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In this episode of Poised for Exit, Kari Voorhees, founder and president of Voorhees Law Group, estate planning attorney, and fellow CEPA, explains why estate planning must be integrated into the broader exit planning process. Kari shares how her father’s brain cancer diagnosis led him to sell his successful trucking company in a panic, without a valuation or a qualified advisory team, and how the poorly structured transaction left him facing significant legal and financial consequences.

Kari discusses how exit advisors can help business owners identify gaps between their estate plans, corporate documents, and long-term transition goals. She explains why advisors should review trusts, buy-sell agreements, operating agreements, stock ownership, and business real estate together, while also considering how family members, trustees, and business partners will work together if the owner dies or becomes incapacitated.

The conversation also explores the risks of delaying these decisions until a health crisis or unexpected death forces action. Through real client examples, Kari illustrates why business owners need plans for incapacity, access to company finances, leadership continuity, and the eventual transfer or sale of the business. She emphasizes that effective estate planning is not simply about creating documents. It requires thoughtful conversations and coordination among the owner’s trusted advisors.

Connect with Kari Voorhees here
Learn more about Voorhees Law Group here

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Founder, Consultant, Author, Pod-caster and Instructor

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In this episode of Poised for Exit, Dr. Michael Filosi, dentist, exited business owner, and entrepreneur, shares how he transformed a worn-out dental practice with possums in the walls into the largest dental practice in Adelaide, Australia. Ten years after purchasing the struggling business, Michael sold it in just 81 days after receiving offers from four different private equity firms, with no earn-out or required retention period.

Michael explains how he created competitive tension among prospective buyers, why he declined to name his own asking price, and what it was like to negotiate directly with professional private equity buyers. He also shares why clean financial records made the practice easier to value, reduced perceived risk, and allowed buyers to submit stronger offers with confidence.

The conversation explores what makes a business truly sellable, including eliminating dependence on the owner, building a capable leadership team, and preparing the company to operate successfully after the founder exits. Michael also discusses when and how he informed his team about the sale, the emotional realities of walking away, and why business owners should begin preparing long before they are ready to enter the market.

Connect with Dr. Michael Filosi here
Learn more about Dr. Michael Filosi here

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In this episode of Poised for Exit, Justin Goodbread, Founder and CEO of Relentless Value Coaching, shares how he built a financial advisory firm from the ground up, grew it to an eight-figure valuation in just 49 months, and ultimately exited the business. Drawing from his experience as an advisor, entrepreneur, coach, and business owner, Justin explains why intentional growth begins with thinking like an owner rather than simply operating as a technician.

The conversation explores Justin’s five-step framework for building a scalable and valuable company: Relentless Foundation, Relentless Examination, Relentless Execution, Relentless Exit, and Relentless Freedom. He also breaks down the four areas that drive growth in a service-based business: attracting the right clients, converting them into customers, delivering a consistent experience, and retaining them as long-term advocates.

Justin shares examples of advisors who increased revenue, created stronger systems, reduced their working hours, and built teams capable of operating without the owner’s constant involvement. Whether the goal is to increase enterprise value, prepare for an eventual exit, or gain more freedom from the business, the episode highlights why growth must be intentional, repeatable, and supported by the right systems.

Connect with Justin Goodbread here Learn more about Relentless Value Coaching here

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In this episode of Poised for Exit, Kristin Nordling, Founder and CEO of Lakeside HR Group, joins the show to discuss why HR should be viewed as a strategic business function—not simply a source of compliance support. Drawing on more than 25 years of experience in HR, recruiting, private equity, and acquisitions, Kristin shares how overlooking the people side of a business can create costly problems during a sale.

The conversation explores what effective HR due diligence should uncover, including company culture, leadership gaps, key employee dependencies, and the ability of a team to successfully navigate change. Kristin explains why financial performance alone does not tell the full story and how culture and employee retention can ultimately determine whether an acquisition succeeds.

Kristin also shares how strategic HR can help owners reduce their company’s dependence on them, strengthen the leadership structure, and prepare key employees for a future transition. From identifying the need for a COO or integrator to using retention strategies such as stay bonuses and phantom stock, thoughtful people planning can protect both enterprise value and the owner’s legacy.

Whether an owner is preparing to sell soon or still several years away, the episode highlights why these issues cannot be addressed at the last minute. Building a transferable company takes time, and the right HR strategy can help create a stronger business today while positioning it for a more successful exit tomorrow.

Connect with Kristin Nordling here Learn more about Lakeside HR Group here

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In this episode of Poised for Exit, Matthew Kulp, Senior Vice President of Wealth Management at HUB Retirement and Wealth Management, shares why time is one of the greatest advantages an owner can have when preparing for succession. Drawing from both his advisory work and his own firm’s five-year transition process, Matthew explains how earlyplanning gives owners more options, stronger buyer readiness, and a clearer path to life after the sale.

The conversation explores what it takes to prepare well before a sale is on the table, from understanding business value and exploring exit options to aligning partners, building the right advisory team, and navigating due diligence. Matthew also shares what his team learned while preparing their own firm for transition, including the importance of difficult conversations and choosing the best-fit buyer.

For owners who want to exit on their terms, this episode makes one thing clear: preparation is what creates options. The sooner you start planning, the more control you have over your value, your buyer, your timeline, and your next chapter.

Connect with Matthew Kulp here
Learn More About HUB’s Business Owner Advisory Serviceshere
Take the Business Transition Readiness Assessment here
Join the Business Owner Roundtable Series here

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Founder, Consultant, Author, Pod-caster and Instructor

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In this solo episode of Poised for Exit, with the Fourth of July approaching, host Julie Keyes reflects on freedom, entrepreneurship, and the responsibility that comes with building something of value. As America nears its 250th birthday, Julie shares a personal message about what freedom means to her as a business owner, advisor, and entrepreneur.

Julie looks back on her own entrepreneurial journey and the motivation, belief, integrity, ambition, and independent thinking that helped guide her through years of business ownership. She shares lessons on taking risks, building a team, serving customers, learning from mistakes, protecting trust, knowing your numbers, and continuing to move forward.

The episode also explores why exit planning is about more than the transaction itself. Julie reminds business owners that a successful exit requires the right advisory team, strong preparation, and thoughtful planning for what comes next. It is a timely reminder that the freedom to build a business also calls owners to protect what they have built and prepare well for the next chapter.

Connect with Julie Keyes here
Learn More about KeyeStrategies here
Purchase Julie’s book, Poised for Exit: The 3rd Edition here

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In this episode of Poised for Exit, Ann Marie Liotta, CPA and U.S. Wealth Strategist with Gallagher, and Mike Winn, CEPA and Financial Advisor with Chartered Wealth Partners, join the show to discuss POLI, or Partnership-Owned Life Insurance, a planning strategy designed for high-earning business owners, partners, and leadership teams.

The conversation explores why this strategy is sometimes described as a “Super Roth,” how it can support tax-free growth and tax-free distributions, and why it may be attractive to business owners who have already maxed out traditional retirement planning options. Ann Marie and Mike also discuss how POLI can be used as a retention tool for key employees without giving up equity, including examples for closely held businesses, law firms, medical groups, family offices, and private equity-backed companies.

Finally, they touch on important considerations including investment risk, suitability, time horizon, guaranteed issue requirements, institutional pricing, and the importance of working with experienced advisors who understand the structure. For business owners and advisors looking beyond traditional planning tools, this episode introduces a unique strategy worth understanding.

Connect with Ann Marie Liotta hereor by email at annmarie_liotta@cfgllc.com
Connect with Mike Winn here or by email at mwinn@charteredwealth.com

Download the POLI Overview here

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Founder, Consultant, Author, Podcaster, and Instructor

Connect with Julie Keyes, Keyestrategies LLC
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In this episode of Poised for Exit, Jen Roth, Founder and CEO of Blue Sparq Marketing, joins the show to discuss how intentional marketing systems can drive sustainable growth and increase business value. Drawing from her experience building and leading marketing agencies, Jen shares how business owners can stop guessing at marketing and build a clear plan that supports growth.

The conversation explores why marketing and sales must work together to create a predictable pipeline, how CRM systems and better lead tracking can improve decision-making, and why cutting marketing during slower periods can ultimately hurt long-term growth. Jen also explains how fractional marketing teams can give companies access to the strategy and execution they need without the cost of building a full in-house department.

Jen also shares how AI can help marketing teams work more efficiently, without replacing the strategy and judgment that make marketing effective. They also touch on the importance of documenting institutional knowledge, building systems that do not rely entirely on the owner or top salespeople, and why these investments can make a business more scalable, transferable, and attractive to future buyers.

Finally, Jen talks about her experience with Entrepreneurs’ Organization (EO) and how the global peer community has supported her growth as an entrepreneur and leader. She shares why having a trusted network of fellow business owners, opportunities to learn from shared experiences, and a more holistic approach to leadership have been so meaningful in her journey.

Connect with Jen Roth here
Connect with Blue Sparq Marketing here

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In this episode of Poised for Exit, Brian Cox, Partner at Traction Capital, joins the show to discuss what private equity buyers are really looking for when evaluating founder-led businesses. Drawing from his experience as both an entrepreneur and investor, Brian shares practical insights into how business owners can better position themselves for a successful exit.

The conversation explores the factors that influence buyer confidence and valuation, including clean financials, succession planning, operational readiness, and the importance of having a clear growth strategy. Brian also explains common deal structures, such as rollover equity, seller involvement after closing, and earn-outs, and why flexibility and alignment are essential to creating successful outcomes for both buyers and sellers.

The discussion also touches on the growing role of AI within portfolio companies, the benefits of working with experienced advisors throughout the transaction process, and why owners who begin planning early are often best positioned to maximize value and achieve the exit they envision.

Connect with Brian Cox here
Connect with Traction Capital here

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In this milestone 300th episode of Poised for Exit, we celebrate six years of conversations with business owners, advisors, and industry experts. Since launching in 2020, the podcast has grown from a local audience to listeners around the world!

In this episode, we sit down with Janice Miller, Managing Partner of Miller Haga Law Group and author of Coopertition.

Janice joins the show to discuss the legal side of exit planning and why preparation years in advance can have a significant impact on the outcome of a business transition. The conversation covers due diligence readiness, succession planning, family business dynamics, and the legal and strategic decisions that can influence business value, buyer confidence, and transaction success.

Janice also shares practical advice for business owners looking to reduce risk, strengthen their businesses, and better prepare for future transitions.

As we celebrate 300 episodes of Poised for Exit, this conversation serves as a reminder that meaningful outcomes, whether in business, transitions, or life, are often the result of thoughtful planning long before the moment arrives.

Connect with Janice Miller here
Learn more about Coopertition here
Learn more about Miller Haga Law Group here

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Founder, Consultant, Author, Pod-caster and Instructor

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In this episode of Poised for Exit, Anna Coskran, President of NTH, Inc. joins the show to discuss why commercial real estate can play a major role in business transitions and exit planning. Drawing from nearly three decades of experience in commercial real estate and construction management, Anna shares practical insight into how real estate decisions can either support or complicate a successful transition.

The conversation explores how leases, building ownership, and property-related obligations can impact business value, flexibility, timing, and buyer appeal. Topics include landlord approval rights, personal guarantees, long-term lease commitments, deferred maintenance, and how overlooked real estate details can create unexpected challenges during a sale or succession process.

The episode also covers the differences between leasing and owning during a transition, including sale-leaseback structures, succession planning considerations, and how real estate strategy can affect valuation. Anna shares real-world examples of business owners navigating lease renewals, ownership transitions, and changing market conditions, along with the importance of having the right advisory team in place early.

The discussion also touches on today’s commercial real estate market, changing workplace expectations, the importance of flexibility, and why business owners should view real estate as a strategic business tool rather than simply a financial asset.

Connect with Anna Coskran hereConnect with NTH, Inc. here

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Founder, Consultant, Author, Pod-caster and Instructor

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In this episode of Poised for Exit, John Ammannand Tim Urban, CPAs with John A. Knutson & Co., join the show to explain how R&D tax credits work and why many business owners may qualify without realizing it. They discuss the fundamentals of the federal R&D tax credit, including the types of activities that may qualify and why these credits are not limited to large corporations or technology companies.

John and Tim also break down common misconceptions around R&D credits, including the idea that innovation must be new to the world rather than simply new to the company itself. The conversation covers the IRS four-part qualification test, the importance of documentation, why failed projects can still qualify, and how startups may be able to apply credits against payroll taxes.

The episode also explores AI-related investments, startup applications, and common concerns surrounding third-party R&D credit firms. John and Tim explain what business owners should understand before pursuing a claim and offer practical insight into how companies can better evaluate potential opportunities and requirements surrounding R&D tax credits.

Connect with John Ammann hereConnect with Tim Urban here
Learn More about John A. Knutson & Co.here

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In this episode of Poised for Exit, Mariano Jurich, Senior Product Leader at Making Sense, returns to the show to share insights on how private companies are navigating the rapid evolution of AI and enterprise technology. With deep experience across product strategy, software development, and business transformation, Mariano offers a practical perspective on what’s changing and what actually matters.

Mariano discusses how companies are approaching AI adoption today, highlighting the importance of aligning new technologies with business goals rather than chasing trends. He explains why AI is simply a tool, not a strategy, and why many organizations struggle with implementation due to lack of clarity, adoption, and unrealistic expectations.

The conversation also explores how private equity-backed and middle market companies are shifting toward smaller, high-ROI use cases rather than large-scale transformations. Mariano shares how decision-making has evolved, why speed alone is no longer a competitive advantage, and why human-led strategy and thoughtful implementation remain critical for driving meaningful outcomes in a rapidly changing landscape.

Connect with Mariano Jurich hereLearn more about Making Sense LLC here

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In this episode of Poised for Exit, Hilary Spreizer, Owner and CEO of The Latitude Group, shares her unexpected journey from employee to owner after purchasing the company during the uncertainty of COVID. She discusses the challenges of transitioning from leading sales and revenue generation to building the operational structure needed to scale a growing business.

Hilary explains how strategic hires, stronger systems, and a focus on scalable infrastructure helped the company achieve significant growth and earn a Fast 50 award. She also shares lessons on leadership, surrounding yourself with people who know what you don’t, and implementing frameworks like EOS to create accountability and long-term organizational stability.

The conversation also explores how mid-market companies are approaching AI, hiring, and technology adoption. Hilary discusses why many businesses rush into AI tools without a clear strategy, the operational and privacy risks that can create, and why companies should focus first on identifying the business problem before investing in technology solutions.

The episode highlights the connection between operational scalability and enterprise value, particularly for owners preparing for future growth or exit planning. Hilary shares why reducing founder dependency, building resilient teams, and slowing down long enough to create the right blueprint can dramatically improve long-term outcomes.

Connect with Hillary Spreizer hereLearn more about The Latitude Group here

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In this episode of Poised for Exit, Shaun Jackson, business broker with Calhoun Companies, steps in as guest host to interview his client, Dale Doriott, former owner of Injection Molding Solutions. Together, they walk through Dale’s real exit story and the key factors that led to a premium outcome.

Dale shares how he built the business over decades, including navigating the 2008 financial crisis and growing through disciplined operations and reinvestment. He explains how a focus on clarity, organization, and strong leadership positioned the company to stand out to buyers and ultimately command a higher valuation.

The conversation highlights the role of preparation and the impact of having the right advisory team in place. Sean and Dale discuss how alignment between the broker, accountant, and attorney strengthened their position during negotiations, even when working with a large, private equity-backed buyer. They also share how clear communication and trust helped guide key decisions throughout the process.

Dale shares key lessons from the process, including understanding financial metrics earlier and how deal structure decisions like retaining real estate created long term value. He also discusses the benefits of staying on post sale for continuity and success.

This episode offers business owners and advisors a grounded, real-world look at how preparation, leadership, and the right advisory team can drive stronger exit outcomes and lasting value beyond the transaction.

Connect with Shaun Jackson here

Learn more about Calhoun Companies here

Connect with Dale Doriott here

Learn more about Injection Molding Solutions here

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In this episode of Poised for Exit, Jennifer Vickerman Akaolisa, Gift Planner at Saint Paul & Minnesota Foundation, joins us to discuss how philanthropy can become a powerful part of business exit planning. With a background in financial services and more than a decade of experience in philanthropy, Jennifer helps individuals, families, and business owners create giving strategies that align with their values and long-term goals.

Jennifer shares why entrepreneurs are often among the most generous givers and how many owners want their life’s work to continue making a difference after a sale or transition. She explains why these conversations should begin early and how thoughtful planning can create both personal fulfillment and lasting community impact.

