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How To Exit Your Business Successfully- BBN- 4-13-23-Final-JW.pptx
- 1. How To Successfully Exit Your Business Presented by Jim Wisdom, CFP®, CEPA® to BBN April 13, 2023
- 2. Overview What is Exit Planning? Why Exit Planning is important now Common challenges (“The Headwinds”) Lifestyle business vs. transferable business What’s your business really worth? Ways to enhance company value pre-exit and transition Conclusion Q&A
- 3. Exit Planning Defined “ Exit Planning combines the plan, concept, effort and process into a clear, simple strategy to build a business that is transferable through strong human, customer, structural and social capital. The future of you, your family, and your business is addressed by exit planning through creating value today.”
- 4. Notable & Quotable “You should build a business today as if you will own it forever…but could sell it tomorrow.” Bo Burlingham- “Finish Big” “Transferable value is what your business is worth, to someone else, without you.” John Brown, CEO, Business Enterprise Institute
- 5. Why is Exit Planning Important Now? Half of Boomer Business Owners will exit their business by 2025; and two thirds will exit by 2030. Baby Boomers will transfer an estimated $68 Trillion of wealth Boomers started businesses at a rate much greater than any other generation
- 6. Headwinds Facing Business Owners • Supply of Boomer businesses on the market will exceed demand for many years • Gen X is 15% smaller than the Boomer generation • The “Misperception Spell” • The “5 Ds.” • What’s the business owner’s Third Act?
- 7. Characteristics Gen X BO’s vs. Boomer BO’s • Psychographic Trends- Different values, life objectives, and financial habits • Demographic Trends- 76M Boomers vs. 64M Gen X’ers • Boomers- 1946-1964 • Gen X: 1965-1980 • Sociographic Trends- The benefits battle- flexible hours, telecommuting, etc.
- 8. 2 Business Types •Lifestyle business •Scalable business
- 12. What’s Your Business Really Worth? • The Tax Number vs. The Real Number • Focus on Value vs. Income • Transferable Value - The Key
- 13. Intangible Capital- “The Four C’s” Human Capital Customer Capital Structural Capital Cultural Capital
- 14. Industry CountofIndustry Technology 56.67% Diversified 10.00% Oil 6.67% Automotive 6.67% HealthCare 6.67% Beverage 3.33% Restaurant 3.33% Insurance 3.33% Automotive 3.33% GrandTotal 100.00% Industry CountofBrand Technology 17 Diversified 3 Oil 2 Automotive 2 HealthCare 2 Beverage 1 Restaurant 1 Insurance 1 Automotive 1 GrandTotal 30 • Total market cap of technology companies = $10.78 trillion • Total market cap of all companies = $18.98 trillion • Percentage of total market cap represented by technology companies = ($10.78 trillion / $18.98 trillion) x 100% = 56.8%
- 15. **Out of the top 10 companies listed worldwide by market capitalization, 57% are technology based. Technology 57% Diversified 10% Oil 7% Automotive 7% Health Care 7% Beverage 3% Restaurant 3% Insurance 3% Automotive 3% TECHNOLOGY ACCOUNTS FOR THE MAJORITY OF 'INDUSTRY'. Technology Diversified Oil Automotive Health Care Beverage Restaurant Insurance Automotive
- 16. Strategic Value = Simple Math MULTIPLE CASH SALES X = You control You control some Predictable Cash Flow Clean Balance Sheet Size Matters! Private Capital Market Conditions Terms / Exit Option Intangibles (Value Factors)
- 20. Know Your “Gaps” •Profit Gap •Value Gap •Wealth Gap
- 21. Profit Gap = The Profit You’re Sacrificing by Not Operating at a Best-in-Class Level = Best-in-Class Profit at Your Level of Sales – Your Actual Profit
- 22. Value Gap = The Business Value You’re Sacrificing by Not Operating at a Best-in-Class Level = Best-in-Class Value if at Your Level of Sales – Your Actual Business Value
- 23. Wealth Gap = The Additional Wealth You Need to Accumulate to Meet Your Goal = Your Net Worth Goal – Your Current Actual Net Worth (not including your business)
- 25. Conclusion • Exit Planning is just good business strategy • The more time you have, the better • A good exit plan means it’s successful regardless of the time and way you exit
- 26. Thank You! Q&A
Editor's Notes
- Good morning, afternoon, or evening, Welcome to today's presentation on exit planning. As business owners, we all know that planning for the future is critical to achieving success and financial security. Whether we plan to sell our business, transfer ownership to family members or employees, or simply retire, having a solid exit plan in place is essential to ensuring a smooth and successful transition. Today, we will be discussing the five stages of maturity in the exit planning process, the value acceleration methodology, and the importance of intangible capital to the value of your business. We will also explore the characteristics of different business types, such as lifestyle businesses and scalable businesses, and the potential headwinds facing business owners today. Our goal today is to provide you with the knowledge and tools you need to develop a comprehensive exit plan that meets your personal and financial goals. Whether you are just starting to think about your exit strategy or have been planning for years, we hope that today's presentation will provide you with valuable insights and guidance. So, without further delay, let's dive in and explore the world of exit planning.
