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Are You Emotionally Ready to Sell?

Quite often sellers don’t give much thought to whether or not they are ready to sell. But this can be a mistake. The emotional components of both buying and selling a business are quite significant and should never be overlooked. If you are overly emotional about selling, then this fact can have serious ramifications on your outcomes. Many sellers who are not emotionally ready, will inadvertently take steps that undermine their progress.

Selling a business, especially one that you have put a tremendous amount of effort into over a period of years, can be an emotional experience even for those who feel they are more stoic by nature. Before you jump in and put your business up for sale, take a moment and reflect on how the idea of no longer owning your business makes you feel.

Emotional Factor #1 – Employees

Ready to SellIt is not uncommon for business owners to form friendships and bonds with employees, especially those who have been with them long-term. However, many business owners are either unaware or unwilling to face just how deep the attachments sometimes go.

While having such feeling towards your team members shows a great deal of loyalty, it could negatively impact your behavior during the sales process. Is it possible you might interfere with the sale because you’re worried about future outcomes for your staff members? Are you concerned about breaking up your team and no longer being able to spend time with certain individuals? It is necessary ultimately to separate your business from your personal relationships.

Emotional Factor #2 – Do You Have a Plan for the Future?

Typically, business owners spend a great deal of their time and energy being concerned with their businesses. It is a common experience that most owners share. Just as no longer being with your employees every day may create an emotional void, the same may also hold true for no longer running or owning your business.

Your business is a key focal point of your entire life. No longer having that source of focus can be unnerving. It is important to have a plan for the future so that you are not left feeling directionless or confused. What will you do after you sell your business and how does that make you feel? Before you sell, make sure that you have something new and positive to focus on with your time.

Emotional Factor #3 – Are You Sure?

Are you sure that you can really let your business go? At the end of the day many business owners discover that deep down they are just not ready to move on. Are you sure you are ready for a new future? If not, perhaps it makes sense to wait until you’re in a more secure position.

Addressing these three emotional factors is an investment in your future well-being and happiness. It is also potentially an investment in determining how smoothly the sale of your business will be and whether or not you receive top dollar

The Forbes M+A Group Advises the Restaurant Source in Successful Acquisition

Greenwood Village, Colo., United States (July 19, 2016) – The Forbes M+A Group (www.forbesma.com), a leading transaction advisory firm, is pleased to announce the successful acquisition of its client, The Restaurant Source.  The Forbes M+A Group senior advisors, Jim Johnston and Bill Nack, served as the exclusive financial counsel to Restaurant Source for this transaction.

“The Restaurant Source has been a well-respected, family-owned business for over forty years,” said Jim Johnston, Managing Director for The Forbes M+A Group. “Multiple generations have worked hard to build this company into an undeniable industry leader and we are honored they trusted us to help them complete a successful transaction that will extend the company’s legacy for many years to come. It was a pleasure to get to know all of them and we are extremely happy to have helped orchestrate a deal that met the diverse needs of the entire family.”

Founded in 1951, The Restaurant Source designs, sells and installs food service supplies and equipment to customers in Colorado’s Front Range. The Restaurant Source’s website, one of the most comprehensive food service supply and equipment resource on line, was launched to give customers the ability to shop at their own time and pace. “As a family-owned business we had many different people involved with many different selling objectives,” said Arnie Schatz, CEO of The Restaurant Source. “The Forbes M+A Group took the time to get to know us. Through this knowledge of our company, they were able to find the right buyer to meet everyone’s goals. We are very appreciative of all they did for us.”

The Forbes M+A Group specializes in providing senior-level advice to lower and middle market businesses. “The Restaurant Source has a strong foothold in a strategic market and extensive industry expertise,” said Bill Nack, Managing Director at The Forbes M+A Group. “Although family-owned business transactions can be complicated, the relationship we had with the decision makers at The Restaurant Source allowed us to help them successfully navigate the intricate selling process and achieve an outcome that met their monetary and cultural-fit goals. We wish both parties all the best going forward.”

Details on the acquirer and transaction can be found at BE in the Kitchen.

About The Forbes M+A Group

The Forbes M+A Group is an award-winning Denver, CO-based mergers and acquisitions advisory firm. The firm serves buyers or sellers in middle-market M&A transactions. It applies meticulous attention to detail in helping business owners develop and execute M&A strategy, acquire companies and partner with investor groups for growth, and maximize value in an eventual exit. Senior advisors at The Forbes M+A Group have more than 150 years of combined experience in transactions across a wide variety of industries. For more information on the company, please visit: www.forbesma.com or phone 303-770-6017.