The conversation also explores strategies such as donor-advised funds, gifting non-cash assets, and other planning tools that can help owners maximize flexibility and impact. Julie and Jennifer also preview their upcoming webinar focused on advising at the intersection of business exit planning, legacy building, and community impact.

This episode offers business owners and advisors a practical look at how philanthropy can strengthen exit planning while creating lasting value beyond the transaction.

Connect with Jennifer Vickerman Akaolisa here

Learn more about Saint Paul & Minnesota Foundation here

Register for the upcoming webinarhere

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In this episode of Poised for Exit, Stacey Bartelson, Financial Advisor at Edward Jones, discusses why business owners should start planning their exit from day one. She shares how many owners focus on growth but overlook the long-term strategy needed to successfully transition or sell their business.

Stacey explains that enterprise value goes far beyond financials, highlighting the importance of building a strong team, creating systems, and ensuring the business can operate without the owner. She also discusses why a significant percentage of businesses never sell and how a lack of early planning can limit options and reduce overall value.

This conversation explores the shift from working in the business to working on the business, along with the importance of continuity, succession planning, and aligning personal and financial goals with long-term exit outcomes.

This episode highlights how strategy, structure, and long-term thinking all play a role in whether a business is actually prepared for a successful exit.

Connect with Stacey Bartelson hereLearn more about the Bartelson Blesener Wealth Group at Edward Jones hereLearn more about the Owners Edge Summit here

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In this episode of Poised for Exit, Steve Storkan, Executive Director at The Employee Ownership Expansion Network, discusses how employee ownership is gaining traction as a business exit strategy. He shares the growth of employee ownership across the U.S. and explains why more business owners are considering it as part of their transition planning.

Steve breaks down how increased awareness, new sources of capital, and impact investing are making employee ownership more accessible. He also highlights research showing the significant wealth created for employees through these models, along with the flexibility and legacy benefits for business owners.

This conversation explores the different forms of employee ownership, including ESOPs, and what makes a company a good fit. Steve also emphasizes the importance of having the right advisors and ensuring strong financial feasibility when considering this path.

This episode offers a practical look at how employee ownership can support both successful exits and long-term business continuity.

Connect with Steve Storkan here

Learn more about The Employee Ownership Expansion Network here

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In this episode of Poised for Exit, Darin Lynch, Founder and CEO of Irish Titan, shares what it really takes to build a strong, scalable business. Drawing from over two decades of experience, Darin explains how focusing on “business first, online second” has shaped his company’s growth and long-term value.

Darin breaks down how prioritizing partnerships over transactions, along with a clear and disciplined operating model, contributes to building a durable business. He discusses the impact of his “Titan-only” approach, keeping all work in-house, and how that decision has strengthened team cohesion, client outcomes, and overall company performance."

This conversation explores the difference between simply running a business and intentionally building one with consistency, clarity, and long-term focus. From evolving your services over time to staying grounded in your core principles, Darin highlights what actually drives sustainable growth.

This episode offers a practical look at how thoughtful operating decisions can position a company for long-term success and a stronger exit.

Connect with Darin Lynch here

Learn more about Irish Titan here

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In this episode of Poised for Exit, Jon Marquet and Brenna Johnson of Trust Point Inc. dive into a crucial yet often overlooked part of the exit journey: what happens after the deal closes. They explain why an exit plan is about much more than maximizing your sale price; it’s about aligning your business, financial, and personal goals to create a sustainable, fulfilling next chapter.

Jon and Brenna break down how early, holistic planning helps business owners understand their true net outcome, build a lifestyle-supporting plan, and avoid unexpected challenges. Whether you’re a business owner or advisor, this conversation examines the value of looking beyond the transaction to the life you want to lead afterward.

They also explore why timing, coordination, and thoughtful planning with the right advisors can make a significant difference. Understanding how your personal goals connect to your business exit allows for decisions that truly support your future. By focusing on what comes next, you can create an exit strategy that serves both your business and your life vision.

If you’re a business owner or an advisor and haven’t mapped out how an exit supports broader life goals, this episode is a must-listen!

Connect with Jon Marquet here
Connect with Brenna Johnson here

Learn more about Trust Point Inc. here

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In this episode of Poised for Exit, we welcome back Todd Krough, Private Wealth Advisor with UMB Bank and President of The Twin Cities Chapter of the Exit Planning Institute. Todd shares how the chapter has grown over the past decade into one of the most active and collaborative EPI chapters in the country, bringing together advisors and business owners to improve the outcomes of business transitions.

We discuss how the Twin Cities chapter has built a strong ecosystem of advisors focused on collaboration rather than competition. Through monthly meetings, educational programming, and cross-industry partnerships, the chapter has helped raise awareness about the importance of exit planning and the value of a team-based approach when preparing a business for transition.

The conversation also highlights the impact of the Twin Cities exit planning surveys conducted in 2017 and 2023, which revealed improvements in owner satisfaction after selling their businesses. We also preview the upcoming Owners Forum on October 7, an annual event designed specifically for business owners to learn from peers and advisors about the realities of planning for life after business.

If you work with business owners, or are one yourself, this episode offers valuable insight into how collaboration and education can lead to stronger, more successful exits!

Contact Todd Krough here

Learn more about The Twin Cities Chapter of the Exit Planning Institute here

EPI Summit (April 19–21, Nashville)

Owners Forum – October 7, Midland Hills Country Club (Twin Cities)

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In this episode of Poised for Exit, we sit down with Deepa Krishnamurthy, Co-Founder and CEO of Nterprisers, Inc. about the often unseen world of U.S. manufacturing. While many people picture large factories, most manufacturers are small, privately held businesses that operate quietly within local networks. Deepa shares how her experience in manufacturing and private markets led her to build a platform designed to help these companies become easier to find and connect with.

Deepa explains how Nterprisers, Inc helps manufacturers gain visibility while still protecting their privacy. By organizing publicly available information into searchable profiles, the platform makes it easier for companies to discover partners, customers, talent, and advisors they might never have encountered through traditional word-of-mouth networks.

The conversation also explores why visibility and connection play an important role in long-term business outcomes, including growth, succession, and exit planning. For many manufacturers, simply being discoverable can create opportunities that strengthen the value and future of the business.

Contact Deepa Krishnamurthy here

Learn more about Nterprisers, Inc. here

Learn how the Nterprisers platform helps manufacturers become more visible, connected, and discoverable within the U.S. manufacturing ecosystem.
📅 March 25 | 10:00–10:45 AM ET
Register: https://nterprisers.com

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In this episode of Poised for Exit, we sit down with Ailana McIntosh, Business and Real Estate Attorney at Hellmuth & Johnson.

Ailana shares her unique journey from growing up in an entrepreneurial immigrant family to building a career helping business owners navigate the legal side of starting, operating, and ultimately selling their companies. Her background gives her a firsthand understanding of the challenges entrepreneurs face and the importance of planning ahead.

We discuss some of the most common legal issues that surface during business transactions, including disorganized corporate records, incomplete governance documents, and unclear ownership structures. We also explore why many of these issues go unnoticed for years, until an owner begins preparing for a sale.

Throughout the conversation, Ailana explains how proactive planning, clear documentation, and the right advisory team can make the difference between a smooth transaction and a costly, time-consuming cleanup process.

Contact Ailana McIntosh here

Learn more about Hellmuth & Johnson here

Learn about the Trusted WISP tool for today’s professionals here

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In this episode of Poised for Exit, we are joined by John Schwalbach of Freedom Financial Partners, who leads a conversation with his client, Jennifer Zick, Founder and CEO of Authentic®. Together, they explore what shifts for a business owner when planning becomes intentional rather than reactive.

As Jennifer’s company matured and began generating meaningful value, new questions surfaced about wealth, risk exposure, long-term flexibility, and what success truly looks like. Through her work with John and his team, she gained clarity around how her business fits into her broader financial picture, how to model different life scenarios, and how to reduce pressure that had quietly built over time.

This conversation highlights why proactive planning is not just about numbers. It is about protecting what you are building, creating options for the future, and leading with greater confidence today. For business owners who sense they should start planning but have not yet taken that step, this episode offers perspective on why earlier clarity can be transformative.

Contact John Schwalbach here

Learn more about Freedom Financial Partners here

Contact Jennifer Zick here

Learn more about Authentic® here

Learn about the Trusted WISP tool for today’s professionals here

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In this episode of Poised for Exit, we sit down with Ben Axelrod, Managing Director at Borgman Capital,to explore what business owners should truly understand before partnering with private equity. With a background spanning M&A advisory and investment leadership, Ben offers a thoughtful perspective on how financial buyers approach transactions and long-term partnership.

We discuss common misconceptions about private equity, including concerns around loss of control, cultural disruption, and the belief that all firms operate the same way. Not all private equity groups are interchangeable. Alignment, vision, pace of change, and approach to leadership matter just as much as valuation. We also examine the emotional side of transitions, including identity, legacy, and the complexities that often arise in family-owned businesses.

This episode provides practical insight into what to look for in a partner and what questions to ask before moving forward. A business sale is more than a financial event. It is a strategic and personal transition, and understanding that distinction can shape the outcome in meaningful ways.

Contact Ben Axelrod here

Learn more about Borgman Capital here

Learn about the Trusted WISP tool for today’s professionals here

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Founder, Consultant, Author, Pod-caster and Instructor

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In this episode of Poised for Exit, we are joined by Karim Ghandour, Founder & CEO at Legacyline, a Dubai-based transition readiness firm serving founders across multiple jurisdictions. Karim shares how his background in estate planning and cross-border advisory work led him to a powerful realization. Most business owners do not truly understand the value of their company, even though it is often their largest asset.

Karim explains why exit planning should not be treated as a one-time transaction but as an ongoing discipline focused on readiness. Whether a founder plans to sell, pass the business to family, or simply wants optionality, placing value at the center of decision-making changes everything. As Karim puts it, “If an acquirer would not buy the business, it is a crime to give it to your kids.”

We also discuss how subscription-based readiness models create accountability, why emotional readiness is often more difficult than financial or operational readiness, and how founders can prepare for liquidity events long before they occur. This conversation offers a practical and global perspective on what it truly means to be prepared for transition.

Connect with Karim Ghandour here

Learn more about Legacyline here

Learn about the Trusted WISP tool for today’s professionals here

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In this episode of Poised for Exit, we sit down with Judy Praska, Owner & President of three Fastest Labs locations in the Twin Cities metro. Judy shares how she scaled her testing services business from one location to three, what surprised her most along the way, and the operational details business owners often overlook until growth exposes the cracks.

Scaling a service business, especially one operating in regulated and safety-sensitive environments, isn’t just about adding locations or increasing demand. Sustainable growth requires the right systems, clear policies, and disciplined execution to keep pace with complexity.

We discuss why speed and convenience can be powerful competitive advantages, how compliance directly impacts scalability for employers and safety-sensitive roles, and what business owners must have in place before growth accelerates.

Connect with Judy Praska here

Learn more about Fastest Labs here

Learn about the Trusted WISP tool for today’s professionals here

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In this episode of Poised for Exit, we sit down with Michael Winn, Co-Founder and Partner at Chartered Wealth Partners in Beverly Hills, to discuss why many business exits fail and how outcomes are often determined long before a deal is signed.

Michael explains how missed tax strategy, poor advisor sequencing, and a lack of owner readiness can undermine exit results, even when transactions close successfully. He shares how early, intentional planning, particularly around tax, estate, and entity structure, can significantly improve exit outcomes.

The conversation also explores the importance of assembling the right advisory team at the right time, with Michael outlining his role as an exit “quarterback” who helps guide owners through the process. In addition, he addresses the human side of exits, including identity, fulfillment, and preparing for life after the sale.

Throughout the episode, Michael emphasizes that successful exits require more than a transaction and are built on a strategy developed well in advance.

Connect with Michael Winn here
Learn more about Chartered Wealth Partners here

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In this episode of Poised for Exit, we’re joined byMark Kravietz, Managing Partner and Founder of Aline Wealth, for a practical discussion on what business owners need to understand before relocating to a lower-tax state.

Mark explains why changing residency for tax purposes is far more involved than many owners expect and why simply spending “six months and a day” in a new state is rarely sufficient. He walks through the core factors states examine when determining residency, including home ownership, time spent, business involvement, personal connections, and family ties, and explains how intent plays a central role in audits and enforcement.

The conversation also explores how business ownership complicates relocation decisions, particularly when owners maintain active involvement in high-tax states. Mark shares real-world examples from his decades of advising business owners, highlighting common mistakes, documentation gaps, and misconceptions that can put owners at risk if not addressed early.

Throughout the episode, Mark emphasizes the importance of planning ahead, both financially and personally, when considering a move. From aligning residency decisions with long-term exit goals to understanding how lifestyle choices, identity, and post-exit plans factor into success, this episode offers clear, actionable insight for business owners thinking strategically about their future.

Connect with Mark Kravietz here Learn more about Aline Wealth here

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In this episode of Poised for Exit, we speak with Andy Kocemba, President and CEO of Calhoun Companies, about how buyers are evaluating businesses as we head into 2026. Andy shares his perspective from decades of working with buyers and sellers, and explains why preparation consistently matters more than trying to time the market when it comes to achieving a strong outcome.

Andy walks through the key drivers of valuation, including the outsized role of cash flow, business performance, and risk. He discusses common red flags buyers notice quickly, such as customer or salesperson concentration, and explains how deal structure often reflects the level of trust a buyer has in the business. Throughout the conversation, he emphasizes that simpler deal structures and stronger cash at closing are often the result of thoughtful preparation well before going to market.

Throughout the episode, Andy discusses broader market trends, including which industries are seeing the strongest demand and how acquisition strategies may shift in the coming year. Andy also shares how Calhoun Companies works with sellers, the importance of engaging advisors early, and why many business owners wait too long to start planning. The conversation offers practical insight for owners and advisors looking to better understand buyer expectations and valuation drivers.

Connect with Andy Kocemba here
Learn more about Calhoun Companies here

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In this episode of Poised for Exit, we speak with Alexis Bostrom, founder and CEO of Big Wolf Siteworks, about how she built a construction company that has grown steadily while remaining intentionally small. Alexis shares how the business began as a two person operation with her husband and evolved into a company supported by a close knit team.

Alexis walks through the realities of hiring for the first time, becoming a union shop, and expanding from residential work into government and civil projects. She discusses how operating with a small team required her to learn quickly, prioritize people and systems, and make thoughtful decisions about what projects the business could realistically take on as it grew.

Throughout the conversation, Alexis reflects on leadership, legacy, and the importance of building a company designed for long term value rather than short term hustle. Her story offers practical insight for business owners who are scaling carefully, hiring intentionally, and working to grow a construction business that can succeed beyond the founder.

Connect with Alexis here

Learn More About Big Wolf Siteworks here

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In this annual recap episode of Poised for Exit, I reflect on 2025, share what stood out over the past year, and look ahead to what is coming in 2026. I also revisit how the show began during the early days of the pandemic, how it has grown over the past five years, and why exit planning conversations continue to resonate with business owners and advisors around the world.

I spend time discussing one of the questions I hear most often: how business owners can grow the value of their companies. I walk through the four intangible capitals, human, structural, customer, and social capital, and explain why these areas often represent the majority of a company’s true enterprise value.

I also share what listeners can expect in 2026, including new perspectives, continued conversations focused on helping owners prepare for better outcomes, and my appreciation for the 2026 sponsors who support the show and align with the values behind Poised for Exit. I look forward to another year of meaningful discussions ahead.

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In this episode of Poised for Exit, we welcome James Olsen, Partner at Seiler Law PLCC, for a practical discussion on the legal realities business owners face when preparing for a sale or transition.

James shares insights from advising Main Street and lower middle-market business owners, highlighting common legal pitfalls that can delay or derail an exit. From handshake agreements and undocumented contracts to buyer due diligence, earn-outs, and post-closing obligations, this episode breaks down what sellers need to address before going to market.

Our conversation covers how to prepare foundational legal documents, evaluate buyer fit, navigate seller carry and earn-out structures, and think strategically about post-closing involvement. James also shares what he’s seeing in the current deal environment and how business owners can position themselves for a smoother transition heading into 2026.

If you’re advising clients or preparing your own business for a future exit, this episode offers grounded, experience-driven guidance to help you reduce risk, protect value, and move forward with confidence.

Connect with James Olsen here

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Episode Reprise

We’re excited to bring back this timely conversation as business owners focus on year-end planning and tax strategy. This episode remains especially relevant right now, and we’re thrilled to reshare these insights from the team at John A. Knutson & Co. for anyone preparing for a future transition.

