Tag Exit Planning

4 Reasons Business Owners Don’t Plan Their Exits

2 comments By TRMoore Filed in Exit Strategy, General Tagged with , August 2nd, 2011 @ 3:08 pm

by Geoffrey Gallo, ChFC, CExP, TR Moore & Company, A Doeren Mayhew Firm

Being passionate about helping business owners prepare for the most important financial event of their lives, I recently enjoyed reading a New York Times blog post, “Are Baby Boomers Ready to Exit Their Businesses?”

Citing figures that our nation’s oldest baby boomers are turning 65 at a rate of 10,000 daily (daily!) and that 87 percent of them have no written exit plan, the post resonates loudly and clearly with what I see in my work with owners in the mid-sized business community. Most owners have an idea of how their exit will look, some may have exit goals and a timeline, but very few have an actual roadmap for getting there successfully.

So, what’s keeping owners from taking that critical first step of planning to help ensure they exit on their terms? Based on its work with hundreds of exit advisors, the Business Enterprise Institute (BEI) explored the four most common business owner excuses in two recent editions (Part I and Part 2) of its Exit Planning Review:

  1. “The business isn’t worth enough to meet my financial needs. When it is, that’s when I’ll think about leaving.”
  2. “I will be required to work years for a new owner.”
  3. “I don’t need to plan. When the business is ready a buyer will find me.”
  4. “This business is my life! I can’t imagine my life without it!”

Do one of these excuses reflect your exit mindset? Weigh in by voting in our quick poll below. To thank you for your input, we’ll send you a complimentary copy of How to Run Your Business So You Can Leave it in Style by John Brown with foreword by Tim Moore.

Poll

Enter your name and info to vote to receive a copy of How to Run Your Business So You Can Leave it in Style.





 
 
 
 
 

 

As a Certified Exit Planner at Doeren Mayhew firm TR Moore & Company, Geoffrey Gallo leverages more than 25 years experience to guide business owners through the exit planning process, from building and protecting business value, to exploring exit options, to preserving personal wealth. Contact us for more information.

Toasting to Growth … And Positive Trends in the Marketplace

0 comments By TRMoore Filed in Business Advisory, General Tagged with , , , , , October 27th, 2010 @ 2:21 pm

by Tim Moore, Managing Partner, TR Moore & Company

The partners and I would like to thank everyone who came out to “toast to growth” with us last Wednesday during our annual client appreciation event at the Omni Hotel. It was a special night for us as we celebrated our clients, our friends in the business community and our recent merger along with the partners of Doeren Mayhew.

It was also a great opportunity to hear from a cross-section of business owners and the professionals who serve them regarding what we are seeing in the marketplace here in Houston and across the country:

  1. Entrepreneurs who are still being opportunistic, taking advantage of opportunities to position themselves ahead of their competition.
  2. A mergers and acquisitions environment that is becoming increasingly more robust, with more interest among strategic buyers and private equity groups over the last eight months due to lower interest rates.
  3. Expansions by companies into other geographic markets to gain market share ahead of the competition.
  4. More businesses needing assistance in increasing their lines of credit or raising capital.
  5. Mergers among like entities to achieve reduced costs, economies of scale and increased market share.

These positive trends are in line with the improvements we’re beginning to see among our client base, and we expect to continue on this path as we approach year end and 2011. If you aren’t one of those owners who is working to take advantage of the opportunities available today – whether that be growth or exit – I encourage you to start that conversation up with your professional advisors to position yourself at the forefront of the improvement.

Systemizing Internal Operations: 2 Ideas to Get You Started

0 comments By TRMoore Filed in Business Advisory, Exit Strategy Tagged with , , September 13th, 2010 @ 9:31 am

A common denominator of well-run companies is that they perform tasks in the same way—every time. Putting the systems into place to ensure consistent operations not only helps you run a smoother and more profitable operation now, but it also helps you to build business value with the goal of maximizing sale price later.                

Get started by checking out the latest edition of the Exit Planning Review online, where TR Moore & Company Certified Exit Planner Geoff Gallo covers two ideas for beginning to systemize your internal operations.

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