Media Contact: Lisa Holmes +1 (303) 770-6017, lisa@ForbesMA.com

It’s The Little Things that Matter – AfterHoursDenver

At The Forbes M&A Group, we know that the littlest details can often make the biggest difference. In our professional lives, paying attention to the details helps us deliver successful business transactions that meet our client’s goals. But outside the office, helping with the little things can have an even bigger impact.

That’s why every month we join forces with AfterHoursDenver to distribute sack lunches and socks to Denver’s homeless. Since its inception, AfterHoursDenver has helped feed thousands of people. To learn more about this organization and how you can help, visit http://afterhoursdenver.org/.

Fortis Law and Forbes at AfterHoursDenver

The Forbes M+A Group and Fortis Law Partners distributed lunch and socks to Denver’s homeless – June 2016.

The Forbes M+A Group Recognized Globally for Excellence in Business Intermediary Services

Elite Group of International Companies Recognized for Impressive Performance over the Past 12 Months

Greenwood Village, CO (June 22, 2016) – The Forbes M+A Group, a leading financial and transaction advisor, today announced it has won the M&A Award for Excellence in Business Intermediary Services  presented by Corporate Livewire. This is an international award recognizing the achievements of dealmakers, management teams, financiers and professional advisors who, over the past 12 months, have demonstrated excellence in their deal making.

M&A Award 2016To celebrate the accomplishments of merger and acquisition firms around the world, Corporate Livewire conducted extensive research and assembled a panel of independent judges to select the award winners based on their performance. “We were delighted with the volume of nominations received for this year’s M&A awards,” said Elizabeth Moore, Awards Director of the 2016 M&A Awards Winners Guide. “It is always a proud time to see how firms all over the world have developed and grown. And it is with great confidence that we publish the 2016 M&A Award Winners. I look forward to seeing growth in the winners for many years to come.”

The Forbes M+A Group received the Excellence in Business Intermediary Services award for the U.S. based on the quality and volume of its transactions in the past year and its leading edge advisory services such as Exit Optimization™. “Receiving international recognition for the services we provide to clients is extremely rewarding,said Bob Forbes, President of The Forbes M+A Group. “This award is the result of a tremendous effort our team puts forth to intimately understand our clients’ current businesses and future potential, and help them achieve the best possible results in transactions. It is an honor to be continually acknowledged by the industry and media for our success in exceeding client expectations and delivering above par results. ”

For a complete list of the M&A Award winners, visit http://www.corporatelivewire.com.

About The Forbes M+A Group

The Forbes M+A Group is an award-winning Denver, CO-based mergers and acquisitions advisory firm. The firm serves sellers or buyers in middle-market M&A transactions. It applies meticulous attention to detail in helping business owners develop and execute M&A strategy, acquire companies and partner with investor groups for growth, and maximize value in an eventual exit. Senior advisors at The Forbes M+A Group have more than 150 years of combined experience in transactions across a wide variety of industries. For more information on the company, please visit: www.forbesma.com or phone 303-770-6017.

Media Contact: Lisa Holmes +1 (303) 770-6017, lisa@ForbesMA.com

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The Forbes M+A Group Adds Dan Pellegrino to Its Reputable Team of Senior-Level Advisors

As Managing Director, Pellegrino Combines a Business Ownership Perspective with Financial Advisor Experience to Help Clients Achieve Their Goals

Greenwood Village, CO (June 13, 2016) – The Forbes M+A Group, a leading transaction advisory firm, today announced the appointment of Dan Pellegrino as a Managing Director for the company. In this position, Pellegrino will use his extensive merger and acquisition experience and first-hand, business ownership knowledge to help successfully guide clients through every stage of the transaction process.

Pellegrino is an accomplished acquisitions and operational executive, who has worked as a business intermediary, management consultant, investor and business owner. His experience as both an advisor and entrepreneur perfectly aligns with The Forbes M+A Group’s strategy of bringing multiple senior advisors with diverse real-world expertise to every client transaction.

“Dan Pellegrino is an outstanding leader with deep, multi-faceted experience in a variety of industries,” said Bob Forbes, president of The Forbes M+A Group. “Dan’s smart, yet personable, approach to advising will give clients a partner they can trust and help strengthen our growing reputation as a firm that pays attention to the details in order to achieve successful transactions. I am very pleased he is joining The Forbes M+A Group.”