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In this episode of Poised for Exit, we’re joined by Cindy Mclagan and Jonathon Lansink fromJohn A. Knutson & Co., PLLP. We sit down for an insightful conversation on estate and tax planning for business owners preparing to exit!

Jonathon and Cindy address why proactive estate and tax strategies are critical for protecting generational wealth and ensuring smooth business transitions. From the use of trusts and gifting strategies to navigating the complexities of estate tax law, this episode is packed with practical advice for owners, advisors, and financial professionals alike.

Our conversation covers how to properly fund trusts, the role of irrevocable trusts in real estate planning, and the value of building a collaborative team that includes CPAs, attorneys, and financial advisors. Additionally, Jonathon and Cindy also touch on the challenges of generational family businesses and best practices for onboarding estate planning clients.

If you’re advising clients or preparing your own business for a future transition, this episode delivers grounded, actionable insights to help you plan ahead with clarity and confidence.

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In this episode of Poised for Exit, we sit down with Gordon Bell, CEO and Founder ofThe Midland Group and fellow CEPA, for a conversation focused on why business owners must start planning their exit well before they intend to transition.

Gordon shares highlights from his career, including leading multiple companies and taking one public, and uses those experiences to illustrate the power of early preparation. He explains why readiness is essential not only for a future sale, but for protecting the business during life events, leadership changes, or unexpected opportunities.

Together, we break down the core elements of exit readiness: value enhancement, de-risking, assembling a trusted advisory team, and understanding the full range of transition options. Gordon also shares his perspective on staying engaged with the business long-term and his philosophy of “refire, not retire,” which has shaped the way he works with owners today.

This episode gives business owners clear steps and a realistic path to becoming truly exit-ready, no matter their timeline.

Key Topics Covered• Lessons from Gord’s career as a multi-time CEO• Why exit planning should begin long before a sale
• How preparedness protects owners from unexpected events
• The role of value growth and de-risking in exit success
• Building the right advisory team for long-term planning
• Understanding exit options and choosing with clarity
• The mindset behind “refire, not retire”

Next Steps & ResourcesConnect with Gordon here

Learn more about The Midland Group here

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In this episode of Poised for Exit, we welcome back Steve Enzler, Owner and CEO of Tangible Values, for the second half of our deep dive into the cybersecurity threats impacting today’s business owners.

In Part 2, Steve shares shocking real-world examples of W-2 and 1099 fraud, including how organized criminal networks are filing thousands of fake returns using stolen business IDs, employee data, and even credit card information. He explains why the first few weeks of January through early March have become the prime window for identity-related tax fraud, and what every business owner and employee must do to protect themselves.

We also revisit the essential safeguards required under the FTC Safeguards Rule, breaking them down into physical, technical, and administrative protections. Steve outlines six practical steps that any business can implement immediately, from full-system encryption and auto-updates to multi-factor authentication, network security, and proper incident response.

This episode is full of practical guidance, cautionary stories, and straightforward action steps to help you guard against rapidly evolving threats.

Next Steps: Learn more at WispBuilder.com

Explore PracticePanda.com for client communication

Consider enrolling in the IRS Identity Protection PIN Program:Learn More Here

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In this episode of Poised for Exit, we talk with Jon Keimig, Executive Director of the University of St. Thomas Family Business Center and a leading voice in multi-generation family business education.

Jon shares what he’s seeing inside today’s family-owned companies and why communication often breaks down between generations. He explains why ownership conversations stall, how assumptions build on both sides, and what families can do to create clarity around roles, expectations, and decision-making. Jon also highlights the surprising research showing how many next-gens don’t even know whether they’re owners, and why that uncertainty creates long-term challenges.

We dig into the real dynamics behind alignment: understanding which decisions belong to the family, which belong to ownership, and which belong to management. Jon walks through simple frameworks families can use to keep conversations focused, reduce conflict, and build confidence in the next generation as they step into leadership or ownership roles.

Finally, we talk about the importance of proactive education, outside advisors, and consistent family meetings to ensure smooth transitions and stronger businesses for generations to come.

Next Steps

• Learn more at: https://stthomas.edu/familybusiness
• Email Jon directly: familybusiness@stthomas.edu

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In this episode of Poised for Exit, we talk with Vincent Renda, a nationally recognized financial advisor with Edward Jones who specializes in helping business owners prepare for life beyond their company.

Vincent explains why most owners view an exit as a financial event when, in reality, the real challenge is the transition: identity, purpose, lifestyle, and what comes next. He shares a powerful client story that illustrates how a lack of purpose can stop an exit in its tracks.

We also cover the biggest value drivers and detractors, including owner dependency and hidden lifestyle expenses that create major wealth gaps. Vincent highlights why planning three to five years ahead is critical, and why forced exits often happen due to the Five Ds: death, disability, divorce, disagreement, and destruction.

Finally, Vincent discusses the tools and collaborative resources Edward Jones provides to help owners build a business that’s sellable, sustainable, and aligned with their long-term goals.

Next Steps:

• Connect with Vincent on LinkedIn for a complimentary review

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In this episode of Poised for Exit, we sit down with Joe Seetoo,Partner at Morton Wealth and the current Exit Planner of the Year. Joe brings a rare blend of wealth management expertise, exit planning insight, and real-world examples that reveal what owners most often overlook when preparing for a transition.

Joe shares how Morton Wealth built The Strategist, a flat-fee, exit-focused planning model designed to support owners long before a deal is on the table. He explains why exit planning is a “team sport,” why knowing your number is essential, and how early readiness prevents rushed or poorly structured deals.

You’ll learn why estate planning, insurance coverage, cash-flow clarity, and personal preparedness all play a critical role in the outcome of an exit. Joe also walks through Morton Wealth’s all-weather investment philosophy, built on diversified, risk-aware strategies that support owners before, during, and after their transition.

This conversation is filled with practical insight for business owners, whether an exit is years away or quickly approaching.

Resources from Morton Wealth:

• Strategist Brochure
• The Business Owner’s Transition Toolkit
• Article: “Why Owners Need a General Contractor for Their Exit”
• Article: “The Hidden Costs of Not Knowing Your Number”

Additional Resource Mentioned in This Episode:

• Julie’s online exit planning course

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In this episode of Poised for Exit, we welcome Eric Mitchellette, Founder and President of Strategic Business Coach,Inc.

Eric shares how business owners can identify and repair cash flow challenges, rebuild trust with their banks, and strengthen the overall financial health of their organizations. With decades of experience as a CFO and turnaround advisor, he offers actionable strategies for improving receivables, creating financial visibility, and fostering productive banking relationships that endure through both good times and bad.

Julie and Eric also discuss the most common warning signs of financial distress, the importance of transparent communication with lenders, and how a qualified financial leader can help companies prevent crisis, stabilize operations, and prepare for sustainable growth.

Packed with valuable lessons and real-world examples, this episode is a must-listen for business owners who want to stay financially strong, resilient, and ready for what’s next.

Connect with Eric here

Learn more about Strategic Business Coach, Inc.here

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| In this episode of Poised for Exit, we sit down with Steve Enzler, Owner and CEO ofTangible Values, a professional services firm supporting the accounting community.

Steve shares eye-opening insights into cybersecurity risks that most small businesses and even accounting firms don’t realize they’re exposed to. From new IRS and FTC requirements to real-world data breach examples, this conversation sheds light on what every business owner needs to know about protecting client information.

You’ll learn about the Written Information Security Plan (WISP) now required for accounting firms, what “personally identifiable information” (PII) really means, and the practical steps any business can take to protect themselves and their clients.

Steve also explains how WispBuilder.com, one of Tangible Values’ latest innovations, helps firms easily comply with cybersecurity mandates and avoid devastating fines and data breaches.This is part one of a two-part discussion.

Don’t miss part two in a few weeks, where Steve dives deeper into real cases and evolving threats.

Learn more about Tangible Values here

Resources mentioned:

WispBuilder.com: Build and maintain your written information security plan.
IRS Publication 4557: Safeguarding Taxpayer Data: A Guide for Your Business.
New York Attorney General Settlement Announcement: Press release referenced in this episode.

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In this episode of Poised for Exit, Erika Scherman, Owner and President of MC Tool & Safety Sales, joins the show to share her journey of stepping into leadership and carrying her family’s business forward.

Erika reflects on how she transitioned from a career in the beer industry to running a company centered on service, safety, and strong customer relationships. She discusses the challenges of business succession, managing growth as a small company, and thoughtfully integrating technology like AI while maintaining a personal touch with every client.

Together, Erika and Julie explore what it means to lead with purpose, balance legacy with innovation, and find fulfillment in work that keeps people safe and connected.

Erika's story is an authentic look at the evolution of a family business and the mindset it takes to build lasting success.

Learn more about MC Tool & Safety Sales here

Connect with Erika here

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In this episode of Poised for Exit, we sit down with Ailee Nelson, Founder and Owner of Approach HR and The VA Solution.

Ailee shares how she built two distinct businesses that address different, yet equally important, needs in today’s workplace. Through Approach HR, she helps companies strengthen compliance, retention, and organizational development with strategic human resources support. And through her other company, The VA Solution, she connects busy professionals and business owners with skilled virtual assistants who bring structure, organization, and reliable support.

In this conversation, Ailee explains how businesses can adapt to new expectations around flexibility, leadership, and work-life balance. She offers insight into how regular employee conversations improve retention and morale, and how delegating administrative work to trusted professionals helps leaders reclaim time and focus on what matters most. Ailee’s insights highlight how thoughtful HR practices and the right support can make any business more scalable, resilient, and ultimately more valuable!

Learn more about HR Services with Approach HR here or by emailing ailee@approachmn.com

Learn more about Virtual Assistant Services with The VA Solution here or by emailing ailee@thevasolution.com

Connect with Ailee here

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In this episode of Poised for Exit, we are excited to be joined again by Heide Olson, Founder & CEO All In One Accountingfor Part 2 of the conversation on preparing a company’s books and operations for a successful transition. Heide explains why clean financials, accurate month-end closes, reconciled balance sheets, and meaningful budget reviews are essential to telling a credible story that buyers and stakeholders can trust.

Our discussion explores the key metrics every business should track, how technology and automation can save time and reduce risk, and why having a second set of eyes on financials strengthens confidence and value. Heide also highlights the difference between running a lifestyle business and building a transferable asset by sharing real client stories that show how timely reporting can uncover risks and create opportunities.

Ultimately, behind every set of numbers is a narrative, and when that story is clear, consistent, and well-documented, it builds confidence for owners, inspires trust from buyers, and sets the stage for a successful transition!

Connect with Heide here

Learn more about All In One Accounting here

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In this episode of Poised for Exit, we sit down with Heather Polivka, Founder and CEO of Awesome People Leaders, to explore how leadership, culture, and emotional intelligence drive real business value.

Heather shares how her firm helps organizations close leadership gaps, reduce disengagement, and elevate team performance. At the center of our conversation is Awesome EQ, a new AI-powered tool that delivers real-time coaching prompts inside everyday platforms like Outlook, Gmail, and Slack. The tool helps leaders build trust, communicate more effectively, and strengthen team dynamics in the moment.

Our discussion touches on why emotional intelligence is such a critical predictor of success, how real-time insights prevent miscommunication and boost retention, and the ways companies have gone through acquisitions without losing key talent. Heather also outlines a three-year roadmap for developing leadership capacity, strengthening culture, and positioning a business for greater value at exit.

She emphasizes that in an AI-driven world, the human element becomes even more critical. By combining neuroscience, EQ, and technology, leaders can unlock higher performance while safeguarding company culture and long-term value.
Connect with Heather on LinkedInhttps://www.linkedin.com/in/heatherpolivka/

Follow Awesome People Leaders on LinkedInhttps://www.linkedin.com/company/awesome-people-leaders

Visit awesomepeopleleaders.com to learn morehttps://www.awesomepeopleleaders.com/

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The Twin Cities business community is preparing for one of the year’s most anticipated gatherings: the EPI Regional Summit. In this week’s episode of Poised for Exit, we’re joined by Todd Krough, President of the EPI Twin Cities Chapter and Wealth Advisor with UMB Bank, for an inside look at what attendees can expect on October 9 at Union Depot in St. Paul.

Todd reflects on the evolution of the Owners Forum into today’s Regional Summit and why the Twin Cities Chapter continues to grow in reach and impact. This conversation highlights how the Summit has become a cornerstone event for connecting business owners and advisors, offering fresh insights, meaningful connections, and perspectives that extend well beyond the day itself.

This conversation provides a behind-the-scenes look at what makes the Regional Summit such a powerful opportunity, from the energy of the Twin Cities business community to the unique lineup that blends learning, networking, and inspiration. If you’re considering attending, or simply want to understand what sets this event apart, this episode offers the perfect preview of what’s ahead!

Learn more & get involved:
🔗 Register for the Regional Summit: DriveValue.com

🔗 Explore upcoming events & chapter details: EPI Twin Cities Chapter

🔗 Connect with the chapter on LinkedIn: EPI Twin Cities LinkedIn

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In this episode of Poised for Exit, we sit down with Nolan Gaffney, andYan Arsenault, of Trust Point Inc., to explore real estate strategies that can transform how business owners and families protect their wealth. With trillions of dollars in real estate expected to pass from one generation to the next, the conversation couldn’t be more timely.

Nolan and Yan walk us through approaches that allow owners to transition away from the burdens of managing property while still enjoying the benefits of real estate ownership. They share how tools like Delaware Statutory Trusts and 721 exchanges can create a smoother handoff to heirs, eliminate day-to-day management headaches, and defer significant tax obligations. Along the way, they illustrate how these strategies are helping families reduce risk, diversify their holdings, and plan with confidence for the future.

Hearing how these strategies have played out for real families adds an important layer to the conversation. From clients eager to step away from the hassle of tenants and repairs to those focused on leaving a smoother path for their kids, the stories are relatable and eye-opening. Nolan and Yan strip away the complexity and show that with the right help, these options are available to more people than you might expect.

If you’ve ever wondered how to move from active landlord responsibilities to passive real estate investing, or how to prepare your family to inherit wealth instead of stress, this episode is for you!

Connect with Nolan here or email ngaffney@trustpointinc.com Connect with Yan here or email trust_point@trustpointinc.com Learn more about Trust Point Inc. hereLearn more about Delaware Statutory Trusts (DSTs) here

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In this episode of Poised for Exit, we are joined byErik Gabrielson,co-founder of ProjectWe. Erik returns to the show to share how his firm is helping business owners and professional services leaders navigate one of the most disruptive forces of our time: artificial intelligence. The conversation begins with Erik’s own journey of adopting AI in early 2023, when he and his team recognized its potential to transform not only their business, but also the way their clients operate.

Together, Erik and Julie explore the opportunities and challenges of integrating AI into exit planning and business strategy. One of the biggest takeaways is that the real risk isn’t choosing the wrong AI tools - it’s avoiding the conversation altogether. Too many companies treat AI like just another software plug-in, and that’s why implementations stall. Erik explains why success starts with people, trust, and careful planning, and how shifting your mindset to see AI as a teammate can unlock far greater potential.

They also talk about how AI can take knowledge that usually lives with one owner and turn it into shared knowledge that strengthens the whole company. Relying too heavily on one person creates risk, but integrating AI can help reduce that dependency, and businesses that resist adoption may find themselves vulnerable when it comes to valuation.

As the conversation unfolds, Julie and Erik share their collaboration on a new AI-powered application for exit planning, designed to help advisors scale their work, support more owners, and drive better outcomes.This episode is a must-listen for advisors and business owners who want to stay ahead of the curve and position themselves for long-term success.

Curious where your business stands? Take the free Workforce & Technology Scorecardhere

Connect with Erik hereFind ProjectWe here

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In this episode of Poised for Exit, we sit down with Marianne Oehser, and Susan Latremoille, of Next Chapter Lifestyle Advisors, for a conversation about the often-overlooked emotional side of exiting a business.

With combined backgrounds in financial advising, corporate leadership, and retirement coaching, Marianne and Susan bring a unique perspective to what it really takes to prepare for life beyond the business. Their work focuses on guiding entrepreneurs through the transition, helping address the personal challenges that numbers alone can’t solve.

The discussion explores why 75% of owners regret their exit within the first year and introduces the acronym SIPS - Social connection, Identity, Purpose, and Structure - the four areas where business owners often experience loss after leaving their companies.And listeners will also hear about the “Happiness Portfolio,” a framework designed to help business owners build a purposeful and balanced life after the sale.

