work is what Bud would call ‘quiet’ in that it works behind the scenes to connect brands with their desired consumers and does so from most any vertical. For example, if your company has a new product to launch and you’ve built strategy and goals for its successful growth, Arrowhead comes in to implement the strategy and achieve the results you’re looking for with proven and creative tactics that have earned them long term relationships with some of the biggest brands in MN. Bud spends his time working alongside a leadership team that has become the driver of the business over time. His guidance and advice have been integral in the transition of leadership and they’re not in a hurry to have him gone, but Bud says ‘soon’. The transition planning process all started with their CPA firm advising them that they should get the process of delegation and succession started at least 5 years out, so three years ago, they got serious about it and have remained focused on the success of passing on the torch since then. Bud plans to spend time in the future doing more of what he loves in the ways of leisure, but still wants to stay productive. That may mean he stays engaged in some way with Arrowhead for years to come; who knows? Listen to the episode here Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

True Story of Rapid, Strategic Growth Supported by Fractional Marketing Services We had the opportunity to have Luke Riordan, Founder and Partner of Dayta Marketing in the studio today as our guest host! Luke invited a long-time client, Tim Kraemer, President of TKI to share his story of rapid growth, that was largely due to the strategic marketing partnership his company has had with Dayta. The company was founded 86 years ago, and Tim and his brother Brian are the 3rd generation owners. The company name, “Tom Kraemer, Inc” bears the name of their father. Tim and Brian have been strategically growing the business ever since they took over and have made numerous acquisitions since then, with their most recent being in Buffalo MN of the LaPlant company. TKI as locations in several markets across Central MN and specializes in the sale and rental of portable shipping containers. They attribute their exponential growth primarily to the targeted marketing strategy they do with Dayta. As for acquisitions, they’ve become much more strategic about what constitutes a fit for them today vs in the early years. Tim said they learned some interesting lessons when the first started acquiring companies. Dayta’s approach to partnering with TKI has grown from a Social Media client over 10 years ago, to being their ‘marketing department’ with specialized team members within Dayta who cover all the bases from strategy, to web development, to Social, and Brand messaging. When a new location opens up, they formulate a plan ahead of time in order to create some buzz around it before it actually happens. In other words, a pre-launch plan that’s executed first. Brilliant! Dayta is hosting an Executive Summit on Feb 22 2-4:30pm at Earl Giles in Mpls. Luke says contact him for information and to get an invitation to attend! Luke@dayta.com Listen to the episode and learn more about TKI and Dayta’s amazing work here! Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

"Our Advisor had our Back" A Nigerian Entrepreneur's Success Secret Being a visionary entrepreneur with a constant flow of ideas requires you're surrounded by a solid team of leaders you can delegate to. Wale Banjoko is that kind of entrepreneur. He's currently seeking investment capital for his most recent initiative and we had the pleasure of hearing all about it. As he said, "I just want to grow and build" His latest thnic Wholesale Foods Distribution Service. His Business Broker and Advisor at Sunbelt, Brad Peterson has not only been the one who's "had his back" but has also become a trusted friend. When Wale and his partner had questions, Brad had answers, and the right ones. Wale shared several compelling stories of his 20+ years owning both US and Nigerian companies; not a cake walk by any stretch. His advanced degrees in Marketing, International Business, and Global Distribution are the perfect foundation for the big thinking he's prone to; all he needs are a few good connections to investors with the same vision and desire to expand an untapped market. His latest endeavor is a movie he produced for Amazon Prime that will be released on February 15 called "Silenced". He said he worked with many Nigerian influencers and actors for the production as a strategy to forge new relationships with their industry. He believes there are influencers everywhere seeking investment opportunities to directly make a positive impact on humanity. Listen to Wale's interview for more on his story___________________________. Learn more about Wale here Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

Replacing Fear with Courage: A Fresh Look at Employee Development Sarah Line, CEO of Boredroom Breakouts joined us in this episode and how intriguing was our conversation! Sarah's background as a Mission Trip coordinator and leader provided the foundation for the work she does now as a corporate change management expert. Many corporate leaders struggle with how to equip their teams with strategies to manage change; like M&A Integrations for example. There's no wonder the failure rate of M&A Integration is so high, when alignment of culture, values and team building take such a backseat to other acquisition factors. When "change navigation" can be documented as in the work Sarah and her team do, it adds to the value and transferability of the business. When teams can resolve conflict because they understand each other better, and can communicate openly, the results are only positive for everyone. Among the many ways Sarah works with leaders and owners to develop stronger teams and adaptability to change is by coordinating and leading corporate retreats using a creative fusion of science and fun! Sarah says there are 5 Core Human Fears that are foundational in fostering change, and that she works with each person to help them identify what their primary fears actually are. Sometimes what we think it is, actually turns out to be something that pertains to one of the 5 Core Fears. Learning how your brain is wired to manage change and stress, and that you are capable of not only coping but thriving can be a breakthrough experience for her participants. Sarah is currently working on a digital form of her content, which is slated for launch on March 1! You can find out more about her and her programs here and listen to the episode here! Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