- Exit planning in the financial sector refers to the process of preparing a business or investment for an eventual sale, transfer, or other form of exit. This involves developing a strategy to maximize the value of the business or investment and to minimize the risks and costs associated with the exit. The goal of exit planning is to ensure that the business or investment can be sold or transferred in a way that achieves the owner's objectives, such as maximizing the return on investment, minimizing taxes, preserving wealth, or passing the business on to family members or other successors.
- The ideology of exit planning is centered around the idea that a well-prepared exit strategy can help investors and business owners to achieve their long-term financial goals and maximize the value of their investments. The main principle of exit planning is to plan for the future, rather than waiting until an unexpected event or circumstance forces an exit. By developing a comprehensive exit plan in advance, investors and business owners can prepare for the various contingencies that may arise and ensure that their interests are protected. The ideology of exit planning also emphasizes the importance of minimizing risks and costs associated with the exit, and maximizing the value of the business or investment. This involves a variety of financial and legal strategies, such as business valuation, tax planning, estate planning, succession planning, and risk management. Overall, the ideology of exit planning is focused on helping investors and business owners to achieve their financial goals and secure their financial future by preparing for the eventual sale or transfer of their business or investment.
- Exit planning is important now because of several factors, including: Aging population of business owners and investors: As many business owners and investors approach retirement age, it is becoming increasingly important to have a well-developed exit plan in place to ensure a smooth transition of ownership and a successful exit. Economic uncertainty: Economic conditions are constantly changing, and having an exit plan in place can help to prepare for any potential downturns or unexpected events that could impact the value of the business or investment. Increased competition: With increased competition in many industries, having a well-prepared exit plan can help businesses to stand out and attract potential buyers or investors. Changing tax laws: Tax laws are constantly changing, and having an exit plan in place can help to ensure that business owners and investors are aware of and prepared for any potential tax implications associated with the exit. Succession planning: Exit planning is an important component of succession planning, which is becoming increasingly important for businesses looking to maintain continuity and success over the long term. Exit planning is important now because it helps business owners and investors to prepare for the future, minimize risks and costs, and maximize the value of their investments.
- Overall, business owners need to be aware of these potential headwinds and incorporate them into their exit planning strategies to ensure a successful exit. There are several potential headwinds facing business owners that could impact their exit planning efforts, including: Economic uncertainty: Economic conditions are constantly changing, and a potential recession or economic downturn could impact the value of a business or investment, making it more difficult to exit. Regulatory changes: Changes in regulations or tax laws could impact the value of a business or investment, and business owners need to stay informed and be prepared to adjust their exit plans accordingly. Technology disruptions: Technology disruptions can quickly make some businesses obsolete, which can make it difficult to sell or transfer ownership. Demographic shifts: Changes in population demographics, such as an aging population or a decline in population in certain areas, can impact the value of a business or investment. Competition: Increased competition can make it more difficult for businesses to differentiate themselves and attract potential buyers or investors. Environmental, social, and governance (ESG) issues: ESG issues, such as climate change, social justice, and diversity and inclusion, are becoming increasingly important for investors and buyers, and businesses need to be aware of these issues and incorporate them into their exit planning strategies.
