On October 20th, Brian O’Neil spoke on a panel discussion in front of roughly 75 attendees at the Grand Hyatt Denver. Brian spoke with four other business planning, legal and finance professionals to discuss the next steps for business owners. The goal of the panel discussion was to provide relevant and actionable advice on how to handle the next stages of their company’s progression.
Janiczek Wealth Management is proud to sponsor an Expert Panel on Life-Changing Liquidity Events. Experts from EKS&H, Minor & Brown, The Forbes MA Group, Business Enterprise Institute (BEI), Denargo Capital and Janiczek Wealth Management convened to share stories and best practice tips on creating “the perfect exit.”
The panel includes Joanne Baginski, CPA (partner EKS&H); Lisa D’Ambrosia, Director/Shareholder, Minor & Brown; Bob Forbes, President/Founder, The Forbes M+A Group; Joseph J. Janiczek, Founder/CEO, Janiczek Wealth Management; John Brown, Founder of Business Enterprise Institute; and Pal Berg, Co-owner of Denargo Capital. Kumar Dandavanti, Founder, Dandavanti Group is on the expert team but was excused due to overseas travel. Check out great video snippets, quotes, tips, article and an infographic at: www.janiczek.com/expert-panel/. Also includes resources from the Selling Your Business – How to Create the Perfect Exit event several of the Expert Team panel members put on in conjunction with the Denver Business Journal.
When successful business owners start the planning process of selling their business, in many cases the largest asset that person owns, many are looking at things such as; what multiple of my EBITDA is reasonable, what business broker or investment banker should I be using, etc.? The first step in the process really starts with the question “how much do I need to realize from the sale of the business to fund my family’s lifestyle for the remainder of our lives? I like to equate this process to building a home, if your foundation (or in this case accumulation needed), is not thoughtfully and carefully calculated and executed the rest of the process is built on shaky ground.
Do you own your own business? Will there be a time when you want to sell your business? What is the best time to sell your company? Do you have the right team of advisors to develop and implement a plan for selling your business? What value do you need to get for your business in order to reach your financial goals and achieve your desired standard of living? Do you have a comprehensive financial plan that gives you direction and clarity pre and post-sale?
For most entrepreneurs the sale of their business, their life’s work, the reason for jumping out of bed in the morning, is a critical moment. The Denver Business Journal has identified professionals that are experts and deal specifically with liquidity events for business owners to be panelist for the event. The panelists will provide valuable insight to get you ready when the time is right. The panel includes Steve Kopitz, CEO of skis.com and business owner who recently sold his business; Joanne Baginski, accounting Partner at EKS&H; Lisa D’Ambrosia, Director and attorney at Minor & Brown PC; Bob Forbes, President of Forbes MA Group; and Founder and CEO of Janiczek® Wealth Management, Joseph Janiczek.
I recently presented to a room full of successful business owners on the topic of “ensuring your business is part of your retirement strategy”. What became immediately clear was the level of success these individuals have recognized as they continue building their respective companies… and ultimately their net worth. The stories shared had many similar financial characteristics including: record sales growth, impressive earnings, strong revenues, great cash flow, ability to reinvest back into their companies, as well as healthy distributions back to the owner that allowed for living an enviable lifestyle.
Stepping away from the discussion of their shared business successes, I inquired on how many owners had a concise vision of when they planned to step away from their business and what their ideal retirement (or post-business life) looked like. Roughly 50% of the room raised their hand with the majority planning to exit within 3 to 10 years. They shared visions of extensive travel, second homes, giving back to their communities, spending quality time with family, new hobbies, starting a new business, etc. The overriding goal was to be financially independent of course!