Funny Tales and Effective Tactics from an Estate Planner! We had the honor today of hosting Christopher Burns, partner with Henson and Efron Law Firm. Christopher's practice primarily focuses on Estate and Tax Planning, and he advises and counsels owners of privately held companies on how best to reduce their tax liability and increase their peace of mind by orchestrating comprehensive estate planning techniques and strategies and facilitating tough conversations between owners and family members. Now that was a mouthful, so where do we start? Christopher says it all starts with a plan. Whether you currently have a plan that needs updating, or you've never had a plan, documenting your wishes and making them known alleviates more problems and conflict than you can imagine, not to mention the money saved in unnecessary taxes. If so much is at stake, then why do we resist doing it? Do you know anyone who avoids talking about death like the plague? If you have ever been involved in an estate situation where no planning had been done, you know how arduous, painful, time wasting and contentious these situations can be. Enough said; if I just described something that resonates with you, then let's vow to check it off our 2024 list as soon as possible. There are many strategies that owners can implement to avoid long and expensive probate, and paying more to the IRS than necessary. Christopher says that what works for one owner, doesn't always work for another, so it's essential that you begin the planning process well in advance of any liquidity event, especially if you live in a state like MN and plan to move your residence to a tax friendly state. As Christopher says, it's like Hotel California in MN; you can check out but it's very difficult to leave and the look back on tax saving strategies starts with a minimum of three years out. The knowledge, expertise and counsel Christopher imparts and embodies are invaluable! Contact Christopher here and Julie here We shared some pretty good laughs around such a dry topic! Listen to the episode here Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

Entrepreneurs' Organization: A Tribe to Thrive With Patrick Donahue, Chapter President of the Entrepreneurs' Organization in MN joined us to talk about EO; its origins, benefits, success stories and how it has transformed the lives of so many members across the globe. The criteria to become a member is a short list and mostly tied to revenue. Members must be majority shareholders of their companies and most are well above the qualifying $1M revenue threshold, but for owners of companies below $1M in revenue, they offer EO Accelerator for early stage companies who want to grow or for smaller company owners who seek outside advice and feedback from like-minded peers. In the end, it's a peer group, but the primary difference is that EO's mission is to support the whole person, not just from a business standpoint. The educational offerings cover an array of topics and often provide "transformational value" as Patrick can attest to. He generously shared a moving story about how EO helped his entire peer group deal with a shared crisis. Listen to the episode here Suffice it to say that as a long time member, it's done more for Patrick personally than anything else. But you'll have to determine that for yourself by setting up a visit to an upcoming meeting. Learn more about EO and contact Glenda for more information here EO's upcoming Rally in May brings hundreds of entrepreneurs from all over the country. Find out more here Connect with Patrick here and Julie here Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere

Stephen Covey was Right!" We had the honor of featuring a long time colleague of Julie's, Ken Saddler, with B2B CFO. Ken's expertise in building enterprise value and helping owners understand their numbers and how they correlate to value was the topic of our conversation. Ken is a partner with B2B CFO, a firm that specializes in fractional CFO services for small to mid size companies who need the extra pair of eyes monitoring their budgets, income projections and overall financial situation on a regular basis. So often, owners will delegate this kind of work to internal staff who aren't always qualified to make bigger money decisions or provide financial advice to the owners, which can often lead to unnecessary cash flow fluctuations and missed financial opportunities. But having a go-to like Ken can and does make all the difference, for both the short and long term health of the company. Numbers tell a story, as we know, and sometimes owners need the advice from a trusted advisor on how to fix money situations that tell a negative story and perhaps predict an unfavorable outcome. Knowing where the value lies in your business, building upon it, and aligning it with your overall plan is where the magic is. Ken says it all starts with a plan. When you have a plan that focuses on both the top and bottom line, you'll gain the attention of the dealmakers looking for a good investment for their buyers. EBITDA multiples will fluctuate depending on industry, company size and value factors that aren't necessarily tangible. "Goodwill" tends to drive the most value in a business; things like your brand, team, diverse customer and supplier lists and tight processes and systems are hot buttons for buyers seeking a turn-key investment (as long as the numbers tell a clear story!) Find Ken here and Julie here Listen to the episode and give us your feedback! Support the Show. Are you ready for your best exit? There is no time like the present to prepare. Check out these resources offered by KeyeStrategies: Business Readiness Transition Free Ebook herehere