EXIT PLANNING CASE STUDY: OPENING CONVERSATIONS WITH BUSINESS OWNERS
How do you approach an owner to provide them their exit options? Most owners are unfamiliar with the language and process behind exit planning. When working with an owner during what is likely the largest financial transaction of their life, understanding how to effectively communicate is crucial.
In this session, you will work through a hands-on case study to develop your conversation skills. Through this case study, you will collaborate with an interdisciplinary team of advisors to gain experience you can directly apply to your practice.
Learning Objectives:
- Illustrate how to approach an owner to begin an exit planning conversation
- Dissect empowering conversations with owners
- Learn how to slow down to ask beneficial questions
- Understand an owner’s baseline knowledge about exit planning
About the Presenters:
Learn from industry experts Mark C. Hegstrom, Managing Partner, Business Owner Succession Strategies (BOSS) and Todd Krough, Senior Wealth Management Advisor.
Thank you to our Sponsors
Event Details
Who Should Attend?
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Attorneys
You have close relationships with clients, and can benefit from being the first advisor to introduce the idea of exit planning.
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CPAs/Accountants
Owners participating in the State of Owner Readiness research continue to indicate that you are the No. 1 "Most Trusted Advisor." You are a natural fit to lead the exit planning team and deepen your relationship (and retention) of next generation owners.
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Wealth Managers
You’re a skilled relationship person. Being entangled into your clients’ professional lives matters as you build a strategy to manage their wealth upon them harvesting it from their business. Exit planning allows you to build a deeper relationship with your client, expands your COI network, while giving you an early seat at table well before the liquidity event.
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Financial Advisors
One of the critical ‘legs of the stool’ is personal financing planning. An owner must have a strong financial plan & contingency plan post-transition to enable them to thrive in the next act of the lives personally and financially. Exit planning brings this future mindset into the present. Exit is now.
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Valuation Analysts
Valuation is both a billable engagement AND an opportunity to provide owners some perspective on how to accelerate value drivers (and deal with value killers). Use exit planning to make that valuation into a longer term value acceleration engagement.
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Estate Planners
Exit planning is a natural fit for estate planners who want to operate more holistically with their owner clients.
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Investment Bankers
Only 2 of every 10 businesses that come to market actually sell. Learn how exit planning can bring attractive AND ready business to your purview.
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Strategic Consultants
One of the most critical roles in exit planning is building transferable value. Strategic consultants have the ability to expand options and drive rapid business value that affect performance today.
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Insurance Professionals
Exit planning addresses the 5 D's. So do you. Approach the risk conversation differently with exit planning.
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Mergers & Acquisition Advisors
Proper exit planning causes less deals to fall through at the last minute. Connect with CEPAs to build your healthy deal flow network.
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Commercial Lenders
One of the best relationships a business owner makes is with their banker. How can you help your corporate clients think about the future and ensure financial continuity? Answer: exit planning.
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Family Business Advisors
More than 50% of lower middle market business owners would prefer to transition to the next generation. Help them succeed with exit planning strategies.
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Other Professional Advisors
Regardless of your unique specialty, there is seat at the exit planning table for you. Learn more at www.EarnCEPA.com.
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Private Business Owners
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Members of Family Business Boards
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Professional Advisors
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Business Consultants
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Other Business Professionals
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Business Owners
EXIT PLANNING IS GOOD BUSINESS STRATEGY
The Exit Planning Institute, provides Financial Advisors, Accountants, Consultants, and other advisors of business owners with the critical education to differentiate themselves and add value to their existing client relationships through a credential, conference, courses, and content. Download the CEPA brochure for more information.
ABOUT THE PRESENTERS
I remember when my dad said to me back at the turn of the century, he asked if he should renew his lease? Dad was a dentist and had a great practice. By leaning forward and saying “open wide,” he began to suffer from bone degeneration in his neck and back that led to a sudden decline in his health. He was going to turn 62. We talked about his health and his age, and whether he should get started with his retirement, or should he extend his lease for five years. Without any real choice, he was forced into a decision that resulted in his selling the business, and that his days of saving for retirement suddenly came to a halt.
This is why I became an Exit Planning Advisor. I wanted to help business owners to create an exit plan so that they were ready even if something happened that was beyond their control. Exit planning is about contingency planning and succession planning.
It is also about the process of deciding when to exit, to whom to transfer or sell the business and knowing how much you need to net from the sale of your business to fund your retirement. This helps you to know how much you need gross from the sale and how much you should be saving. When we put all these together, this is your exit plan. This is what we do.
Business Owner Succession Strategies (BOSS) is an exit and succession planning firm. We help business owners that are 3-12 years out from exit to develop a customized plan. We assist the owner to develop a plan around the three legs of the exit planning stool: business owner financial plan, personal plan post-exit, and business attractiveness. Get started today with an assessment to see where you are now and where you need to be at exit; after all, every business owner will exit his or her business. That is why we think: exit planning is simply good business planning.
Meet Todd Krough:
“My maternal grandfather encouraged me to be a saver and introduced me to the markets. He retired as a principal of a high school, yet through his investing was able to donate seven figures to Gustavus Adolphus College, my alma mater. His lesson of saving and investing was foundational for me, resulting in financial success for me and now for my clients.
I have been fortunate to work for some of the largest financial companies in the world, and now have the privilege of working as part of a Wealth Advisory team that provides Investment Management, Private Banking and works with other advisors to form a team approach for the client.
Todd joined the firm in 2023 with 30 years of advisory expertise in the industry. His alma mater is Gustavus Adolphus College where he earned a bachelor’s degree in Business Administration.
Todd is an active member with the Twin Cities Exit Planning Institute, a forum of business transition experts, and holds the Certified Exit Planning Advisor (CEPA) designation, a nationally-recognized professional achievement. Todd has worked with several large financial institutions. He serves as a board member for the Gustavus Alumni Association and is a current member, as well as past board member, of the Minneapolis Rotary.
Todd lives in Plymouth with his wife, Liz, has three grown children and one grandchild. His interests include playing golf, hockey, and traveling with his family.
