Pat Ennis, Author at Your ExitMap

Deal Momentum, Deal Fatigue, and Pre-Sale Diligence

Pat Ennis — Mon, 12 May 2025 15:38:04 +0000

With the help of her Exit Planning Advisor, Betty has decided that selling to a third-party buyer would best accomplish all of her goals (financial, values-based, legacy). Quantifying her business and personal resources with a financial gap analysis has been helpful to Betty in determining her departure date in six years. She now knows the current fair market value of her business and how much it will need to increase in value to attain her financial objectives at sale in six years. Betty now also understands (again with the help of her Exit Planning Advisor) the importance of maintaining “deal momentum” when she eventually enters ... Read more

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What are the Critical Elements in Training My Business Successor?

Pat Ennis — Fri, 13 Oct 2023 15:38:14 +0000

Training your Business Successor is crucial in ensuring a smooth transition of ownership and leadership. The following are critical elements to consider when preparing your Business Successor: Knowledge Transfer: Identify the knowledge and skills necessary to run the business effectively. Document and share critical information, processes, and best practices with your successor. This includes financial management, sales and marketing strategies, operational procedures, customer relationships, vendor management, and industry-specific knowledge. Mentoring and Shadowing: Provide your successor with hands-on experience by allowing them to shadow you and observe your day-to-day activities. Encourage them to ask questions, participate in decision-making, and gradually take on more responsibilities. Act as ... Read more

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What is a Certified Business Valuation and When Do I Need One?

Pat Ennis — Mon, 14 Aug 2023 19:59:39 +0000

A Certified Business Valuation is a comprehensive assessment conducted by a qualified professional to determine the fair market value of a business. It involves a systematic analysis of various factors such as financial statements, industry trends, market conditions, company assets, intellectual property, customer base, and other relevant aspects to estimate the worth of a business. You may need a Certified Business Valuation in several situations, including: Selling or Buying a Business: When you’re involved in a business sale or acquisition, a valuation helps determine a fair asking price or offer, ensuring both parties understand the business’s value. Obtaining Financing: When seeking a loan or financing ... Read more

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Focus On Net Proceeds And Not Just Sale Price When Selling Your Business

Pat Ennis — Tue, 25 Apr 2023 15:06:13 +0000

John was excited as “today is the day!” Twenty-five years ago this month he had started his home remodeling business with a truck and a tool belt, and today at 3pm he was going to the deal table to sell his business to a much larger remodeling company. It would be a strategic purchase for the buyer who was willing to pay a premium with a goal of expansion in the region. With the check received today, John knew he could now do everything he and Kim had thought about doing for years — travel, more time with the family and for hobby’s and other ... Read more

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Key Employees: Build and Protect Business Value

Pat Ennis — Fri, 12 Nov 2021 20:18:33 +0000

Key Employees You may have people working in key roles who are instrumental in growing and building the value of your business. These key people can be identified as having the following characteristics: Makes a substantial business contribution Possesses critical information or knowledge Maintains and nourishes key contacts and relationships Sellable Business In helping clients plan to build a sellable business, and then eventually exit on their terms and conditions, we emphasize that “key people are a key value driver” in realizing success in both of those strategic goals. And, we find it helpful for owners to have two categories in mind when considering key ... Read more

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Wealth Management for Business Owners

Pat Ennis — Tue, 01 Dec 2020 20:07:25 +0000

Wealth Management Considerations for Business Owners Small business owners are at times neglected by the wealth management community as the business is commonly (not always) the owner’s largest asset rather than a portfolio of stocks, bonds, and mutual funds. You’d be well-advised as a business owner to engage a Financial Advisor who is proactive and experienced in factoring your future plans for the business, into your overall plan for managing your wealth. Key Elements of Exit Planning Impactful wealth management for you as a business owner would include at least these elements of exit planning: Clarifying what “exit” means to you. For example, do ... Read more

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An Often Neglected Means Of Protecting Business Value

Pat Ennis — Fri, 11 Sep 2020 02:45:12 +0000

Protect The Business Most Valuable Asset A compelling and common characteristic of successful business owners is optimism. The “glass is always half full” attitude results in the risk-taking, perseverance, and innovation it takes to build, grow, and protect a successful business. Like any personal strength, this optimism can quickly become a weakness when there is a need to plan for the gloomy business contingencies of death and disability. What happens to the business due to either of these less than optimistic events is the last thing an optimistic owner wants to think about. Some might say that perhaps owners don’t care if the business fails ... Read more

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Succession Planning or Exit Planning? Small Business Owners Need Both!

Pat Ennis — Wed, 22 Jul 2020 14:04:38 +0000

One of the questions we often hear from business owners is, “What is the difference between Succession Planning and Exit Planning? Aren’t they the same thing?” Surprisingly, they are not. The next question usually is, “Which one do I need?” The answer is simple. Whether the business is small or large, family-owned or not, astute business owners always need both. Nearly $10 trillion dollars in business assets will be transferred globally in the next decade, according to Forbes Magazine. Baby Boomers selling privately owned businesses or transferring them to family members will comprise much of that $10 trillion dollar transfer. As the market becomes crowded ... Read more

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Exit Planning Checklist for 2020

Pat Ennis — Fri, 17 Jan 2020 13:06:12 +0000

The beginning of a new year is a great time to review your Exit Planning Checklist. All business owners will stop being business owners at some point. So, there is no better time to begin planning for the inevitable than the present. The earlier you begin planning, the more options you will have for a successful exit. However, like any strategic plan, it can be difficult to know how and where to begin. With the start of the new year it’s also an ideal time for us to publish a basic “To-Do List” that will serve you in considering that most significant event as a business ... Read more

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Exit Planning Choices Podcast

Pat Ennis — Sun, 07 Apr 2019 11:00:36 +0000

I had a nice conversation, on exit planning choices, in 2019 with Pat Ennis of Ennis Legacy Partners and Walter H. Deyhle of Gelman, Rosenberg and Freeman,CPAs, both in Maryland. Learn about your choices when preparing to create and implement your exit plan. Exit planning is about choices, get to know the choices that you have. Thanks for the invitation, Pat! You can listen (25 minutes) here. I hope that you enjoy. Invest 15 Minutes and take our FREE Exit Readiness Assessment. We do not request any confidential information. John F. Dini develops transition and succession strategies that allow business owners to exit their companies ... Read more

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