- Gen X BO's (Business Owners) and Boomer BO's (Business Owners) have some key differences in their characteristics, which can impact their approach to exit planning. Some of the main characteristics of each group are: Gen X BO's: More tech-savvy: Gen X BO's grew up during the rise of the internet and technology, and as a result, are generally more comfortable with technology and digital tools. Entrepreneurial: Gen X BO's are more likely to start their own businesses, as they are often looking for more independence and control over their work. Flexible: Gen X BO's tend to be more open to new ideas and approaches, and are more willing to adapt to changing circumstances. Independent: Gen X BO's tend to be more individualistic and self-reliant, and may be more reluctant to seek advice or guidance from others. Pragmatic: Gen X BO's are generally more focused on practical solutions and outcomes, rather than on ideology or theory. Boomer BO's: More experienced: Boomer BO's have more experience and knowledge, which can be valuable when it comes to making strategic decisions and planning for the future. Relationship-focused: Boomer BO's tend to value personal relationships and face-to-face interactions, and may prioritize building and maintaining relationships over other factors. Optimistic: Boomer BO's tend to be more optimistic and confident in their abilities and their business prospects. Risk-averse: Boomer BO's tend to be more cautious and risk-averse when it comes to making business decisions, and may be more conservative in their approach to exit planning. Idealistic: Boomer BO's are more likely to be driven by their beliefs and values, and may prioritize their personal values over financial outcomes. Overall, these characteristics can impact the approach that Gen X BO's and Boomer BO's take to exit planning, and can influence their priorities, decision-making, and overall strategy.
- A lifestyle business is a type of business that is built primarily to support the lifestyle of the owner. The business may provide a comfortable income for the owner, but is not necessarily designed to grow rapidly or be sold in the future. Lifestyle businesses are often small and may be run by the owner or a small team of employees. Examples of lifestyle businesses include consulting firms, service providers, and small retail shops. A scalable business, on the other hand, is a type of business that is designed to grow rapidly and generate significant returns for investors. Scalable businesses are often technology-focused, and may involve developing a new product or service that can be marketed to a large audience. The goal of a scalable business is to achieve rapid growth and ultimately become a large, successful company. Examples of scalable businesses include software companies, e-commerce platforms, and biotech firms. The key difference between a lifestyle business and a scalable business is the owner's goal for the business. While a lifestyle business is built primarily to support the owner's lifestyle, a scalable business is built with the goal of achieving rapid growth and generating significant returns for investors. In addition to the owner's goal for the business, the funding structure of the business is also an important factor that can determine whether a business is a lifestyle business or a scalable business. Lifestyle businesses are often funded by debt, such as loans or personal savings, and may not seek outside investment or have a formal business plan. The focus is on generating enough income to support the owner's lifestyle. Scalable businesses, on the other hand, are often funded by equity, such as venture capital or angel investment, and require a formal business plan and a focus on rapid growth. The goal is to generate significant returns for investors and become a large, successful company. Overall, whether a business is a lifestyle business or a scalable business is determined by a combination of factors, including the owner's goal for the business and the funding structure of the business.
- Determining the best personal timing for exit planning depends on several factors, such as the owner's financial goals, the state of the business or investment, and market conditions. However, there are a few general guidelines that can be useful to consider: Plan early: It is generally best to start exit planning as early as possible, ideally several years before the intended exit date. This allows for more time to develop and implement a comprehensive exit strategy, and can help to maximize the value of the business or investment. Take into account personal circumstances: Personal circumstances, such as retirement goals, health issues, or family considerations, can impact the best timing for exit planning. It's important to take these factors into account when developing an exit strategy. Consider market conditions: The state of the market can impact the value of a business or investment, and it's important to consider market conditions when determining the best timing for an exit. For example, it may be beneficial to wait until market conditions are favorable before initiating an exit. Prepare for unexpected events: Unexpected events, such as changes in regulations, economic downturns, or personal emergencies, can impact the timing of an exit. It's important to be prepared for these events and to have contingency plans in place. Overall, the best personal timing for exit planning is highly dependent on individual circumstances, and it's important to consider a range of factors when developing an exit strategy.
