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Exit Planning Articles by Pat Ennis, CExP, CFP, CAP
Pat Ennis, CExP, CFP, CAP
President and Founder, ENNIS Legacy Partners
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Pat Ennis has decades of experience in financial services, for-profit and non-profit leadership and management. He founded ELP in 2010 and has extensive knowledge and understanding of the many challenges faced by business owners.
His knowledge base, experience, and training results in a goals-based, comprehensive approach for business owners’ who are intent on building transferable business value and exiting their business responsibly and successfully.
Recent Articles posted by Pat Ennis
| Recent Articles posted by Pat Ennis |
Deal Momentum, Deal Fatigue, and Pre-Sale Diligence 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 What are the Critical Elements in Training My Business Successor? 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 What is a Certified Business Valuation and When Do I Need One? 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 Focus On Net Proceeds And Not Just Sale Price When Selling Your Business 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 Key Employees: Build and Protect Business Value 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 |