Pellegrino has spent nearly two decades advising companies on strategic growth initiatives, mergers, acquisitions, valuation, and transactional synergies. His advisory work spans transactions ranging from small businesses and product line divestitures to multi-billion dollar acquisitions. Additionally, he has founded multiple companies including South Peak Capital, a lower middle market M&A transaction advisory firm in Los Angeles; White Frog OS, a virtual white label digital agency; and showtimemaps.com, a software development company. He also invested in and helped grow Ban.do, a consumer products company that sold in 2012 to Life Guard Press.

“Even before moving to Colorado, I knew The Forbes M+A Group was extremely well respected throughout the business community,” said Dan Pellegrino, managing director of The Forbes M+A Group. “The firm’s solid reputation for top-quality work, well-regarded people and personal approach truly sets it apart. I’m looking forward to being a part of this team and working side-by-side with business owners to achieve outstanding results.”

Pellegrino graduated with an MBA degree from the University of Notre Dame and a Biology and Chemistry bachelor’s degree from Baylor University. Concurrently with Notre Dame, he spent time at EDHEC in Lille, France studying European Business.

About The Forbes M+A Group

The Forbes M+A Group is an award-winning Denver, CO-based mergers and acquisitions advisory firm. The firm serves sellers or buyers in middle-market M&A transactions. It applies meticulous attention to detail in helping business owners develop and execute M&A strategy, acquire companies and partner with investor groups for growth, and maximize value in an eventual exit. Senior advisors at The Forbes M+A Group have more than 150 years of combined experience in transactions across a wide variety of industries. For more information on the company, please visit: www.forbesma.com or phone 303-770-6017.

Media Contact: Lisa Holmes +1 (303) 770-6017, Lisa@ForbesMA.com

Keys to a Successful Closing

The closing is the formal transfer of a business. It usually also represents the successful culmination of many months of hard work, extensive negotiations, lots of give and take, and ultimately a satisfactory meeting of the minds. The document governing the closing is the Purchase and Sale Agreement. It generally covers the following:

• A description of the transaction – Is it a stock or asset sale?

• Terms of the agreement – This covers the price and terms and how it is to be paid. It should also include the status of any management that will remain with the business.

• Representations and Warranties – These are usually negotiated after the Letter of Intent is agreed upon. Both buyer and seller want protection from any misrepresentations. The warranties provide assurances that everything is as represented.

• Conditions and Covenants – These include non-competes and agreements to do or not to do certain things.

two businessman shake hands

There are four key steps that must be undertaken before the sale of a business can close:

1. The seller must show satisfactory evidence that he or she has the legal right to act on behalf of the selling company and the legal authority to sell the business.

2. The buyer’s representatives must have completed the due diligence process, and claims and representations made by the seller must have been substantiated.

3. The necessary financing must have been secured, and the proper paperwork and appropriate liens must be in place so funds can be released.

4. All representations and warranties must be in place, with remedies made available to the buyer in case of seller’s breech.

There are two major elements of the closing that take place simultaneously:

• Corporate Closing: The actual transfer of the corporate stock or assets based on the provisions of the Purchase and Sale Agreement. Stockholder approvals are in, litigation and environmental issues satisfied, representations and warranties signed, leases transferred, employee and board member resignations, etc. completed, and necessary covenants and conditions performed. In other words, all of the paperwork outlined in the Purchase and Sale Agreement has been completed.

• Financial Closing: The paperwork and legal documentation necessary to provide funding has been executed. Once all of the conditions of funding have been met, titles and assets are transferred to the purchaser, and the funds delivered to the seller.

It is best if a pre-closing is held a week or so prior to the actual closing. Documents can be reviewed and agreed upon, loose ends tied up, and any open matters closed. By doing a pre-closing, the actual closing becomes a mere formality, rather than requiring more negotiation and discussion.

The closing is not a time to cut costs – or corners. Since mistakes can be very expensive, both sides require expert advice. Hopefully, both sides are in complete agreement and any disagreements were resolved at the pre-closing meeting. A closing should be a time for celebration!

Copyright: Business Brokerage Press, Inc.

Timing the Market – Is Now the Right Time to Sell?

