Preface  

Acknowledgments  

Disclaimer  

Foreword  

Introduction:  The Challenge of Exiting Your Business  

Three Overarching Themes 

A Few Words  of Advice

 

PART I                                                                                                                       

Business Exit Planning

 

CHAPTER 1

An introduction  to Business Exit Planning 

Ways to Exit Your Business

What  is Business Exit Planning?

Evidence on Why Business Exit Planning  is Necessary

Understand Your Motives

The Special Case of Retirement

 

CHAPTER 2

Begin with the Endgame in Sight

Develop a Game Plan

Value Systems and Visualizing the Endgame 

 

CHAPTER 3

Exit Options  

Intergenerational Transfer

Initial  Public Offering

Merger

Hiring  Professional  Management

Management Buyout

Refinancing

Employee Stock Ownership Plan

Liquidation

Choosing  the Right Exit Option

 

CHAPTER 4

Building Your Team to Assist  Your Exit

Reasons  for Building a Team

Composition and Role of Your Team

Selecting Advisors: An Overview

Your Advisors’ Ethical  Standards

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CHAPTER 5

Building a Business with  Sustainable Value 

Look  at Your Business from an Investor’s Perspective

Clarifying  and Adjusting  Corporate Strategy

Corporate Governance, Systems, and the One-Man Show

Pre-Transaction Restructuring

Identify and Manage  Risks

Operational Improvements to the Business

Non-Arm’s-Length Situations

 

CHAPTER 6

Business Plan and Valuation

Reasons  for Making  a Business Plan

Should You Perform  a Valuation of Your Business? 

Recasting  Financial  Statements 

Building a Business Plan 

Introductory Comments on Valuation 

Types of Valuation

Adjustments to Valuations

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CHAPTER 7

Tax Planning, Estate Planning, and Insurance

Tax Planning

Estate  Planning

Use of Insurance  in Your Exit Strategy

 

CHAPTER 8

Finalizing Your Exit Strategy

What  Type of Investors  Should Be Targeted?

Should There Be a Listing or Asking Price?

Should There Be a Competitive  Process?

Why Use a Competitive  Process in Selling a Business?

What  Are the Possible Drawbacks of a Competitive  Process?

Timing Your Exit

Communicating with Other  Shareholders

Your Contingency Plan

Business Exit Planning  Report

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PART II                                                                                                                      

Managing the Transaction 

​

CHAPTER 9

The Transaction  Process 

Overview  of a Competitive  Process

Confidentiality through a Transaction Process

Involving Company Staff in the Transaction Process and Communications with Investors

Marketing Your Opportunity: From Long List to Short List

The Information Memorandum

Nonbinding Offers

Due Diligence

Binding Offers

Exclusivity

Transaction Structuring

Head  of Agreement

Sale and Purchase  Agreement

Closing the Transaction

Noncompetitive  Processes

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CHAPTER 10

Negotiating a Transaction

Get to Know Your Negotiating Partner

Let Your Negotiating Partner  Make  the First Offer

Concede  in Small Increments

After Asking a Crucial  Question, Hold  Your Tongue

Every Term of the Deal Also Depends  on Every Other  Term

Be Prepared  to Walk  Away from the Deal

Know Your Best Alternative

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CHAPTER 11

Cross-border Transactions

Why Don’t More  People Market Their Companies Internationally?                                              

The Challenges  of Cross Cultural Negotiations

Conclusion: The Only Question with Wealth Is, What Do You Do with It?

Revisiting the Three Overarching Themes

You Have Raised Your Cash.  What Next?

The Macroeconomic Effects of Succession Failure

​

Notes

Glossary

References

About the Author

Index