When is it Time to Explore ‘What’s Next'?
Today's episode featured Josh Bobich, partner with Best & Flanagan Law in Minneapolis, and supporters of the 2nd Edition of Poised for Exit!
We focused our conversation on what Josh is seeing come across his desk in today's market and on the Resource he created for our Poised for Exit readers and listeners that can be accessed for download here.
Aside from some of the standard legal questions you might expect, the checklist also includes many introspective questions that Josh said cover a wider spectrum of issues. “Legal is only one piece of a much bigger puzzle” he said.
'What's next' can mean different things depending on the meaning of work in your life and how you prefer to spend your best years after business. Josh noted that these preferences can tend to be different to each generation and not to assume that all Boomer owners will lament their new found freedom; some actually have a plan (which I strongly recommend).
In terms of today's M & A market, Josh said transactions are being structured very differently than just a year ago, where it seemed to be more of a seller's market. Now he's seeing deal structure preferences (from primarily Strategic Buyers) coming in a variety of odd variations that are more future dependent, leaving less at closing in the pocket of the seller. That's not a scenario that any owner I know would want, so what's the remedy? Preparedness! Well-run businesses, not owner dependent, with turn key systems, key people and good cash flow. That takes time and effort, but worth it for any owner who wants to maximize their future liquidity event.
Josh also shared an interesting story of a startup client who got stuck in a situation that could have been prevented, had Josh and his team been brought in sooner. As trusted advisers these are situations we try our best to prevent on behalf of our owner clients, but are not always on the scene in time to do so.
Listen to the episode for more of Josh's advice!
Find Josh Bobich at bestlaw.com or email him at jbobich@bestlaw.com
Find Julie here.
Thank you to this month's sponsor! Sunbelt Business Advisors
Are you ready for your best exit? There is no time like the present to prepare.
Check out these resources offered by KeyeStrategies:
- Business Readiness Transition online course
- Free Ebook download here
- Purchase Poised for Exit book here