Key Advisors Shared Advice with Business Owners on Factors to Consider When Selling a Business during Recent M&A Seminar

With record amounts of private equity funds, interest rates at all-time lows, and cash-flush Fortune 500 companies, the M&A industry continues to see historically high multiples across most industries. But will it last? This was the topic of a recent panel presentation sponsored by The Forbes M+A Group, EKS&H, Guaranty Bank and Kendall, Koenig & Oelsner PC.

During the invite-only breakfast, three panelists (Bill Nack, Managing Director at The Forbes M+A Group; Bob Janson, Senior Vice President for GCG Financial; and Eric Wolf, Partner and Co-Founder, Bow River Capital) shared with business owners market insights and personal M&A experiences. Attendees learned, among other things, current changes in the transaction process, what buyers look for in a company, actions sellers can take to prepare for a successful transaction and reasons why deals fail in today’s market.

Joanne Baginski, Consulting Partner at EKS&H, moderated the program and began by asking how transactions are changing in 2016. All three panelists agreed that both buyers and sellers are taking a more disciplined approach to the deal process. According to Bill Nack, “we are seeing buyers who are making sure the ROI is going to be there post-transaction. Quality of Earnings studies are more common placed, for example, which helps buyers ensure profit and loss statements are accurate.” On the seller side, Bob Janson explained that sellers are discovering and addressing all potential liabilities prior to going to market, such as employee benefits, risk management, etc.

Next, panelists were asked how buyers identify good businesses and what sellers can do to help their companies stand out. Eric Wolf explained that as a private equity firm, he looks for organizations with substantial growth opportunities and that are well positioned in an expandable market. Panelists discussed the importance of seller preparation to avoid common “red flags” such as a concentrated customer base, too much owner investment, legal issues and unorganized financials. Joanne emphasized the importance of disclosure sharing that she saw one deal that had 30% of the purchase price held back for 3 years to deal with undisclosed tax issues. Eric agreed disclosure was important saying, “if we uncover something during due diligence, it calls into question everything else you’ve shared.”

When asked about the economy and which segments are heating up, Bill shared that in 2015 manufacturing and healthcare had higher multiples, while technology was down from 2014. However, he explained that the real key to securing a higher multiple is to have predictable and reoccurring revenue. Bob encouraged the audience to follow the “Index of Economic Indicators.” With a 60-year track record, this tool is a good indicator of economic trends.
Panelists also shared some of the reasons deals fail. Bill explained that there are things that owners can and can’t control that make deals fail including market timing. For example, he knows of two owners that took their oil and gas companies off the market due to the drop in oil prices. He also shared his own experience with selling his construction company prior to the burst of the housing bubble in 2008. While the purchase price was less than he had hoped for, he said, “it was a minor miracle I got any money out of it.”

Bob encouraged owners to think about what will happen after the sale. The resulting capital will need to create personal cash flow and sometimes it can be hard to separate personal and business goals. “The best time to make a decision is not in the member, but well in advance,” he advised.

In conclusion, Joanne asked each panelist to share one last piece of advice to business owners. Bill encouraged business owners to take advantage of what he described as an “aggressive and frothy” seller’s market. “Buyers are paying top dollar now, but it is uncertain what the future will look like past 2017,” he said. Eric advised owners to spend time developing their “pitch” prior to going to market. He had a company sell for 30% more than the competition based on what he believed was the upfront preparation the team did in explaining why it was well poised to take advantage of the market. Finally, Bob urged owners to take a deep breath and think about what will happen after the deal. He explained the importance of assembling a team of trusted advisors and taking time to make the right decisions at the right time.

Audience response from the event confirmed that the information share by all three panelists was interesting and informative. For more information about timing the market or other exit strategies questions, visit www.ForbesMA.com or call 1-303-770-6017.

Market Data Trends and Highlights – Spring 2016

Completed transaction activity picked up in the fourth quarter, after a notably fallow 3Q. Data from over 200 private equity groups and other deal sponsors reported 62 completed 4Q transactions of $10-250 million TEV and TEV/Adjusted EBITDA multiples of 3-15x. This is markedly ahead of 39 closed deals in 3Q, and nearly on par with 65 in the fourth quarter of 2014.

All Transactions

While deal volume increased in the fourth quarter, the average valuation dipped to 6.5x.