This discussion highlights what it means to move from success to significance and why a collaborative team approach makes all the difference in preparing for the next chapter. This episode offers valuable insight for both entrepreneurs planning their own exit and advisors supporting clients through transition.

To dive deeper into this topic, join Next Chapter Partners for their upcoming CEPA Masterclass: Introducing Personal Readiness: A CEPA’s Guide to Having the Conversation, taking place online on September 24, 2025, from 11 AM–12 PM CST. Register here

Contact Susan at Susan@NextChapterLifestyleAdvisors.comConnect with Susan hereContact Marianne at Marianne@NextChapterLifestyleAdvisors.comConnect with Marianne here

Find Next Chapter Lifestyle Advisors here

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In this episode of Poised for Exit, we sit down with Kathleen Wickstorm, CEO of Spec 7 Group, a construction company specializing in waterproofing and protecting commercial buildings. Kathy shares her unusual journey from a career in healthcare to running a successful construction business, and how she has grown Spec 7 Group into a trusted partner for contractors, property managers, and building owners.

Kathy discusses the company’s core services, including waterproofing, concrete raising, and green roofing, and highlights the importance of maintaining and preserving buildings for the long term. She also talks about her experience as a woman entrepreneur in a male-dominated industry, what it took to earn her woman-owned business certification, and how she has woven family succession planning into the future of the company.

Julie and Kathy also explore the challenges and opportunities of leading a family-run business, the role of strategic planning in sustainable growth, and why developing strong service relationships is key to stability during uncertain times. From major projects with universities and hospitals to everyday facility maintenance, Kathy offers insight into what it takes to build credibility, trust, and longevity in construction.

This episode is a great listen for entrepreneurs, family business owners, and anyone interested in how leadership, planning, and perseverance can transform both a business and an industry!

Contact Kathleen at kwickstrom@spec7group.comConnect with Kathleen hereFind Spec 7 Group here

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In this episode of Poised for Exit, we sit down withLiz Ennenga, CEO and Founder of Quad E Companies, Inc. to explore her inspiring transition from the corporate world to becoming a 100% shareholder of her own contracting firm.

Liz shares how she left a successful corporate career at Target to launch Quad E, an excavation company focused on small to medium-sized commercial and government projects, and what she’s learned building a nimble, union-based team in a male-dominated industry. She and Julie dive into the importance of mentorship, storytelling, and relationship-building when growing a business. Plus, they discuss the role that confidence and trust play in leadership and compensation (especially for women founders).

You’ll hear Liz’s philosophy on smart, efficient growth, how she identifies ideal general contractor partners, and why she’s embracing exit planning early after reading Julie’s book. From building scalable systems to attending Julie's upcoming workshop on the 24th, Liz is laying the groundwork now to ensure Quad E can continue to grow and succeed well into the future.

Contact Liz at Elizabeth.Ennenga@quadecompanies.com
Connect with Liz here Find Quad E Companies, Inc. here

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In this episode of Poised for Exit, we sit down with Erica Haataja, owner of Nordic Shine LLCto uncover how she and her husband built a refined construction-site cleaning business that thrives on purposeful systems and real connection.

Erica breaks down Nordic Shine’s standout services - whether it’s post-construction clean-ups for commercial sites or recurring maintenance plans. She highlights their edge: genuine communication, detail-oriented work, and a values-driven approach to hiring that ensures trust and performance.

As a female entrepreneur in a male-dominated field, Erica shares how involvement with the Association of Women Contractors helped her overcome imposter syndrome and affirm her worth - including learning to say “no” when a job doesn’t align with her standards.

Looking ahead, Erica outlines a strategic growth vision spanning the next three to five years: cultivating steady recurring contracts in multi-unit and commercial spaces, building a pipeline of high-caliber cleaners, and systemizing operations with checklists and streamlined workflows.

Her psychology background also plays a powerful role in her leadership. She uses emotional intelligence and humor to connect with crews, defuse tension on-site, and handle tough moments with poise and professionalism.

This episode gave you a true look behind the scenes of starting and scaling a business - proof that ambition, systems, and heart make all the difference.

Contact Erica at nordicshinellc@gmail.com

Connect with Erica here

Find Nordic Shine, LLC here

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In this episode of Poised for Exit, we sit down with Matt Silasiri, Vice President of Business Development atTrue North M&A, to talk all about the upcoming 3rd Annual M&A Summit, happening September 17th at the JW Marriott at Mall of America in Bloomington, MN.

This exclusive event is designed for business owners, advisors, and industry professionals who want to deepen their understanding of the mergers and acquisitions process - whether they're planning to sell, thinking about succession, or exploring growth through acquisition.

Matt and Julie walk through the full agenda, which includes expert panels, a live valuation case study, a buy-side and sell-side panel with real clients, and an economic update from the Minnesota Chamber of Commerce. One of the most anticipated parts of the event is the keynote presentation by David Horsager, CEO of the Trust Edge Leadership Institute. Horsager’s talk will dive into the critical role trust plays in M&A transactions and business leadership - and all attendees will receive a copy of his new book.

Beyond the programming, this event is also about building connections. With dedicated networking opportunities, reserved table options, and a who's who of Minnesota’s business community in attendance, it’s a day built for both education and strategic relationship-building.

Julie shares her experience attending the event in prior years and why she believes it’s a must-attend for business owners at any stage. Whether you’re just starting to think about an exit or actively preparing for one, this event is one that will help you **get clear on your next steps and the value of being proactive.

Contact Matt at msilasiri@sunbeltmidwest.com**

Connect with Matt here

Find True North M&A here

Learn more about the M&A Summit Event here

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In this episode of Poised for Exit, we sit down with Shalin Johnson, Vice President of Business Insurance at Marsh McLennan Agency, to talk about how risk management can increase company value and support smoother business transitions.

With 25 years of experience and a focus on manufacturing clients, Shalin shares why risk management is more than just insurance. He walks us through how strong risk platforms not only reduce liability but also improve employee morale, attract buyers, and prevent last-minute surprises during M&A deals. One example highlights how a single overlooked risk could derail a sale and how to avoid it.

We also discuss the evolving insurance needs of growing companies, especially as they adopt new technologies. Shaylin breaks down the importance of directors and officers insurance, cyber coverage, and staying proactive as risks shift.

If you’re thinking about scaling, selling, or just want more peace of mind, this episode is full of practical insight to help you strengthen your business foundation and protect your long-term goals.

Find Shalin here or email shalin.johnson@marshmma.com

Find Marsh McLennan Agency here

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In this episode of Poised for Exit, we sat down with John Schwalbach, partner and financial advisor at Freedom Financial Partners, to talk about how financial planning plays a critical role in the success of any business exit.

John brings a unique perspective as both a financial expert and entrepreneur. He shared stories from his work with business owners and broke down the biggest financial planning mistakes owners make when preparing for a sale. One client example showed how an $18 million offer quickly became $11 million after taxes, debt, and fees - an eye-opener for anyone counting on a business sale to fund their future.

We walked through John’s signature three-meeting process, which helps owners and their spouses align on personal goals, financial needs, and life after exit. He also introduced the concept of the “freedom score” the amount of money needed to live your ideal life - and how to calculate and close that gap.

From building a financial plan that includes the value of your business to understanding your post-exit lifestyle needs, this episode is filled with actionable insight for business owners at every stage. If you think it’s too early to start planning your exit, think again -this conversation shows why early planning is smart business.

Find John here Find Freedom Financial Partners here
Take the business owner readiness assessment here Use the free valuation tool here

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In this week’s episode of Poised for Exit, we sit down withJacob Petersen, a board-certified M&A intermediary who breaks down what really makes a business attractive to buyers.

Jacob shares his journey from accounting to business brokerage and explains how he helps privately held business owners understand and increase the value of their companies.

The conversation explores key valuation concepts like Seller’s Discretionary Earnings (SDE) and EBITDA, with Jacob explaining how each is used and what they reveal about a company’s true cash flow. He also clears up common misconceptions about intangible assets and why strong documentation is essential.

Jacob highlights the importance of clean financials, realistic forecasting, and reducing owner dependency. He shares real-life success stories, including one where a business with minimal hard assets sold for over 2.5 million thanks to strong systems and diverse customers.

If you are a business owner thinking about selling or just want to increase your company’s value, this episode offers practical advice and powerful takeaways to help you build a more sellable business.

Find Jacob here

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Some of the most successful businesses start with a simple idea and a whole lot of determination.

In this week’s episode of Poised For Exit, we sit down with Esme Miranda, founder of a fast-growing cleaning company, Squeaky Services. Esme shares how a small effort to support her family during the pandemic turned into a full-scale operation offering commercial cleaning, carpet care, painting, and more. The business has grown with a clear focus on service, loyalty, and smart strategy.

Esme explains how she went from cleaning homes herself to building and managing a team, with an emphasis on employee retention through perks and a referral incentive program. She also talks about the importance of hiring the right office manager with EOS experience to support the company’s next phase of growth.

Her story offers valuable insight into scaling a service-based business while staying true to core values, and why pushing past fear is often the first step to building something great.

The conversation also highlights the importance of surrounding yourself with a strong support system. Esme discusses how industry groups, networking opportunities, and mentorship have played a critical role in her journey, helping her stay focused, make smart decisions, and grow with confidence.

Her story is a reminder that while business growth takes strategy, lasting success is built through connection, community, and the courage to keep going.

Find Esme Miranda here

Learn more about Squeaky Services here

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As co-owner of Hi Tempo Sports and founder of the Foot Lab, Brad Nelson brings over four decades of entrepreneurial experience rooted in grit, persistence, and a deep commitment to customer well-being. From starting out in ski boot fitting to becoming a certified pedorthist, Brad has built a business legacy grounded in service and innovation.

In this episode, Brad sits down with Julie to share the full arc of his journey, from acquiring Hi Tempo in 1978 to growing it into a regional powerhouse and thoughtfully transitioning ownership to the next generation of leadership. With humor and humility, Brad reflects on the lessons he learned the hard way, the power of mentorship, and how his background in foot health became a life-changing service for thousands.

The conversation explores the emotional and strategic realities of succession planning, the challenges of educating young athletes on long-term injury prevention, and how the outdoor recreation industry has shifted in the wake of COVID. Brad also discusses why every owner needs to start planning their exit far earlier than they think.

Whether you're facing a transition or just getting started, this episode offers hard-earned wisdom and encouragement for business owners at every stage.

Learn more about Hi Tempo here: https://www.hitempo.com/Learn more about the Footlab here:https://www.hitempo.com/foot-lab/

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As Managing Broker at VR Business Brokers of the Twin Cities and a Certified Business Appraiser, Young Bebus brings a rare mix of financial expertise, strategic insight, and deep empathy to her work with founders. After immigrating from South Korea and reinventing her career more than once, she now helps business owners make confident, well-informed decisions during one of the most pivotal chapters of their lives.

Selling a business isn’t just a financial decision - it’s an emotional one. Many owners hesitate to engage an M&A advisor out of fear: fear of losing control, fear of hidden agendas, or fear of being misunderstood. In this episode, Young addresses those concerns head-on and explains how thoughtful, trust-based advisory can ease the emotional burden and maximize outcomes.

The conversation explores real-world examples, including a complex deal that nearly unraveled - and what saved it. Listeners will also learn the one action every business owner should take now to protect value and lay the groundwork for a future sale, even if that sale is still years away.

Don’t miss Young’s upcoming event: the Sell Well Summit on September 24, 2025, at the Graham Center of the Better Business Bureau. This all-day event is designed for business owners who want to build a transition plan, understand valuation, and position themselves for a profitable, tax-smart sale!To learn more or book a consultation, visit www.VRTwinCities.com, email youngb@vrtwincities.com, or connect with Young on LinkedIn: linkedin.com/in/vrtwincities

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Succession in a family business isn’t just about passing the torch. It’s about building the right foundation to support the next generation and protect the legacy for years to come. In this episode, Dr. Jeremy Lurey, Founder and CEO of Family Legacy 1st, returns to the show to share what actually works when it comes to family business transitions.

As the founder of Family Legacy 1st, Jeremy has spent over two decades helping multigenerational businesses put strong governance in place, develop leadership teams, and plan for succession. He and Julie discuss real-world cases, including international families preparing third-generation members to become thoughtful shareholders, and Midwest businesses navigating fairness between siblings and non-family executives.

Jeremy explains why professionalizing a family business can help protect both relationships and results. He shares how families are using charters, annual meetings, and defined leadership roles to create clarity. He also highlights the value of non-family leadership and how tools like insurance and non-equity compensation can bring stability during transition.

They also explore current trends in family business exits, from shifting valuations to ownership challenges. Jeremy stresses the emotional side of succession and the importance of patient, honest conversations throughout the process.

This is a valuable listen for anyone working in or with family-run businesses!

Find Jeremy here

Learn more about Family Legacy 1st here

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In this episode of Poised for Exit, we’re joined by Muthu Periakaruppan, CPA and President of MP Sales Tax, to dive into a topic that’s often overlooked but critical when preparing to sell a business: sales and use tax.

Muthu explains how many business owners, especially in industries like manufacturing, life sciences, and trucking, unknowingly overpay sales tax and may be eligible for sizable refunds. He walks us through how his firm helps recover those funds and ensures clients are in compliance before a sale. We cover key issues like multi-state nexus, exemption certificates, voluntary disclosures, and how these all impact the value of a business during an exit.

We also dive into the topic of AI, as Muthu shares how it is transforming invoice review, helping his team flag potential refund opportunities faster and focus on strategy instead of routine tasks. With a background as a former state auditor and years of experience advising privately held companies, he brings a sharp perspective on how to protect business value and avoid tax surprises during due diligence.
If you're interested in learning how to avoid costly tax mistakes, this conversation is a must-listen!

Connect with Muthu here or email: muthu@mpsalestax.com

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In this episode of Poised for Exit, we're joined byColin Hirdman, entrepreneur, strategist, and co-founder of Rainmaker, to explore the untapped potential of LinkedIn as a true growth engine for business.

Colin shares his entrepreneurial journey, from launching his first company just weeks after college to co-founding Monkey Island Ventures and helping business leaders build targeted lead-generation systems using LinkedIn.

We dive into how Colin and his team help founders, advisors, and sales professionals stop wasting time on surface-level posting and start using tools like Sales Navigator, live streams, and LinkedIn events to activate first-degree connections and drive meaningful results.

Colin breaks down practical strategies for identifying ideal client profiles, building authentic relationships at scale, and using LinkedIn in a way that feels human, not spammy.

Whether you’re a solopreneur, advisor, or sales leader, this episode offers immediately actionable insights for turning your LinkedIn network into real sales opportunities without relying on likes, comments, or canned messages.

If you’re looking to level up your LinkedIn strategy, this conversation is a must-listen.

Check out Colin’s resources here:Rainmaker Messages GPT

Rainmaker Poll GPT

Rainmaker Livestream GPT

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In this episode of Poised for Exit, we’re joined by Cindy Leines, founder of CEL Marketing, a firm dedicated to helping mission-driven organizations communicate with purpose and build lasting trust. With decades of experience in strategic communications, branding, and reputation management, Cindy brings a unique perspective to the exit planning conversation.

We dive into the role of transparency and trust in successful business transitions, especially in closely held and family-owned companies. Cindy shares lessons from her entrepreneurial journey, highlights the legal risks of overlooking website accessibility compliance, and explains why clear, honest communication -both internal and external - is essential when preparing a business for sale.

This episode is a thoughtful reminder that numbers alone don’t drive value. Reputation, clarity, and trust play a powerful role in shaping how a business is perceived—and how smooth a transition can really be. Whether you’re years away from an exit or facing one soon, Cindy’s insights will help you prepare with integrity.

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In this episode of Poised for Exit, we’re joined by Cindy Mclagan and Jonathon Lansink fromJohn A. Knutson & Co., PLLP. We sit down for an insightful conversation on estate and tax planning for business owners preparing to exit!

Jonathon and Cindy address why proactive estate and tax strategies are critical for protecting generational wealth and ensuring smooth business transitions. From the use of trusts and gifting strategies to navigating the complexities of estate tax law, this episode is packed with practical advice for owners, advisors, and financial professionals alike.

Our conversation covers how to properly fund trusts, the role of irrevocable trusts in real estate planning, and the value of building a collaborative team that includes CPAs, attorneys, and financial advisors. Additionally, Jonathon and Cindy also touch on the challenges of generational family businesses and best practices for onboarding estate planning clients.

