Terry Shope - Practice Your Steps Before You Get To The Big Dance (K1117)

Terry Shope, Principal - MPL Consulting,Inc.  discusses some of his practical tips for owners to prepare well in advance for the sale of their business.

Transcript: 

Terry: One of the many situation that I step into is that you're dealing with the entrepreneur or owner, who's very creative, many ideas. One day they have this great idea and they work to implement it and the next day they have another idea. In a situation like that, I typically step maybe in as an interim manager, CFO, COO role, sometimes even as president, and we start working together to create a structure for the company, a line, a path both short term and long term. After a few conversations they allude to me, they develop a little bit of trust, that they're looking to exit their business, and of course they don't want their employees to know. After a period of time we set it up, we found opportunities to strengthen the top line, they had very sporadic sales revenues, and so we found ways to stabilize that top line and even grow it, which greatly helped the bottom line, and from that we were able to take some money, they had a profit sharing plan in place, but they weren't able to fund it. So, now, we set up a target sale date, and we start funding that profit sharing because the business was doing much better and we were able to manage a budget and things of that nature. 

 

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