Annual data has a way of smoothing out blips in the interim periods. In the end, 2015 looked a lot like 2014. Completed deal volume: 218 in 2015 compared to 211 in ’14. Overall valuation multiples: 6.7x in both years. However, a closer look at the data reveals a number of shifts that may or may not be signs of age in this “seller’s market:”

  • Valuations strengthened in the largest and the smallest TEV tiers. At $100-250 million, average TEV/TTM Adjusted EBITDA jumped from 7.8x to 9.0x. In the $10-25 million TEV grouping, the average rose from 5.4x to 5.9x.
  • The “quality premium”—the reward in valuation applied to selling businesses with above-average EBITDA margins and sales growth rates – has never been greater. Firms offering these characteristics were valued in buyout transactions at an average of 7.4x in 2015. Other buyout targets traded at an average of 6.0x. This 23 percent premium dwarfs the historical spread of six percent.
  • Record valuations on larger deals were accompanied by unprecedented levels of debt. In the $100-250 million tier, add-on investments were valued at an average of 11.1x, while new portfolio investments averaged 8.7x.
  • Debt utilization increasing markedly while valuations held essentially steady meant that the average equity contribution required for sponsors to complete their deals fell for the second year. Average equity share in 2015 was 43.5%, down from 49.7% in 2013 and 46.7% in 2014.
  • In terms of deal volume, the fourth quarter of 2014 was followed by an anomaly. Conventionally, completed transactions drop about 25 percent from the fourth quarter of one year to the first of the next. In 1Q 15, though, volume held steady. It will be interesting to see whether there is the same level of carry-over momentum in the first months of 2016.

TEVEBITDA

2015 deals in the $100-250MM TEV range posted a sharp increase over 2014 deals.

average multiples

quarterly splits

all-in valuations

Base valuations are presented net of buyer’s expenses to produce multiples most useful as reference points for seller expectations. Expenses are then added in to generate “all-in” multiples relevant for buyers in weighing total deal costs against prevailing debt multiples.

Buyer’s transaction expenses added an average of about .35x to the average transaction multiple in 2015. “All-in” multiples averaged 7.0x.

us middle market

In this heated “seller’s market,” there are factors driving the valuation of stand-alone platforms and factors driving the valuation of add-on acquisitions.

Over the past year, platforms were generally valued at .2-3x more than add-ons. Over the past three years, though, this differential has narrowed.

Valuations are now about 6.8x for both groups. The overall marks for the two groups are equal notwithstanding higher values for add-ons in each TEV tied because of the greater concentration of add-ons in the two smaller brackets.

A big part of this story is the ability and willingness of financial buyers to use the debt capacity of current portfolio holdings to pay for acquisitions.

debt multiples

Total debt retreated slightly in 4Q to 3.8x. This is considered to be random rather than a sign of any retrenchment. Total debt on the year came in at 3.9x.

Senior debt averaged 2.6x, also slightly below the other quarterly splits. The average for the year was 3.0x.

equity and debt

Average equity contribution continued to decline from nearly 50 percent in 2013 to 43.5% in 2015. This is the inevitable by-product of an environment in which valuations have firmed up slightly while debt utilization has increased more markedly.

Download PDF Report Here: Market Report Spring 2016.

©2016 The Forbes M+A Group and GF Data.  Use of this information without written approval from The Forbes M+A Group or GF Data Resources LLC is strictly prohibited.

Market Data Trends & Highlights – April 2016

April_ImageCompleted transaction activity picked up in the fourth quarter, after a notably fallow 3Q. Data from over 200 private equity groups and other deal sponsors reported 62 completed 4Q transactions of $10-250 million TEV and TEV/Adjusted EBITDA multiples of 3-15x. This is markedly ahead of 39 closed deals in 3Q, and nearly on par with 65 in the fourth quarter of 2014. While deal volume increased in the fourth quarter, the average valuation dipped to 6.5x.

Annual data has a way of smoothing out blips in the interim periods. In the end, 2015 looked a lot like 2014. Completed deal volume: 218 in 2015 compared to 211 in ’14. Overall valuation multiples: 6.7x in both years. However, a closer look at the data reveals a number of shifts that may or may not be signs of age in this “seller’s market.”

Download Market Report Here: Market Report Spring 2016.

Preparing for a Transaction: Six Tips from Transition Experts

By the time a business owner is thinking seriously about a sale, the window of opportunity is often already closing. This is part of the reason that more than 70% of deals leave money on the table and more than 50% never get to the finish line. It should be tempting in the current market, when strategic buyers have cash on the balance sheet and financial buyers have capital, to explore exit options.