If you’re advising clients or preparing your own business for a future transition, this episode delivers grounded, actionable insights to help you plan ahead with clarity and confidence.

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In this episode of Poised for Exit, we’re joined by Leah Berend, founder and managing partner of Marrin Investment Partners, a private equity firm focused on investing in and growing purpose-driven businesses. Leah shares her unique journey from a background in leadership and due diligence to founding her own firm, one that’s rooted in integrity, workforce culture, and long-term value creation.

We explore the common misconceptions around private equity and why many business owners overlook the importance of early, strategic exit planning. Leah discusses the critical role of due diligence, the psychology behind successful deals, and how her firm approaches investment with both structure and empathy.

Our conversation covers everything from Leah’s investment criteria and concerns about the future workforce, to her emphasis on governance, employee incentives, and culture-building as drivers of enterprise value.

If you’re a founder, advisor, or business owner, this episode offers grounded insights into how private equity, done with purpose, can be a powerful tool for transition and legacy!

Be sure to check out Leah's podcast:The Future of Private Equity

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In this episode of Poised for Exit, we’re joined by Heide Olson, founder and CEO of All in One Accounting, a firm specializing in fractional CFO, controller, and accounting services for businesses and nonprofits. Heide shares her entrepreneurial journey, the lessons she learned while growing her company, and the critical role that financial systems play in building a business that is truly exit-ready.

We explore how strong financial processes, smart technology use, and team development are essential for scaling a business and preparing it for a successful transition. Heide also opens up about the emotional side of preparing for an exit, comparing her business journey to raising a fifth child and emphasizing the need for strategic planning long before a sale or handoff is on the horizon.

Our conversation highlights why having the right advisors, operating systems, and financial discipline are key ingredients for any business owner thinking about their future transition. We also touch on the importance of nonprofit financial management, business continuity planning, and why adaptability and self-awareness are vital for long-term success.

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In this episode of Poised for Exit, we explore the often overlooked human side of exit planning, where leadership, culture, and legacy intersect. Our guest, Chuck Cooper, founder of Whitewater Consultingand author of The Family Business Blueprint, shares a wealth of experience helping family-owned businesses navigate the complexities of succession planning.

Chuck emphasizes the vital role that company culture plays in a successful exit and why business owners should start developing leadership and investing in their people years before a transition. He shares powerful real-world stories, including one about a client facing a terminal illness who made it his mission to finalize a succession plan that would protect his family, employees, and company.

This is a thoughtful and practical conversation about why exit planning isn’t just about numbers. It’s about people. If you care about preserving your legacy and preparing your business for a stable future, Chuck’s insights are not to be missed.

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In this episode of Poised for Exit, we sit down withJustin Goodbread, a lifelong entrepreneur who has built and sold multiple businesses and now coaches others to do the same. From launching his first company at 15 to achieving several seven-figure exits, Justin shares the biggest lessons he has learned about increasing company value, planning a smart exit, and building a business that supports your life instead of running it.

Justin opens up about a life-threatening experience during Covid that led him to completely reevaluate his priorities. That pivotal moment inspired him to sell his firm and shift his focus to family, purpose, and more meaningful work. He now helps business owners do the same through a group coaching platform designed to help service-based professionals double or triple their business value within 18 to 36 months.

We also dive into our collaboration on an AI-powered coaching platform and share how this new tool can help business owners grow with more structure, efficiency, and integrity.

If you are an advisor, founder, or just someone looking to align your business with your values, this conversation offers both inspiration and practical direction. Justin’s story is a powerful reminder that success means nothing if it comes at the cost of the life you want to live.

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In this episode of Poised for Exit, we’re joined by Michael Hubsmith of True North M&A and Mark Cheeley of Synergy Wealth Management, two seasoned professionals whose 15-year collaboration has helped countless business owners plan smarter, sell stronger, and retire confidently.

Michael and Mark share real-world insights on how aligning M&A expertise with long-term financial planning creates better outcomes for business owners preparing to exit. They emphasize the importance of early planning, building a trusted advisory team, and addressing value gaps well before going to market.

Our conversation also explores the current M&A landscape, highlighting what today’s buyers are looking for and how owners can position themselves for premium deals - even in uncertain economic conditions.

This is a thoughtful and practical conversation that highlights the real impact of trusted professional relationships, and what’s possible when planning and execution come together at the right time!

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In this episode of Poised for Exit, Tony Morse, CEO of Proliferate Performance & Profit, shares key insights for preparing your sales process for a successful exit.

Tony dives into the critical importance of building a scalable sales program that operates independently of the founder, making the business more transferable and attractive to potential buyers. He outlines three key elements that are often missing in businesses preparing for an exit: reliable forecasting, solid sales processes, and effective sales leadership.

Our conversation also touches on growth challenges, emphasizing the need to evaluate sales leaders and implement a professional sales system to address fluctuating growth and ensure sustainability. Tony offers insights into how to optimize sales processes and scale them for a smooth transition.

If you're aiming to maximize business value and prepare your sales program for a successful exit, this episode is full of practical, actionable advice that can make a significant impact!

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In this episode of Poised for Exit, Jon Marquet from Trust Point shares invaluable insights into the essential strategies for a successful business exit. As an expert in retirement planning and business transitions, Jon provides expert advice on what business owners need to consider as they approach one of the biggest decisions of their careers.

Jon discusses the importance of early and comprehensive financial planning to ensure a smooth exit, covering everything from trust & estate planning to reducing tax burdens and aligning personal financial goals with business goals. He emphasizes how business owners can benefit from understanding and implementing specific trust instruments, as well as preparing for life after the exit.

The conversation also touches on strategies for business owners to get their businesses and themselves ready for a sale or transition, ensuring they not only achieve financial success but also prepare for a fulfilling post-exit life.

If you’re a business owner planning to exit or simply want to ensure you’re on the right path, this episode is for you!

🔗Find Trust Point Inc. here: jmarquet@trustpointinc.com
📧 Find Jon Marquet here: www.trustpointinc.com

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With a unique background in leadership, organizational strategy, and academia, Moira Petit brings fresh insight into the evolving relationship between AI and human leadership. As the co-founder and partner of Activ8 LLC and ProjectWe, she has firsthand experience in leading organizations through change. In this episode, we dive into how technology is reshaping the workplace—while the core principles of leadership, company culture, and human connection remain as important as ever.

Moira shares practical ways AI can support decision-making, streamline operations, and enhance leadership, but also explains why emotional intelligence, adaptability, and genuine human connection are irreplaceable. She offers thoughtful strategies for integrating AI without losing the “human touch”, ensuring businesses stay both innovative and people-focused.

She also opens up about a deeply personal story—how watching her son navigate challenges has shaped her own leadership approach. His journey reinforced her belief in the power of resilience, mentorship, and continuous learning, qualities every leader needs in today’s rapidly changing world.

If you’re a business owner, executive, or entrepreneur looking to balance innovation with strong leadership, this episode is for you. Tune in and take away real-world insights you can apply right away!

🔗 Find ProjectWe Here: www.projectwe.com

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With extensive experience in entrepreneurship and business investment, Jeff Porubcan and Jeff Thurston bring valuable insights into navigating partnerships and scaling businesses successfully. In this episode, we explore the challenges and rewards of co-ownership, as well as the key factors that contribute to a thriving business partnership.

As partners in Master Supplements Inc., Jeff and Jeff discuss their journey in the health and wellness industry, sharing how they built and expanded their supplement business. They highlight the importance of aligning visions, defining roles, and maintaining clear communication between business partners. Their conversation offers real-world experiences of overcoming obstacles, managing growth, and structuring agreements that ensure long-term success.

Our discussion also touches on succession planning, preparing for leadership transitions, and how businesses can maintain momentum when key players step away. They emphasize the value of mentorship, adaptability, and leveraging complementary skill sets to maximize business potential.

This episode is filled with practical advice for entrepreneurs, business owners, and those navigating partnerships to create sustainable growth.Be sure to tune in, subscribe, and share with others navigating the **entrepreneurial journey!

Find Master Supplements Inc. HERE**

As well as their podcast HERE

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With a background in law and expertise in mediation, Amy Wirtz brings a deep understanding of the challenges family businesses face when transitioning leadership. Our conversation explores how businesses evolve from single-family ownership to multi-generational enterprises, requiring new skill sets, structured leadership, and strategic planning.

Amy outlines key factors for a successful transition, including strong family leadership structures, clearly defined roles, and proactive planning for the next generation. She explains how decision-making frameworks evolve over time, from informal discussions among family members to formal advisory boards and executive leadership teams.

Our discussion also covers accountability within family businesses, common challenges aging leaders face, and the importance of coaching future successors with structured planning tools. Amy shares real-world examples of businesses navigating these transitions and highlights strategies for ensuring financial security and long-term sustainability.

This episode is packed with actionable advice for business owners and advisors alike. Be sure to tune in, subscribe, and share with others looking to build a lasting family business legacy!

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The week on the Poised for Exit podcast, I take the mic for a solo episode to share exciting updates for 2025!

After nearly six years and approaching our 300th episode, I wanted to take this time to personally connect with you - our valued listeners - and give you an inside look at what's happening this year.

First, I extend my gratitude to our incredible sponsors, including True North M&A, Trust Point Inc., JAK + Co. CPAs, and theTwin Cities Metro Chapter of the Exit Planning Institute. Their support has been instrumental in making this show possible, and I highly encourage you to check out the valuable services they offer!

I also dive into the latest offerings from my exit planning programs. My Advisor Program for CEPAs is currently in session, helping professionals develop their exit planning practice, and will be back again in September for another session. Additionally, our Monthly Exit Planning Cohort kicks off again on April 11th - providing peer learning, case studies, and expert insights at a fraction of the cost of other peer groups.

Also, I'm excited to announce that the third edition of my book, Poised for Exit, is on its way and will be showcased at the EPI Summit in May, where I’ll also be speaking.

And perhaps the biggest announcement: We are launching an AI-powered exit planning application. This groundbreaking tool will provide real-time coaching, business development guidance, valuation insights, and collaborative features for advisors and business owners. We’re assembling a pilot group - so if you are interested, please reach out!

Tune in for more details, and be sure to subscribe so you don’t miss any upcoming updates. Thank you for your continued support - this show is here because of you!

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Keeping a family business thriving across generations isn’t easy, but Dr. Jeremy Lurey knows how to make it happen. As Founder and CEO of Family Legacy 1st, he’s spent over 20 years guiding family enterprises through leadership transitions, governance, and exit planning.

Jeremy shares why succession planning is about more than just handing over the reins - it’s about shifting from manager to mentor. He highlights the power of independent boards, strong leadership development, and alternative exit strategies like ESOPs and partial sales. Whether you’re passing the business to family or preparing to sell, Jeremy’s insights help owners make smart, strategic moves.

A major challenge in family businesses is balancing professional and personal relationships. Jeremy explains how fostering family harmony is key to long-term success. When leadership teams communicate effectively and define clear roles, businesses can grow while preserving their legacy.

We also discuss the importance of adaptability. As industries evolve, family businesses must embrace change while staying true to their core values. Jeremy shares how successful enterprises navigate these shifts and create sustainable strategies for future generations.

If you're a business owner thinking about transition - whether to family or new ownership - this episode is packed with actionable advice. Learn how to build a legacy that lasts and ensure a smooth succession.

Find Jeremy here! Learn more about Family Legacy 1st here!

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In this week’s episode, we sit down with Tina Corner Stolz, founder of LXCouncil and author of Your Seat at the Table, for an insightful conversation about the power of peer advisory groups in exit planning. Selling a business is one of the biggest financial and personal transitions an owner will ever face, and having a strong peer network can make all the difference.

Tina shares her journey from corporate leadership to building one of the largest peer group facilitation firms. She offers valuable insights on how business owners can use peer groups to gain clarity, drive enterprise value, and make informed decisions. She explains how surrounding yourself with like-minded leaders creates a space for problem-solving, accountability, and strategic thinking, helping owners avoid common pitfalls and stay focused on long-term success.

We also explore how peer groups can help business owners engage the right advisors, structure their transition plans effectively, and prepare financially and emotionally for what comes next. Tina highlights the importance of fit when choosing a peer group and how a well-matched group can provide not only expert guidance but also the motivation to take action. She also shares real-life success stories of business owners who have navigated their exits with the support of peer networks.

Whether you are years away from selling or actively planning your next steps, this discussion provides actionable insights to help you **transition on your terms and maximize the value of your exit!

Find Tina Here! Learn more about LXCouncil here!**

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Our guest for this episode isCindy Jennings, Founder of Interwovenly, a firm specializing in turning owners’ aspirations into post-exit action plans! Cindy has been leading owners and executives in creating their ideal personal plan for many years. She's seen many owners regret their decision to sell, and for reasons that have nothing to do with how much they sold their business for. Usually, it's an intangible obstacle, like "What will I do with my life after business?" that trips them up.

One insight that jumped out from our conversation was that the values of an individual tend to change as he or she ages. What a person values when they're young vs raising children will differ. Likewise, when a person reaches their golden years, their values are going to be different. So, it's important for business owners who are planning a future exit to discern what their true values are, so that when they move on to their next chapter, their life will be more fulfilling, as they focus on activities, projects, work, and play which are tied to what they value.

What's really important to you? What did you value as a child? What did you value as a business owner? What will you value as you exit your business? Thought-provoking questions that Cindy utilizes in her program called "LifeWise" help owners achieve their best outcome; not just for their sale but for the rest of their lives!

Find Cindy here! Learn more about Interwovenly here!

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Our special guest today is none other than Todd Krough, incoming President of the Twin Cities Metro Area EPI Chapter. Todd is also a financial advisor and wealth planner with MN Bank & Trust and is a CEPA as well. Todd has been an active member of the Chapter, almost since its inception in 2016. Our discussion today revolved around how the Chapter has been integral in helping professional advisors become more equipped to assist their clients with successful exits.

When the credential "Certified Exit Planner" first came to be, advisors and owners alike were not familiar at all, and the process was foreign. Fast forward 15 years, and now exit planning is a 'thing'; recognized as an industry across disciplines and talked about in business owner circles nationwide.

What do CEPAs actually do for business owners that other advisors can't do? First, understanding the process of exit planning, who's involved and why it's important is essential to figuring out how to get it done. CEPAs are well versed in the why, who, what, and how of exit planning. It reduces stress on the part of the owner, knowing they've got an expert on their side who has their back, and can coordinate the process with and between the other advisors on the team, so the owner can be about the business of running their business!

The Chapter has been such an essential tool for so many advisors in building their practices over the years. Ask any advisor or CEPA who's had a long-term membership in a Chapter and they will attest to that fact.

Listen to the episode to learn more!

Find Todd here!

📌 Find the Exit Planning Institute Twin Cities Metro Area Chapter here!

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In this episode of Poised for Exit, we’re joined by Ruba Khairi and Ahmed Mousa, a dynamic husband-and-wife team of business brokers at Sunbelt Business Advisors. Their journey into business brokerage is anything but ordinary. In 2018, they were prospective buyers themselves, exploring business ownership before being drawn to the world of business brokerage.

When COVID-19 disrupted their plans, they took a leap of faith and attended an open house for prospective business brokers. Although hesitant at first, they quickly realized their passion for helping business owners navigate the transition process. Five years later, Ruba and Ahmed have become top-performing brokers, winning multiple awards and earning spots in Sunbelt’s prestigious President’s Circle.

In this conversation, they share their philosophy of success, which is all about helping people first and foremost, and the importance of guiding business owners through one of the most significant financial transitions of their lives. We also dive into why experienced brokers are in such high demand, especially as millions of baby boomers prepare to retire and transition out of their businesses.

You’ll hear an inspiring client success story that shows just how impactful this work can be. If you're interested in business transitions, exit planning, or the role of brokers in ensuring a smooth exit, this episode is full of valuable insights.

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Our featured guest in this episode is Leslie Lauer, Managing Director and Senior Portfolio Manager at RBC Wealth Management. Leslie specializes in ESOPs, and shared some highlights of her years of experience as a trusted advisor.

Leslie's background in banking and accounting was the foundation for her career path to advising on deal structure for ESOPs. She's also a former entrepreneur herself (a company owned by an ESOP) which takes her advice from a theoretical perspective to a practical one. Her Board positions with ESOP organizations like the National Center for Employee Ownership give her an edge that's rare in a space that can be misunderstood and therefore underutilized as an exit option.