- A business life cycle chart is a visual representation of the various stages that a business typically goes through over time. Overall, the business life cycle chart is a useful tool for understanding the typical stages that a business goes through over time and can help business owners and investors to develop effective strategies for each stage of the cycle. The chart generally includes four or five stages, which are: Start-up: This is the initial stage of the business, where the focus is on establishing the company, developing products or services, and building a customer base. Growth: During this stage, the business begins to expand its operations and increase revenue, often by adding new products or services, expanding into new markets, or increasing marketing efforts. Maturity: In the maturity stage, the business has established itself in the market and has a stable customer base. The focus is on maintaining profitability and market share, often by improving operational efficiency and reducing costs. Decline: Eventually, businesses may begin to experience a decline in revenue or profitability, often due to changes in the market, increased competition, or other factors. During this stage, the focus may be on restructuring the business, divesting unprofitable products or services, or finding new opportunities for growth. Renewal (sometimes included): Renewal is not always included in the business life cycle chart, but it represents a stage where a business seeks to reinvent itself, often by exploring new markets, launching new products, or rebranding itself to stay relevant and competitive.
- A private capital timing chart is a visual representation of the typical stages of private capital investments over time. Private capital typically refers to investments made by private equity firms, venture capitalists, and other institutional investors in privately-held companies that are not publicly traded. Overall, the private capital timing chart is a useful tool for understanding the typical stages of private capital investments over time, and can help investors to develop effective strategies for each stage of the investment cycle. The timing chart for private capital investments typically includes four or five stages, which are: Seed stage: This is the initial stage of the investment, where the focus is on providing funding to help the company develop its initial product or service. Early stage: During this stage, the company has developed a viable product or service and is beginning to generate revenue, but may not yet be profitable. The focus is on expanding the business and increasing revenue. Growth stage: In the growth stage, the company is expanding rapidly and generating significant revenue, often by entering new markets, launching new products or services, or increasing marketing efforts. Expansion stage: During the expansion stage, the company has established itself in the market and is looking to expand its operations further, often by acquiring other companies or investing in new technologies. Exit stage (sometimes included): The exit stage is not always included in the private capital timing chart, but it represents the point at which the investor exits the investment, often by selling their stake in the company to another investor or through an initial public offering (IPO).
- Transferable value is another important factor to consider when determining the true value of a business. Transferable value refers to the value of somebody else to your business, when you’re not there. Essentially, it is the value of the business beyond the owner's personal involvement or expertise. This is important because a business with transferable value is more attractive to potential buyers or investors, as they are looking for businesses that can continue to operate successfully even after the owner's departure. Factors that can contribute to transferable value include a strong brand identity, loyal customer base, well-documented processes and procedures, and a talented and experienced management team. These factors can help to ensure the continuity and long-term success of the business, even in the absence of the owner. Transferable value is an important consideration when determining the true value of a business, as it can impact the attractiveness of the business to potential buyers or investors and its potential for long-term success. Determining the true value of a business can be a complex and multi-faceted process, as the value of a business is influenced by a variety of internal and external factors. Some of the key factors that can impact the value of a business include: Financial performance: The financial performance of the business, including revenue, profitability, and cash flow, is a critical factor in determining its value. Market conditions: The state of the market, including supply and demand for the products or services offered by the business, can impact its value. Industry trends: Trends in the industry, such as emerging technologies or changes in consumer behavior, can also impact the value of a business. Intellectual property: The presence of valuable intellectual property, such as patents or trademarks, can add significant value to a business. Customer base: A loyal and expanding customer base can indicate the potential for future growth and profitability, which can impact the value of a business. Management team: The strength and experience of the management team can influence the value of a business, as investors are often looking for businesses with strong leadership. Competitive landscape: The level of competition in the industry, as well as the strength of the business's competitors, can impact its value. Determining the true value of a business requires a careful analysis of these and other factors, as well as a deep understanding of the industry and market in which the business operates. It may be helpful to consult with a business valuation expert or investment banker to get an accurate assessment of a business's worth.
- Intangible capital refers to the non-physical assets of a business, such as its intellectual property, brand identity, and organizational culture, that contribute to its overall value. The four C's of intangible capital are Human Capital, Customer Capital, Structural Capital, and Cultural Capital. Human Capital: This refers to the knowledge, skills, and experience of the people within the organization. It includes factors such as employee training and development, leadership capabilities, and the ability to attract and retain top talent. Customer Capital: This refers to the relationships that a business has with its customers. It includes factors such as customer loyalty, customer satisfaction, and the ability to attract new customers through marketing and branding. Structural Capital: This refers to the systems, processes, and technologies that a business has in place to support its operations. It includes factors such as intellectual property, patents, trademarks, and other proprietary assets. Cultural Capital: This refers to the shared values, beliefs, and behaviors within an organization. It includes factors such as employee engagement, organizational culture, and the ability to foster innovation and creativity. Together, these four elements of intangible capital contribute to the overall value of a business. In fact, it has been estimated that intangible capital makes up about 80% of the value of a company to a potential buyer. As a result, it's important for businesses to invest in the development and management of their intangible assets to maximize their overall value and attractiveness to potential buyers or investors.