Sellers should always be considering and weighing their options and should plan their possible exit three to five years in advance. The process begins with a rigorous analysis of the business, including sales, accounting, legal, operational, management and staffing. Owners must determine what needs to be done prior to a sale, at the sale, and after the sale.

A team of nationally recognized business transaction experts recently came together to share the most important advice they provide sell-side clients in the current M&A environment.

Bob Forbes, President, The Forbes M+A Group: Identify the key levers that can increase the value of your business — beyond just EBITDA.

Everyone knows they need to focus on growing revenue prior to a sale, but, beyond that, smart sellers are determining what key drivers could make their businesses more valuable. Perhaps employee turnover is an issue in your industry. Recognizing that and implementing strategies to reduce it could be a critical competitive advantage that would increase the value of the sale. Maybe concentration is a problem in your organization. Rather than focusing on increasing all sales, a more advantageous effort might be to identify ways to diversify customers, products, or regions.

Joseph Janiczek, Founder and CEO, Janiczek® Wealth Management: Consider the length of time a life-changing liquidity event must sustain you and what you want to do following the sale.

Many sellers who are of an older, more traditional age for transition face their transaction thinking about retirement and financial independence. There may be family, philanthropic, and legacy considerations that should be explored and these sellers are generally looking for a more conservative, lower-risk asset plan. On the other hand, younger entrepreneurs who plan to sell a business require a whole different kind of post-transaction plan and perspective. They might be thinking about their next deal or their next project and likely want to “stay in the game.” These sellers may become angel investors or may get involved in real estate investments.

Joanne Baginski, CPA, CM&AA, Consulting Partner, EKS&H LLLP: Sellers should conduct due diligence as comprehensively on the buyer as they are doing on you.

This advice is particularly important if an entrepreneur plans to stay with the business after the sale or if it is going to be a multi-phase (e.g., “two-bite”) sale. However, even if the transaction is 100%, sellers often have ideas about protecting their employees or legacy longer term. Do they know and understand your business? In some cases, a financial buyer might provide better options for the business and its existing employees, but, in other situations, a strategic buyer might be right. In either case, a seller can and should ask about previous deals the buyer has been involved in and might want to ask to speak to sellers from past investments.

Pål Berg, Managing Director, Northern Capital: Don’t get greedy — be prepared to take a little less now so that you don’t have to take a lot less later.

Yes, there are windows, and when you see one sometimes you need to take it. All you have to do is look at the oil and gas industry today to find people who should’ve sold years ago. Similarly, buyers should not only consider the highest offer. I’ve had experience with a private equity buyer that knew nothing about the oil and gas industry. In the end, the deal fell apart because they were nervous about the cyclical nature of the business. Several years later, we went back to market. It may have gotten a lower price, but the buyer was right, and a successful sale was achieved.

Lisa D’Ambrosia, Managing Director/President, Minor & Brown, PC: Both buyers and sellers are more cautious than ever but both are looking for the right opportunity, and the right advisors help.

While there are opportunities, this is a very conflicted market. As the due diligence process takes longer, the risk of a sale failing increases. This risk can be minimized by advance planning and preparation prior to entering the market place. Issues arise during the process that really shouldn’t create but a well prepared Seller can address potential issues earlier in the process to minimize delays. The right team of advisors can help you prepare and also help you determine what does and doesn’t need to be an obstacle. Each transaction has different challenges and, therefore, opportunities which need to be identified early. Having an experienced transaction team of advisors greatly increases a Seller’s likelihood of success not only for the transaction closing but more importantly having the transaction close at the anticipated purchase price and structure. Many clients who just have tax preparers don’t ask the right kinds of questions.

John Brown, CEO, Business Enterprise Institute, Inc.: Pre-sale exit planning is key. Sellers need to think about their potential sales earlier than ever.

Particularly for sellers who have not been involved in a transaction before, or have not been involved in one for a long time, preparing for sale before going to market can provide a myriad of benefits in terms of time and money. Proper planning can help increase the likelihood of transaction success, identify costly regulatory and compliance issues, and decrease the risk of inaccurate financial statements and resulting recourse.

Preparing your business for sale involves more than just cleaning up your books. Determining future needs (well in advance), strategically assessing buyers and offers, leveraging experienced advisors, and improving value-added business drivers will ensure the greatest chance of a successful transaction at the greatest possible value.