We unpacked some of the nuances of ESOPs and realized we'd need a Part 2, so look out for that soon. While she was on the show, Leslie took the time to explain what an ESOP actually is for our listeners who may not be as familiar:

1. A Transition Tool
2. A Retirement Plan
3. A Tool for Deferred Growth.

In addition, we talked about how ESOP is a Defined Contribution Plan, similar to a 401K Plan. ESOPs are governed by ARISA and follow compliance regulations set forth by the Department of Labor and the IRS. That may sound complicated, but if you have someone like Leslie to help facilitate and bring the team together, it can be a fantastic way for all stakeholders to win.

You can contact Leslie here to get your questions answered, whether you are an advisor or business owner.

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Our guest for this show is Rick Brimacomb, CEO and Founder of Brimacomb Capital and Club Entrepreneur. Rick has been involved in deal-making and Venture Capital investments for many years, and he shared how he has become so successful.

Rick's approach is as a side-by-side confidante and close colleague to the owners of the companies he invests in. He sees it as a relationship over a transaction, since most last such a long time. His goal is to help grow the business and help the owners achieve a higher level of return while generating a decent return for his work at the same time.

His background in investment banking, financial analysis, and business in general has set him up to examine opportunities that come his way from several angles. He has proven his worth in numerous situations for a variety of companies over the years. Rick says that because he's vetted over 10,000 businesses in his lifetime, he's become pretty good at knowing what will succeed and what won't. Who will and who won't. His mantra is Recurring Revenue.

Listen to the wisdom and advice from Rick here!

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JTeleconnections, or "JTel" has been in business for nearly 30 years. We had the pleasure of hosting two of the partners in the company, who happen to be family members.

Mother and daughter team, Jody and Paige Weinbergjoined us for this episode of Poised for Exit. We talked about how they are working toward Paige taking over the business in the future, and how Jody is delegating some of her work to her daughter, who's been with the business for 9 years. Paige acknowledged she has a lot to learn, but Jody says that Paige has come a long way since she first started.

Jody also acknowledged that she is having a hard time letting go, and likely will 'work' for many years to come, even if she's not leading the charge. Her plans are not uncommon among other owners and founders, regardless of company size. As entrepreneurs, we tend to feed on the energy that growing and running a business provides.

They shared how much they both love the work they do, and it's evident by how loyal their clients are and by how much their work of setting up meetings for professional leaders impacts their client's companies. To be clear, JTel is not a telemarketing firm, butacts as a right-hand person for C-Level leaders who need help setting up prospect meetings. JTel has become an expert at setting up "meetings you want".

Find Paige and Jody here www.meetingsyouwant.com and learn about the special offer for our listeners only!

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From The Vault:

Private Investigators and Dealmakers are Teaming up More Often than Ever!

We covered an unusual topic in this episode, that we learned wasn't so unusual afterall. Private investigations within the M&A space. As buyers and sellers become more leary of the trustworthiness between them during dealmaking, the advisory team is completing the circle of trust by having what they disclose verified. Our guest today is Tom Jaeb, Founder and Managing Director of JR Risk Advisors. Tom's background in private investigations goes back to working with his brother's PI firm in 1993. When that firm sold, he and his brother took a year off to honor the Non Compete and then launched J2 Risk Advisors. This time around, their sole focus is on M&A transactions, being hired by PE firms, Investment Bankers, and others in the Dealmaking space. They verify all kinds of information that has been disclosed, and watch for red flags in areas that could be missed by the untrained eye.

You'd think that a credit report, courthouse search, and online search would bring up enough to make a case for or against a deal going through, but J2 digs deeper. They conduct research that examines the Press, Social Media, College Degrees, and other background sources as well.

Tom says that most deals are free of 'red flag' items that would derail a transaction. However, he said that each search uncovers things that weren't necessarily discussed or disclosed, simply because the buyer or seller didn't think it was relevant. Say for instance a lawsuit settlement that the company was a party to 10 years ago. The key to deciding whether research and analysis are necessary is to determine if there are patterns of behavior or isolated incidents. When it's a pattern, it's a red flag, but if it's something that happened once many years ago, they're not going to be as concerned.

Tom shared some intriguing client stories that you will find surprising! He said that Private Investigations during the dealmaking stages are more common than you think. The point about trustworthiness can be carried over from little things to big things; it's then up to the buyer or seller to decide whether to move forward.

Listen to the episode here!

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From The Vault:
Why Acquisition Entrepreneurs Should Know Pari Passu (who?)We had John Thwing, "The SBA Guy" in the studio today to talk about SBA financing for acquisitions of small businesses. When it comes to entrepreneurship, John says "don't start one, buy one!" When the deal makes sense from all the fundamental angles, John says it's always better to buy a business that has cash flow on day one. Not that start ups are bad, in fact they're necessary in many situations, but most entrepreneurial endeavors include financially supporting the owner in some way. SBA financing can be a great catalyst for achieving a business acquisition, whether it's your first or 15th company.

The SBA lending threshold is $5MM, but there's an option that many buyers are not aware of that allows you to finance more than $5MM with the same terms as the SBA loan and in the same lien position. It's called "Pari Passu", and it basically allows for two loans on the same business with SBA terms in an equal priority position. With the right mix of cash flow, buyer expertise and down payment (still a minimum of 10%) this can expand buying options beyond a mainstreet size company. As long as the business can support the debt service on the loans, this type of financing can be a gamechanger for the opportunistic entrepreneur.

Live Oak Bank is the largest SBA Lender in the United States. The point of entry for any bank is to become an "SBA Preferred Lender", but John says that working with a lending specialist is key. Most bankers, he says, are not deal professionals because they perform other services for the bank, like opening accounts and other customer related services. When you need creative deal structure, especially when SBA financing is your path, you need someone who does it everyday.

You can connect with John here and Julie here

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In this episode of Poised for Exit, we had the honor of interviewing Mike Moroz, President and CEO of Walters Recycling and Refuse. A man with years of C level leadership experience in a variety of industries, who has really made his mark using his ability to scale companies, whether public or private!

Mike says that working for family business as a non-family member can be challenging at times, but for the most part has been a very rewarding experience that he still enjoys immensely. He credits much of how well they're doing as an organization to the University of St Thomas Family Business Center and its long time Executive Director, Jon Keimig.

The Walters family is moving into their second generation of leadership. At one point all four children of the two founders worked in the business, but three have since moved on to launch and grow their own enterprises. The oldest child remains as the COO of the company and according to his 'boss', is doing a fantastic job in his role. At some point, he could be groomed to succeed Mike, or the family will opt to seek outside leadership again. Time will tell, but Mike is still in growth mode and doesn't plan to go anywhere.

There were many tips and stories that Mike shared; you'll want to hear them.
Listen to the episode here.

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Our show today featured Randy Van Rooyen and Jon Marquet, both with Trust Point, but in different roles. Randy is a financial advisor and in charge of strategic relationships for the firm, and Jon, a JD, is in charge of business development for its three locations in LaCrosse and Eau Claire Wisconsin, and Minneapolis Minnesota. The firm practices internal collaboration amongst its many areas of expertise, which is rather impressive for an industry that tends to operate in silos.

Trust Point offers services in several practice areas, namely Trustee services, 401K products, Wealth Management, and Family Office services. Their innovative and client-centric approach was the impetus behind Randy and Jon both acquiring their CEPA credential recently, so now Trust Point is officially offering exit planning services for its business owner clients; a natural add-on.

Trust Point is over 100 years old and is independently owned. Many of its employees have worked for the firm for a long time, which says a lot about the great place that it is to work. Many of their clients are owners of private businesses, and we discussed a story of one such client that could have had a disastrous ending were it not for the knowledgeable and collaborative team that came to their rescue.

Find out what happened by listening to the episode here.

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We had the pleasure of welcoming Barb Lau to the show in this episode. Barb is the Executive Director of the Association of Women Contractors. Barb has been the ED for AWC since 2008 and lots has changed since then.

AWC was founded by 10 trailblazing women in the construction industry back in 1995; that's right, AWC turns 30 years old in 2025! Because it's been such a vital organization for a niche group of entrepreneurs, it's lasted the test of time and has been a staunch advocate for women in construction since the beginning.

Barb talked about being invited to Washington (more than once) to give her input in front of congressional leaders who were seeking to learn more about the needs of women business owners and the particular hurdles they face. Things are better than they used to be, she said, but we still have work to do.

We talked about the uncommon amount of support that AWC gives its members. The benefits of joining are evident in the testimonies of those who recently attended a networking Social; stories of how AWC had impacted their business were plentiful.

Learning that AWC is an anomaly in the US was quite surprising! Barb said the only other similar group representing women and minorities in construction was established in Houston, so for those in other markets, Barb grants her permission to use her ideas!

Listen to the interview here.

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Christopher Burns, Estate attorney and partner with Henson Efron returned to the show in this episode to talk about a couple of current matters pertaining to business owners.

First, the Tax Cuts and Jobs Act (TCJA) will sunset on Dec 31, 2025. Since we're post election, the concern over the sunsetting of this law will likely be eliminated, since President Elect Trump is expected to extend it. That said, it's still important to pay attention to the thresholds in place for taxing your estate. There are state and federal rates that apply, even when your estate is smaller. Awareness and preparation are essential.

The current federal exemption per person is nearly $14MM. Had Harris/Walz been elected, that amount was proposed to drop to $3.5MM, with a rate of 65% vs 40%, wiping out a great deal of estate proceeds for heirs across the country.

Christopher said it's important that owners know what they own, the value of it (including their business) and use their planning to communicate their wishes and get their entire financial and legal house in order.

Having an advisor like Christopher on your team would certainly help you sleep better at night. Christopher is a promoter of professional collaboration among his clients' other advisors and works to bring them together to foster a team approach, so the owner can have the best, most comprehensive advice.

You can learn more about what you need to know and do by accessing a variety of tools on the Henson Efron website: https://hensonefron.com/search-articles-and-insights/

Learn more about Christopher here: https://hensonefron.com/attorneys/christopher-j-burns/

Listen to the episode here.

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Our guest today is a man who epitomizes entrepreneurship; Dan Bowling, President of The Genesis Company. The Genesis Company provides end-to-end solutions for entrepreneurs by bringing their brands and ideas to retail. The framework they use is one Dan adopted from Marc Lore, a markedly famous serial entrepreneur he's followed for many years. Using the acronym VCP, which stands for Vision, Capital and People, Dan has utilized this model for every company he's launched and grown.

Hearing Dan's story, it seems he was a 'born leader', even on the playground! The other kids would look to Dan for direction on how they'd be spending that day's recess, and Dan never disappointed. Fast forward to today, and you'll find Dan still in a leadership role that focuses on collaboration, both internally and externally. He considers himself a member of the team, more than the boss, and the longevity of his loyal employees proves their job satisfaction and how strong the company culture is.

Dan is a person who likes to help others. Whenever he learns of another entrepreneur feeling stuck on how to move forward, Dan's advice is always to go to your network. He believes that people by nature want to help others, yet we don't ask for help like we could from the people we know, like and trust: our network.

The Genesis Company puts great value in giving back to the community. Its employees determine which charities the company will donate to or sponsor and they're usually tied to organizations that cater to the welfare of children.

Listen to Dan share his insights and his story here.

Find Dan here

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Our guest in this episode is Mark Cheeley, Financial Advisor and President of Synergy Wealth Management. Mark and his Ameriprise team work with a lot of business owners, many of whom are in the throes (or should be) of exit planning.

Most financial advisors work with individuals, so their knowledge of the exit process is limited or non-existent, and that's OK. Most clients fall under the individual category. But for owners of companies, it's important you work with an advisor who knows the process and can help you assemble a strong team of advisors, so you can achieve your best outcome. Mark says it all starts with a plan!

Mark and his team implement a comprehensive process, incorporating many types of tax saving and estate planning strategies alongside their financial planning and wealth management work. They also help owners with key person retention strategies and investment strategies that help keep the drawdown at a minimum. Mark's style is very collaborative and client centric; no wonder he’s a top advisor for Ameriprise!

You'll want to learn more about him and his expert advice. Listen to the episode here.

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In this episode, Julie shared the content of her popular virtual programs for advisors.

But why? As Julie says “when you lack a process for this work, you will lose opportunities to generate additional revenue. Not only that, but your client also misses out.”

She says "Your clients need you to know how to navigate the exit planning process and for you to direct them along the way. If you plan to execute any part of the exit planning process, this course will help you understand practical applications and HOW to get it off the ground!"

She said so many advisors have come to her over the years seeking help with how to develop a successful exit planning practice. Julie has generously helped hundreds of advisors over the past 8 years and these courses are designed to gain a very quick rate of return. If you implement what she teaches, you will be successful in the exit planning space.

The next "Advisor Program for CEPAs" starts January 10! Register Here
The next "CEPA Cohort" starts January 9! Register Here

Julie will be hosting two information sessions on these programs.
November 7th Webinar RegistrationDecember 3rd Webinar Registration

Don't let your CEPA credential sit on ICE for another year! Take advantage of these programs and shorten your learning curve to a successful exit planning practice!

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Our guests for this episode are David Matenaer and Erik Gabrielson, two of the Co-founders of ProjectWE, a firm that creates customized AI platforms for SMB's.

David and Erik have been collaborating on projects for many years, and when they came together to form a partnership around some online education they were developing, they realized it needed to be AI generated. So, they put their launch on hold and went back to the drawing board to utilize Artificial Intelligence in the work they both did (and do) for businesses. Fast forward to now, they are developing customized AI applications for several of their clients, generating a huge impact to their client's work flows, onboarding, sales processes, training, leadership and ongoing employee coaching. In other words, a game changer in efficiency and expense reduction!

The simplest way to explain its impact is that it helps solve things at a speed faster than any human could, but needs the context from which to do so. The output will only be as good as the input. If you are clear about the details of where you are now with a certain situation or objective, and just as clear about the ideal outcome, the AI can solve for the middle, so your team can help you get there with a plan, coaching and accountabilities, all generated by your AI database.

Erik says AI will not supplant humans, but give them the ability to do more higher level things that impact growth for the business. Every outcome that the AI derives for the user still needs to be tweaked and approved by the user, but the AI can get you to 80-90% completion! Talk about a time saver.

There's so much more for all of us to know about the ways AI can be applied, but what's essential is that all of us must learn it and utilize it. This technology won't wait around for laggards.

Listen to the episode here

Find David and Erik here

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Our guest in this Poised for Exit episode is Ryan Haag, who has been a financial advisor for over 20 years. Ryan has spent his career working with family businesses and a variety of entrepreneurs, learning a great deal about the pitfalls they face as they navigate their lives from start up to retirement. So many of the experiences he's faced with clients mirror those of others. Business owners seem to havea lot of the same problems, the most common of which is answering the question: "how do I spend my time once my business is sold?"

Ryan observed that we're in a time that's unmatched in history, where people have never had more money, but also have never had more stress. "The Prosperity Paradox" they call it. Couple that with statistics on how often a business owner regrets their decision to sell, and you've got a lot of unhappiness on both ends of the spectrum!

Owner's need to determine what their ideal vision is for their life in every stage. Where do they see themselves living, traveling, working and feeling fulfilled? Each stage makes up about a third of one's life, so it's pretty important to grapple with each one in advance! When it comes to retirement (the last third!), Ryan said there are three phases within that period itself: "Go-Go, Slow-Go, and No-Go". You can imagine what each entails.

The world we live in has us drowning in information and starving for wisdom, he said. Not sure there's been a statement more true of our times! Ryan says that the ultimate goal he tries to help his clients achieve is what he calls "funded contentment". Knowing what you want to do with your life after business, and having enough resources to do it.

What does that look like for you? Listen to the episode here!

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We featured two special guests in this episode: Don Raleigh, RevOps Manager at Evolve Systems, and Chris Steffl, partner with CyberFin. The collaborative work they're doing in the ADA and Cyber Compliance space was our topic of discussion.

ADA Compliance, as we know, is the lawful way to accommodate people with disabilities who wish to peruse your website and possibly do business with you. However, noncompliant sites are a hot button for lawsuits. Companies whose websites are noncompliant are being discovered by 'bots crawling the web and being turned over to lawyers who've made it their mission to come after them.

Evolve Systems remedies this issue quite simply by knowing and implementing the changes to your website which would deem it compliant and usable by those with disabilities. Now, you ask, how does Cyber Security play into this? Compliance is about meeting required standards, but does nothing to protect the system.

The dual roles of Compliance and Cyber Security work like this. Compliance sets standards for data protection, often mandating practices such as data encryption, access control, and regular audits. Cybersecurity implements these standards while adding layers of protection through continuous monitoring, threat detection, and rapid response to incidents, thus safeguarding data beyond compliance requirements. We discussed examples of this in the episode that illustrate the importance of our topic; in other words “what not to do” and why.