- The dominance of the technology industry in this data set is enormous, with six out of the ten companies being technology companies. And if we calculate the percentage of the total market capitalization represented by technology companies, we find that it is even more significant. To calculate this percentage, we can add up the market capitalization of all the technology companies in the data set and divide it by the total market capitalization of all the companies in the data set. Doing this calculation, we get the following: Total market cap of technology companies = $10.78 trillion Total market cap of all companies = $18.98 trillion Percentage of total market cap represented by technology companies = ($10.78 trillion / $18.98 trillion) x 100% = 56.8%So, as you pointed out, the technology industry represents a considerable portion of the total market capitalization in this data set, accounting for almost 57% of it. Technology is the largest in market share, further highlighting the dominant position of the technology industry in the global economy.
- This data set shows the top 10 companies by market capitalization in various industries and years. The market cap is the value of a company's outstanding shares of stock, and it is calculated by multiplying the company's share price by the number of outstanding shares. Looking at the data, we can see that technology companies dominate the list, with six out of the ten companies existing in the technology industry. These companies include Amazon, Alphabet (Google), Apple, Microsoft, Meta (Facebook), and Nvidia. Concerning market capitalization, Microsoft and Apple have consistently ranked high on the list, with both companies appearing in every year of the data set. In 2022, Apple reached an impressive market cap of $2.5 trillion, the highest of any company in the data set. Microsoft, on the other hand, hit a peak market cap of $2.3 trillion in 2021. Interestingly, Saudi Aramco, an oil company, has appeared on the list twice. In 2022, the company had a market cap of $2.3 trillion, the highest in the data set. However, in 2023, the market cap of Saudi Aramco dropped to $1.88 trillion, which is still very high but not enough to make it the top company on the list. Other industries in the data set include automotive, diversified, health care, insurance, oil, restaurant, and beverage. These industries are not as dominant as the technology industry, but they still have some significant players in terms of market capitalization, such as Berkshire Hathaway, Toyota, and Johnson & Johnson. This data set tells the story of the most valuable companies in various industries over several years. It shows how technology companies have come to dominate the market but also how companies in other industries can still hold their own in terms of market capitalization.
- The A&R (Artists and Repertoire) score is a metric used in the music industry to evaluate the potential success of a musical artist. The A&R score is typically used by record labels and music producers to identify and sign new talent, as well as to evaluate the potential success of existing artists. A higher A&R score generally indicates a greater potential for success, although other factors, such as market conditions and audience preferences, can also impact the success of a musical artist. The A&R score is calculated based on a variety of factors, including: Social media presence: The artist's following on social media platforms, such as Twitter, Facebook, and Instagram. Streaming performance: The number of streams that an artist's music has received on popular streaming platforms, such as Spotify, Apple Music, and Tidal. Fan engagement: The level of engagement that an artist has with their fans, including the frequency and quality of interactions on social media and at live performances. Industry buzz: The level of interest and attention that an artist is receiving from the music industry, including record labels, music producers, and industry publications. Track record: The artist's past performance and success, including album sales, chart rankings, and critical acclaim.
- This slide refers to the five stages of maturity in the life cycle of a business or investment. Each stage represents a different phase in the process of creating, growing, and ultimately realizing value from the business or investment. The five stages of maturity provide a framework for understanding the different phases of creating, growing, and realizing value from a business or investment, and can help to inform strategic decision-making at each stage of the process. The five stages of maturity are: Identify value: In the early stages of a business or investment, the focus is on identifying the potential value that can be created. This may involve conducting market research, analyzing the competitive landscape, and developing a business plan or investment thesis. Protect value: Once the potential value has been identified, the focus shifts to protecting that value by implementing effective risk management strategies, developing a strong brand identity, and building relationships with key stakeholders. Build value: The next stage involves actively building value by growing the business or investment, increasing revenue and profitability, and developing new products or services. This may involve expanding into new markets, investing in research and development, and building a strong team. Harvest value: In the later stages of the business or investment, the focus shifts to realizing the value that has been created. This may involve selling the business or investment, going public through an initial public offering (IPO), or other forms of exit or transition planning. Manage value: Even after value has been realized, it is important to continue managing and optimizing the value that has been created. This may involve reinvesting proceeds into new ventures, managing assets for long-term growth and income, or transitioning ownership or management to the next generation.