Protecting your business online and your internal systems is more important than ever! Listen to the episode for actionable advice

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We had the honor of hostingJohn Francis on the show today, who is a long time entrepreneur, advisor and Board member. John grew up with a family business that started a franchise operation in the salon business and then launched another brand in the same industry. They grew it so well that it eventually went public. John attributes that outcome due to the expertise and dedication of their company's Board of Directors. The sale of the business occurred with multiple offers and wound up selling for 18X EBITDA! Again, he said the Board made all the difference.

John now advises owners of lower middle market companies on growth strategy through his membership on Boards as well as helping owners assemble their own Boards. He says that if a company isn't ready for a Board, or it's too small to justify the expense, then an Advisory Board is the next best thing. Starting with Advisory Boards is sometimes the best way to get acclimated to outside advice, he says. And, having one requires only upside. There's really no risk or downside to having an Advisory Board, because if it's not working out. the owner can disband it.

John shares some interesting real life stories on the show and more valuable advice for our listeners. Find the interview here.

Contact John for a free consultation

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No Plan B: The All-in Approach of a Boat Burner

It's not often that we feature our clients as guests on the show, but every now and then we have to ask! boatBurner has such a compelling story, we hoped they'd say yes, and they did. They're a creative services agency, who focuses on CPG (Consumer Packaged Goods) from an all-in perspective. No plan B for them, or their client work. They found the story of Alexander the Great, who ordered his crew to burn the boats when they arrived at a destination to be one that illustrated their beliefs. Thus, they named their firm boatBurner.

boatBurner was established 9 years ago by Teddy and his partners, Doug Mickschl and Brandon Van Liere. The three men were coworkers at a large advertising agency, when one day they decided it was time to take their talent and build something for themselves. Their clients are very glad they did!

One of their many capabilities is with Retail Media. Teddy explains that when a company needs their product to become more recognized, using this strategy drives measurable results that can be tracked for ROI, creating a major win-win approach for the retailer and the seller of the new product. For instance, if you develop a new coffee maker with a name that needs to expand its reach, you'd advertise it on a retailer's website. When a consumer clicks and buys the product, the retailer makes a sale and so does the product seller. You've likely seen this played out many times when online!

Teddy says their approach is all about connecting with the client's primary buyer in a multiple of ways, along with aligning their strategy with the client's growth goals for the product and for their business overall. This holistic approach to creative services is not common, but it's paid off for boatBurner's clients in a big way.

One such client was Boom Chick-a-Pop! Listen to that story and their exit here......

The EPI Twin Cities Chapter 2024 Owners Forum is TODAY, October 3rd! There is still time to register and attend! Click here for the details.

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What does it take to be a female CEO of a Regional Bank? Tenacity!Our guest in today's episode is Angie O'Neill, President and CEO of MN Bank & Trust. Angie shares some very interesting stories and perspectives that were inspiring and motivating as well. How many female CEOs of a bank do you know? We didn't personally know any until today's show!

Angie's primary focus is on the people; customers first. When it's about giving great service, she's always focused on the customer, which is how she became so respected throughout her journey to the top position! She's a people person, loves to collaborate, and the team approach is the way to solve for just about anything. Her open door policy has her employees feeling at ease and her clients still call her (even though she's not handling their banking needs herself anymore). A shining example of a client centric leader.

She always worked very hard, advocating for her clients beyond expectations and putting in the extra effort to keep them engaged and happy. She treats her staff the same way.

There are lots of big things happening at MN Bank & Trust, like a merger with UMB! . Angie says bringing the two banks together will make for a commercial banking powerhouse, and grow the services that business owners need and want beyond the impressive menu they already have, not to mention the two cultures are a great fit!

When I asked her how she was able to become so successful in banking, she said the primary trait was tenacity. We could all use a little more of that in our world, couldn't we?

You will love listening to her interview! Find it here!

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Avoid M&A Pitfalls with Trust as a Guiding PrincipleWe had Matt Hartranft in the studio today! Matt is a partner and M&A attorney with Brutlag, Trucke and Dougherty. We spent a great deal of time discussing how established trust is essential in shortening the duration of the deal to closing, and in deal negotiations in general.

Matt says that in the dealmaking world, trust is his guiding principle and is more than just a values based philosophy. We talked about how his stories tied in so well with our previous guests, Brian Slipka and David Horsager, who both focused on trustas their content topic, because it's impacting so many facets of the business world, especially the transaction space.

Matt shared a story about a buyer of a client selling his business,who was a much larger organization and initially required revenue and profit guarantees from the sellers for the first year or two, until they got to know the employees and leadership, and then realized that they didn't need to question the integrity of what they initially thought was a risky unknown. This turn came about due to the honesty and behavior of the team they were acquiring; knowing they could trust in what they said made all the difference.

Matt also said that the community of common players in the M&A space, especially in the Midwest are many times known, which can help reduce the amount of time a deal takes to complete, thereby reducing the billing invoices, etc. As we've said before on Poised for Exit, "trust is measurable".

Listen to Matt's advice and stories here!

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Private Investigators and Dealmakers are Teaming up More Often than Ever!

We covered an unusual topic in this episode, that we learned wasn't so unusual afterall. Private investigations within the M&A space. As buyers and sellers become more leary of the trustworthiness between them during dealmaking, the advisory team is completing the circle of trust by having what they disclose verified. Our guest today is Tom Jaeb, Founder and Managing Director of JR Risk Advisors. Tom's background in private investigations goes back to working with his brother's PI firm in 1993. When that firm sold, he and his brother took a year off to honor the Non Compete and then launched J2 Risk Advisors. This time around, their sole focus is on M&A transactions, being hired by PE firms, Investment Bankers, and others in the Dealmaking space. They verify all kinds of information that has been disclosed, and watch for red flags in areas that could be missed by the untrained eye.

You'd think that a credit report, courthouse search, and online search would bring up enough to make a case for or against a deal going through, but J2 digs deeper. They conduct research that examines the Press, Social Media, College Degrees, and other background sources as well.

Tom says that most deals are free of 'red flag' items that would derail a transaction. However, he said that each search uncovers things that weren't necessarily discussed or disclosed, simply because the buyer or seller didn't think it was relevant. Say for instance a lawsuit settlement that the company was a party to 10 years ago. The key to deciding whether research and analysis are necessary is to determine if there are patterns of behavior or isolated incidents. When it's a pattern, it's a red flag, but if it's something that happened once many years ago, they're not going to be as concerned.

Tom shared some intriguing client stories that you will find surprising! He said that Private Investigations during the dealmaking stages are more common than you think. The point about trustworthiness can be carried over from little things to big things; it's then up to the buyer or seller to decide whether to move forward.

Listen to the episode here!

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Trust Matters Now more than Ever: Learn from the Experts

We had the privilege of interviewing Brian Slipka and David Horsager together in the studio today to talk about the books they’ve both recently written! The conversation eventually lead to the concept of trust and how it can be so quickly depleted in today’s society.

David is an author, speaker and researcher on the topic of trust and has not only written several books on the subject, but has also established an Institution of consultants who teach leaders how to establish and measure it. His numerous research projects about trust have generated numerous annual reports summarizing aspects of trust, its presence or absence with research that spans industries, generations and countries.

Brian’s book, “Win Some: 5 Proven Life Strategies to Win in Relationships” was published by David’s company “Broadstreet Publishing” and released earlier this year, is a book written in the form of a fable with a baseball theme. The story teaches lessons on trust, humility and self-awareness that eventually help the main character, Sam earn the trust and build relationships with those on his team and in his life. When I asked Brian what he learned about himself in writing the book, he said he learned that he can be a protagonist as much as Sam, his main character, which helped him to check himself more often in that category! We all admitted that our greatest strengths are usually our weaknesses too.

David’s 4th book called “Trust Matters More than Ever: 40 Proven Tools to Lead Better, Grow Faster & Build Trust Now!” is slated to be released in November and has already sold over 10,000 copies! David speaks 100 times per year to private organizations, public companies and trade associations across the globe about how the presence of trust impacts successful companies, teams and relationships, and how to establish it as a metric for ongoing growth and fulfillment. Trust definitely leads to improved relationships and growth, but when trust is absent, many times other factors are deemed at fault, like ‘communication’. David maintains that it all boils down to a lack of trust, regardless of what else may be blamed.

Brian and David’s relationship started through connections with several mutual friends and the collaboration grew from there. We agreed that bringing them back in a year to get an update on all they have going together (and separately) would be in order!

Listen to the amazing interview here!

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Sold over 330 Businesses and He's just getting Started!

On the #Poised for Exit podcast this week we had the honor of hosting Manoj Moorjani today, who's a Dealmaker at Calhoun Companies. Manoj has sold over 330 companies since starting his career as a business broker. He's about as well known as they come in the Midwest, and for good reason. He's got a network of former clients and professional advisors that's larger than most corporate directories.

Manoj has a memorable style and philosophy uncommon among his peers. He likes to take more of a hands off approach than hands on with his clients. He feels he doesn't need to babysit them; they can make their own choices. He definitely coaches them up, educates them on the process and works hard to get them the best possible deal structure, not just the best price.

His extensive network includes numerous community and regional lenders who compete for opportunities to write loans for his clients, because they know his deals are as good as closed. Manoj does not believe in having a business for sale that's not ready or that's priced too high. He'd rather have the owner prepare themselves and the business with an Exit Planner like Julie Keyes before coming to him to sell. The odds of a lucrative, successful sale are multi-fold at that point.

Manoj started as an assistant with Calhoun Companies 23 years ago and hasn't looked back. He's been the number one broker at Calhoun for 8 of the last 10 years, and he's not done yet! He loves his work, loves making a positive impact in his client's lives and loves making people's dreams come true. He shared some very compelling stories in the interview, and that was just a sample of what he's done and knows!

Listen to the episode

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Overview of the 7th Annual Owner's Forum: "Go or Grow!"

We had the pleasure of hosting Todd Krough in the studio today. Todd is a wealth manager for MN Bank and Trust, and is also the incoming President for the Twin Cities Metro Area Chapter of the Exit Planning Institute. We discussed highlights of previous Owner's Forum events and what to expect from our upcoming event on October 3, 2024 at Midland Hills Country Club, 2-6 pm.

We recalled our first Owner's Forum in 2016, which was held at the University of Minnesota's McNamara Center. We had 150 attendees and collaborated with several firms who led various breakout sessions. For our first annual event, it was very well attended and received, so we decided to host another (and several more since)!

It's been a popular event for business owners and advisors alike, and Todd believes it's because we deliver relevant, timely content in a non-threatening, "No-Sell Zone" for business owners. We're all there to learn first and network second. (The food and drinks are pretty good too, though!)

We recalled a couple of memorable stories shared by panelists from previous Owners Forums. Their not-so-good exit outcomes and what life was like after the sale are etched in my mind. As they say, you could've heard a pin drop. This is the kind of learning we offer at every Owner's Forum event, with a chance to ask questions and get answers from the experts.

We're bringing back Sean Hutchinson from Ready For Next to lead us in another interactive Case Study. The feedback from Sean's presentation last year was so positive that we had to ask him to join us again. Sean will share critical information about the company, and it's up to the people at the tables to figure out the best path for a successful exit.

We also have Chris Jones, President of True North M&A and Sunbelt Business Advisors, as our fearless Keynote Speaker. Chris will discuss what owners should be doing right now to get ready for a future exit. Chris is always entertaining, informative, and engaging. He's back on stage for a good reason; he knows the market and what business owners need to do to prepare for what Buyers want in today's economy.

With these two powerhouses of knowledge, we've given owners compelling reasons to attend! It's going to be our best event ever; don't miss it!

Listen to more about the event here!

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Business Succession Research Completed by the University of MNOur guest for today's show is Michael Darger, U of M Extension Specialist, who focuses on community economics and Business Succession. His background in years with Economic Development agencies led him to focus on Business Retention and Expansion work, which eventually landed him at the U of M conducting and publishing important research on entrepreneurs and their exit plans.

Michael and his team recently conducted some research on Minnesota companies with 5-500 employees, specifically on business transition preparedness. They received 300 responses, reaching a milestone of "statistical significance". It asked owners questions about their awareness, attitudes, aspirations and steps they've taken toward an eventual transition from their business. Some of the findings were surprising, Michael said.

The most surprising was that a majority of respondents were unaware of what their selling options to employees might be. This directly correlates with whether they've had the proper advice on what their exit options could be. A large number claimed that the business would transfer internally to family members, but then many admitted that their would-be successors weren't ready or interested.

When owners were asked in general how they'd rank themselves on their personal preparedness, they scored an average of 3.6 out of a possible high score of 6. Some said they were ready personally (Owner Readiness, as we call it) and some said their Business Readiness was dialed in. The responses can be explored in greater detail, to learn industry trends, company size, etc. Find the research and download the data here

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Women ContractorsWe had the honor of interviewing two women from the Association of Women Contractors in today's episode! Barb Lau, its Executive Director, and Missy Scherber, an AWC member and Co-founder of Scherber Excavating. It was a fabulous conversation!

AWC was founded by a small group of women contractors in 1995, since then it has grown to 230 members, made of women owned commercial and residential contracting companies who provide an array of services in commercial construction projects. The organization has three primary goals for its members:

1. Member Advocacy (within their industry, community and in politics)
2. Industry and Business Education
3. Business Development Connections

Missy joined the group as a much smaller business than she is now, and credits the advice, connections and education she received from AWC for much of that growth. Now Missy spends a great deal of time telling the stories of other contractor members on her Social Media channels, helping to promote the Association and member businesses too.

Barb's vision for the future of AWC is to grow its educational offerings by building out their own online academy. She's also been directed by their Board of Directors to begin her own succession planning at least two years before she exits. She's learned that exit planning takes time and she's very committed to making sure the Association leadership transitions successfully!

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The Corporate Transparency Act: What you Need to KnowOur guest for today's show is Scott Seiler, Founder and Partner at Seiler Law. Scott and his team practice in the areas of business M&A, employer representation, and several other related practice areas that pertain to the needs of entrepreneurs.

The requirements for filing under the Corporate Transparency Act are important to know and understand exactly who's required to file, who's required to be named in the filing, and the deadlines for filing depending on when the company was registered with the Secretary of State.

General requirements are as follows:
Companies with 20 employees or less
Revenues of $5MM per year or less
There are interests other than the owners who may need to be included in the filing.

The reason for 'picking on' the smaller companies is due to the large number of LLC Holding Companies in existence in the US. The government is trying to find out who the owners of so many shell companies are. The tactic for filing layers of ownership from Holding Company to Holding Company is tied to terroism, tax evasion and money laundering.

And, any person with "Beneficial Ownership Information" (BOI) must be named in the filing. A person considered to have a beneficial ownership interest includes persons with significant decision making power (think CFO, CEO, President) regardless of whether they have any ownership in your company. The BOI form is must be completed and submitted. Scott's firm has been completing these on behalf of many clients, so if you are unsure of who needs to be named in your BOI, contact Scott's firm at seilerlaw.com within the deadline requirements.

Penalties for not filing are quite severe. It's not clear whether professional advisors would be penalized for neglecting to convey CTA requirements to their clients. Most accounting firms are notifying or have notified their clients, but do the owners understand, and are they taking it seriously?

By covering this topic for our listeners, we hope to help prevent as many owners from paying these penalties as possible. Please share with your colleagues and advisory team, so they can do the same. Awareness of this requirement is low, as evidenced by the percentage of companies who have filed so far. Those who wait until December to do so could experience a system overload.

Scott also touched on some new employer related laws that owners need to be aware of.

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RISR: Empowering the Business Owner's Most Trusted Advisor

We talked today with Jason Early, the Founder and CEO of RISR, a tool used by advisors to business owners looking to understand the value of their companies and what they can do to maximize a future exit. Jason is not new to the M&A space. Through his various leadership roles, he's become well versed in what buyers of companies are looking for and what sellers need to do to attract them.

RISR is a data-driven application that financial advisors use to derive a baseline value of their client's businesses. It has unique algorithms built into it that also utilizes artificial intelligence to create a roadmap for the owner to follow as they make improvements and grow the value of their business, in order to maximize the selling price.

Jason says his experience has shown that owners are lacking good advice and advisors are lacking the tools to give it. RISR closes the gap between them, with the goal of analyzing hard and soft data to assist the owner in making a plan for a future sale.