- Show The three legs of the stool here. The "Master Plan" typically refers to a comprehensive strategy that encompasses an individual's personal, financial, and business goals. This approach recognizes that each of these areas of life is interconnected, and that achieving success and fulfillment in one area often requires attention and effort in the others. By developing a comprehensive Master Plan that integrates personal, financial, and business goals, individuals can create a roadmap for achieving success and fulfillment in all areas of their lives. This approach can help to ensure that each area of life is given the attention and resources necessary to achieve long-term success and happiness. Here's a brief overview of each component of the Master Plan: Personal: This refers to an individual's personal goals and aspirations, such as relationships, health and wellness, and personal growth. The personal component of the Master Plan involves developing a clear vision for what one wants to achieve in these areas, and creating a plan for how to achieve these goals. Financial: The financial component of the Master Plan involves developing a comprehensive financial plan that aligns with one's personal and business goals. This may include strategies for saving and investing, managing debt, and planning for retirement or other future financial needs. Business: The business component of the Master Plan involves developing a strategic plan for a business or entrepreneurial venture. This may involve identifying market opportunities, developing a business model, creating a marketing and sales strategy, and building a team to support the business.
- This conclusion refers to the importance of exit planning as a business strategy, and highlights the benefits of developing a comprehensive exit plan for a business. Firstly, exit planning is recognized as a good business strategy because it involves developing a plan to exit or transition the business in a way that maximizes its value and meets the owner's financial and personal goals. By taking a proactive approach to exit planning, business owners can create greater value for their business, increase the likelihood of a successful exit or transition, and achieve greater financial security for themselves and their families. Secondly, the conclusion emphasizes that the more time business owners have to develop and implement an exit plan, the better. This is because exit planning is a complex process that involves multiple stages and can take several years to fully implement. By starting the process early, business owners can maximize their options and ensure that they have enough time to prepare the business for a successful exit or transition. Finally, a good exit plan means that the business will be successful regardless of the time and way the owner exits. This means that the exit plan should be comprehensive enough to address a variety of potential scenarios, and should be flexible enough to adapt to changing market conditions or personal circumstances. By developing a good exit plan, business owners can ensure that they are able to exit or transition the business on their own terms, and with maximum value and minimal risk.
- Here are some frequently asked questions (FAQ) related to exit planning, according to the Exit Planning Institute (EPI): What is exit planning? Exit planning is the process of developing and implementing a strategy to exit or transition a business in a way that maximizes its value and meets the owner's financial and personal goals. The process involves a range of activities, from financial planning and risk management to business growth and transition planning. Why is exit planning important? Exit planning is important because it helps business owners maximize the value of their business, minimize risk, and achieve their personal and financial goals. By taking a proactive approach to exit planning, business owners can create greater value for their business and ensure a smooth and successful exit or transition. When should I start exit planning? It is recommended that business owners start exit planning as early as possible. Ideally, exit planning should begin at least 3-5 years before the owner plans to exit or transition the business. This allows enough time to develop and implement a comprehensive exit plan that addresses all aspects of the business and the owner's personal goals. What are some common exit strategies? There are several common exit strategies that business owners may consider, depending on their goals and circumstances. These may include selling the business to a strategic buyer, transferring ownership to family members or employees, going public through an initial public offering (IPO), or simply closing the business. How do I determine the value of my business? Determining the value of a business is a complex process that involves a range of factors, such as financial performance, market conditions, and industry trends. Business owners may consider engaging a professional business valuation expert to help them determine the value of their business and develop a comprehensive exit plan. These are just a few of the frequently asked questions related to exit planning. For more information, business owners reach out to Jim Wisdom, professional exit planner.