One question that Jason encourages advisors to ask their clients is, "What is your dream value?" In other words, if there were no obstacles, what would you ideally love to sell your company for? Once the advisor and owner have gained clarity around the answer to this question, the advisor can then work with the owner to help him or her achieve it.

Contact Jason and his team here and sign up for a complimentary Demo of the program!

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How to Best Utilize a Board of Directors for your ESOP Company

Today's show featured a return of CFO, Andy Yetzer of YTS Companies and one of his Independent Board Members, Ken Saddler, who's also a Fractional CFO and former guest as well.

We covered a topic on how best to use your Board in an ESOP. YTS Enterprises is the owner of three companies and is an ESOP. Andy said that deciding to add Independent Members (meaning advisors outside of the business with no relationship to it) has been a big game changer for YTS, and has credited the expertise of Ken and the other member Nick for being the kind of fit they were looking for in Board Members. Ken said that it boils down to three criteria when choosing someone for your Board: Values, Background, Trust. He also says that establishing good Board Governance is essential for a successful Board and therefore a successful ESOP.

Andy said that the trust level he has with Ken and Nick are the foundation for why it works for them so well. Their backgrounds, expertise and networks have also been integral to the company's growth and success. Andy knows that when Ken or Nick make a connection to someone in their network, they're going to have a highly qualified, like minded person to work with.

If you have or are considering an ESOP form of business transition, you'll want to listen to this episode here ____________

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Connect with Andy Yetzer here

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SLATs, CRTs, and IDGTs, Oh My! Utilizing Trusts to Optimize Estate Planning and Business Sale ProceedsOur episode today featured Christine Schmidt and Julie Westbrock, advisors with Trust Point. Both are heavily involved with business owner clients; one from the Family Office area and the other from the Wealth Management area. Today's topic was not one we've covered at such length, so we felt that it was time for us to dive into it a bit deeper.

We spent our time discussing some of the most commonly used Trust instruments.

An Irrevocable Trust can be a good option for a family with a business or other significant assets that are appreciating in value. An attorney with knowledge in estate and business drafting is crucial. A knowledgeable and supportive trustee to administer or family office to engage all parties; this would be a role Trust Point would play, along with accounting and Valuation experts. These help families to transfer the value of the business out of the owners estate and still

maintain control of the business with the owner during their lifetime.

A couple of other commonly utilized Trust instruments are Intentional Defective Grantor Trust (IDGT) a SLAT (Spousal Lifetime Access Trust) and a CRT (Charitable Remainder Trust). Christine and Julie explained the typical reasons for use of these as well as benefits and risks of each.

Listen to the podcast to learn more here ____________________.

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Reluctantly Resilient: Tools for Building Resilience in Transition
Author and CEO, Chrissy Myers joined us today on Poised for Exit. Chrissy's experiences in family business transition (her own) coupled with the services she delivers for business owners made for a very interesting interview!

Chrissy's family firm is 50 years old. She bought it in 2019, but had worked various positions in it before and after college. After the sudden death of her husband and then her father, she found herself in need of help in more than one way. Her mother, still an owner, took the leadership reins for the family by 'telling' Chrissy they had to seek counseling together so that their transition would be successful for the business as well as for their relationship, so they did. It was a game changer that Chrissy still appreciates today. "Reluctantly resilient" is how she felt throughout the process of the transition; she was mourning big losses and having to deal with big decisions with the business at the same time. Reluctantly, she kept moving forward, calling upon her own skills in resilience to do so.

Her take on having a successful family business transition requires a great deal of flexibility from each owner; being stuck in your ways serves no one. The other essential belief or behavior is in having a Growth Mindset. A Fixed Mindset creates the empasses that keep families from carrying on a successful legacy. Chrissy said that being OK with taking a risk vs staying stuck is liberating and opens the door for learning and growth.

You learn more about her story and lessons learned by reading her book here

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Lessons Learned: Navigating Company Culture during a Business SaleToday's episode featured Brent Peterson, Founder and President of several companies over the years, and most recently a firm called ContentBasis. Brent shared his exit story with us today that he believes could have been so much better, had he known then what he knows now! Of course, we all wish we had a crystal ball, but his former experience emphasizes the importance of having competent advisors before, during and after the transition.

Brent's background in technology led him to becoming an early adopter of the Magento Ecommerce platform. He and his wife built the company to a point where they believed it was time for someone else to take it to the next level. At 60 employees, and with clients all over the world, his firm was well positioned to sell during the pandemic, which is what happened. He stayed on for two years; learned some tough lessons, and shared those generously with our listeners.

Learn more by contacting Brent here at is current firm Content Basis

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Why Culture Matters when you're Poised for Exit
Our guest for today's episode is Dave Sparkman, Founder and Culture advisor with Spark Your Culture Advisory Services. Dave's corporate and accounting background (as a former CPA with Arthur Andersen) have served him well in his advisory practice. His biggest project to date was in leading the Culture transformation of UnitedHealth Group! Dave lead the charge to change and build a stronger Culture there, the impetus of which was launched by its CEO, who knew that the Culture was "already good, but could be better".

Dave's task of transformation at UnitedHealth Group started with his own transformation; identifying where his own blinders were and what he did to operate in a silo himself. When leaders take on developing their own Self Awareness, it opens the way for their followers to do the same. "Culture resists what it needs the most", Dave said, and yet "it's the bedrock of everything"! Two quotes we had to be sure and include here; gems that they are!

When it comes to applying his practices to privately held business, Dave says the fundamentals are the same. His work now involves much smaller companies than his original start with UnitedHealth. Defining the beliefs of the team and the leadership first, then aligning those with that of the company is the best place to start.

You can find Dave here and add your name to a waiting list for his new book coming out this fall called "Culture, Character, Results! Lessons From UnitedHealth Group's Transformational Journey" .

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Tax Strategies to Maximize After-Tax Proceeds of a Business SaleWe had the pleasure of interviewing Greg Carlson, CPA partner with Boyum Barensheer who specializes in tax strategies for privately held companies. Greg has been working with owners for over 30 years and he could really share some stories. His work has surely made a significant impact in the lives of his clients and he knows the exit planning process really well, but as Greg says, you have to take advantage of some tax strategies right at the outset, not at the end.

Greg's specialties include Tax, M&A, Succession Planning, Divorce Planning and Estate Planning. With numerous credentials, he can advise in most any primary category for preparing an owner for exit, yet believes strongly in the collaborative effort required for a favorable outcome.

Should you sell your business Stock or sell the Assets? A Stock vs Asset Sale has benefits and drawbacks for each side of the table. For sellers, a stock sale is more advantageous, just as an Asset sale works better for buyers. The Capital Gains liability and other tax implications affect both buyers and sellers in different ways.

We talked about Goodwill, how it affects purchase price and what it includes. We decided we needed an entire episode just to cover that topic. Suffice it to say, Goodwill includes anything you can't touch. Tangible assets like equipment, real estate, inventory are part of the business value, but the lion's share is in the intangible: customer list, key people, proprietary processes, brand, etc. Lots of goodwill means lots of value! In other words, build your intangible asset value while you still own your company for a better payoff later.

Great advice from a true expert; listen to the episode here ________________

Find Greg here

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Next Level Collaboration in Exit Planning: Dealmakers and Manufacturers Team up for Better Owner Outcomes!We had the pleasure of welcoming two guests, representing two different industries, but working together to achieve better outcomes for their manufacturing business clients. Kevin Szozda, Director of Strategic Relationships with Sunbelt Business Advisors and True North M&A, and Steve Kalina, President and CEO of MN Precision Manufacturing Association.

Their intentional collaboration efforts between the two organizations begun about two years ago, but since Steve and Kevin met, it's become more robust and is making a difference in numerous ways. A significant outcome has been through the generosity of the Advisors at Sunbelt and True North, who after the closing of a sale of one of the MPMA member owners, they donate a portion of their fee to a manufacturing scholarship fund so as to keep the manufacturing legacy of MN going, and to help foster training the best and brightest for our manufacturing sector.

Steve's recent trip to Germany was an eye opening experience that produced innovative ideas for how to regularly focus on developing a strong workforce of the future. The Apprenticeship model he learned about was the most impactful, and he hopes to emulate it as much as possible within the MPMA organization. "One of our biggest problems in manufacturing right now has to do with all the gray hair out there" he said. "We need to be working towards succession plans for those aging key people, and that's not happening like it should."

So much more that we discussed! Listen to this excellent interview right here ____________.

Connect with Steve Kalina at MPMA here

Connect with Kevin Szozda at Sunbelt and True North here

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Using Data to Drive Decisions for Growth, Acquisitions and ExitOur guest for this episode is Luke Komiskey, Founder and CEO of DataDrive, a data analytics company who enables its clients to make fast, informed decisions through the use of data and AI!

Luke says he's always been an entrepreneur at heart and has enjoyed the challenge of starting and growing companies. And he's helped numerous clients grow their businesses, by helping them collect, analyze and utilize their data for strategic decision making. He's a member and big fan of the Entrepreneur's Organization and leads as a Board member for them as well.

Luke says every company has pockets of data sitting in different spots within the systems of the company; most are not utilized. What if a company had a service who could not only dissect this data from various places, but also interpret what it means and provide you with advice on how best to use it? That's what Luke's company does; his technicians are not only national but global and he's working with some pretty impressive companies.

DataDrive takes a Managed Services approach that creates long term relationships and allows techs to become very familiar with a business's strategy, philosophy and nuances within the competition. This puts them in a position to provide immense value for the client!

Private Equity firms like to partner with DataDrive to assist them in making sound analytical decisions about companies they're interested in acquiring. DataDrive creates Scorecards for the business once its been acquired, so the PE firm can monitor financial and operational metrics of their investment.

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A Story of two Brothers, their Music and their Give-Back MissionIt all started for Julie when she attended a Christmas Concert by the O'Neill Brothers that impressed her so much, she decided to invite them to be on the show. Both brothers are accomplished musicians; mostly piano, and have had their music downloaded over 2 Billion times worldwide! They've been inducted into the MInnesota Music Hall of Fame, and besides all the concerts they play and other businesses they run, they recently launched O'Neill Foundation that helps local citizens manage their lives with financial help that comes to them in various ways.

When they were young, music was strongly encouraged among the family members with talent. When Tim went off to college, his mother asked how she'd keep the music in the house when he was gone, so he recorded her favorite songs on piano for her. From there, a recording and concert career sprung. Ryan found himself interested in not just music but real estate, and over the years has built The Minnesota Real Estate Team of Remax Results. The largest Remax team in the country.

Much more to the story! Listen to the episode here ___________

Learn more about the O'Neill Brothers

Learn more about the O'Neill Foundation

Find the O'Neill Brothers in theMN Hall of Fame

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A Financial Advisor’s Journey from Global M&A to Private Business ClientsToday we had the pleasure of interviewing Jeremy Weston, a financial advisor with Edward Jones whose unique background sets him apart in the financial advisory space. Jeremy's education in Business Finance first led him to work for large manufacturing corporations, primarily as an auditor for Mergers and Acquisitions. After his skill set proved to be one that could bring people together and build relationships, his role expanded into leading M&A Integration teams. His goal then was to align the company's purpose with its financial goals. If the two are not a match, the Integration usually takes much longer, costs more and many times will fail. He found he needed more than being a short term problem solver.

Fast forward, he found his niche in working with owners of privately held companies to achieve their financial dreams, and 5 years ago acquired his CEPA designation. Now as a Certified Exit Planner, Jeremy is working more closely with business owners. He's not only advising them on their wealth planning, he's also advising them directly on money management decisions. As a CEPA, he wraps in advice on how and when to exit their businesses. Jeremy's expertise in manufacturing has been especially helpful for the clients who own these types of businesses; he gets what they've been through and what they're trying to do now. His advice is sound and not just theoretical.

As a family man, Jeremy spends as much time as he can with his wife and four children. He's one of Edward Jones higher level advisors and takes his advisory role very seriously.

Listen to the episode here __________

Find Jeremy here and Julie here

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A Partnership Exit Strategy where Everyone WinsOur guest Host for today was Chris Jones, President of True North M&A. Chris interviewed his firms' advisor, Tim Schinke and Tim's client, Dan Sundin. Dan is the co-founder and CEO of Innovative Technology Partners (ITP), a managed services tech company in the Twin Cities. Dan and his partners, Andy and Mark founded the business in 2004, and grew it rapidly, utilizing the unique skill sets they each brought to the table. Andy and Mark were former employees of Dan's at another firm, which is how they initially met. When Dan approached them to discuss starting their own business, they were all ears.

They did a lot of the right things to try and stay out of the day to day of the business. They even hired outside leadership to grow and operate the company, but that plan didn't work so well, so when Dan decided he was ready to take some chips off the table, he approached his partners to see what their appetite was for selling the company. Being about 10 years younger than Dan, they were at different stages in life and were more motivated to get the most money possible for the business than Dan. They kicked the idea around for a couple of years, and then brought Tim in to talk more seriously about their options. Dan knew that his children were not interested in taking over, so an outside sale was apparent. The team at True North was able to help them structure the right deal at the right price, and everyone came away with feeling it was a fair deal.

They all still work for the firm and Dan has an equity stake. Each partner achieved their best exit outcome, and Dan says that would have never happened without the help of the team at True North M&A.

Listen to the show here

Learn more about True North M&A here

Connect with Chris here

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Building our "All Star Network" with Cathy PaperCathy Paper has been teaching best practices in meaningful connections for many years and we were happy to have her on the show again today, because we know that Business Development and building a network that fosters it can be very challenging; regardless of the industry!

If you have sales people or other professionals whose job it is to be the face of the business, but who don't like to leave the office, this episode is for you. Let's face it, some people are "people people" and some are "project people", yet there are folks in both groups who are many times in charge of building a book of business.

"Paper" as everyone calls her, delivered some simple, valuable techniques for how to build a strong network, and she said "it doesn't have to be just for business referrals". Having other professionals in your network that you can connect to your inner circle are just as valuable. She also noted that a diverse network is also recommended; people with different backgrounds, ethnicities, and generations bring a wealth of unexpected perspective, expertise and knowledge. To her point about networking with 20 somethings, they know people and have technology prowess far beyond the older generations who may have more street smarts or industry expertise. In other words, if you want to know how to effectively use TikTok, ask a 20 something! We all have our strengths.

Some primary tips from Paper include:
Be on time
Introduce yourself well
Do one new thing weekly to build your network
Understand how to use LinkedIn to your benefit and start with your Profile!
Take a few risks; if you normally would not be the first to initiate a conversation, try it
Be genuine, whether online or in person

Her new book "A Scaredy Cat's Guide to Networking: Bloopers, Blueprints and Best Practices" is in its pre-order stage and can be found below on her website!

Listen to the episode here

Contact Cathy Paper here

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Kendall Qualls and TakeChargeMN: Making Black Lives Better!It's been a few years since Kendall Qualls was in the studio, so it was great to have him back again. Kendall is the Founder and President of TakeChargeMN, a nonprofit described as "a Coalition supporting Blacks in the pursuit of American core principles". Their foundational approach includes fostering free enterprise, education, faith and family life in the Black community. All of the values that have historically made America the destination of many from around the globe who aspire to achieve their dreams.

Kendall started out in dire poverty as a child, yet over time was able to rise above it and accomplish some remarkable things. From being a Military officer, to a C-level leader for several Fortune 100 companies, to a professor at Crown College, Kendall has a background that affords him a wide area of subject matter expertise. As a black man, he has had his share of discrimination and setbacks over the years, but does not believe our country is racist. Rather he believes that America still provides the best opportunities in the world for anyone, regardless of color, and that Black Americans just need the right support, resources and encouragement to succeed, with the nuclear family at its core. Statistically, two parent black households have been on the decline since the 1960's and now comprise just 20% of Black households. Kendall is out to change that through education, leadership and promoting entrepreneurship opportunities that build up black families rather than diminish them.

Check out all that Kendall has going on here

Listen to the interview here

Connect with Kendall here and Julie here

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Are you ready for your best exit? There is no time like the present to prepare.
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CFO of YTS companies Shares their ESOP Journey, with Guest Host, Kyla Hanson of JAK CPA's!Our episode today featured a guest co-host with Kyla Hansen, Partner at JAK CPA's and Sponsor of the Poised for Exit Show!

Kyla's client, YTS Companies, became an ESOP in 2021 with the help of JAK's team and Kyla's expertise. Kyla invited YTS CFO, Andy Yetzer to share the story of how their company pursued an ESOP transition and after facing some obstacles, successfully organized a structure for ESOP that will eventually involve all three of their companies while honoring the future exit timelines of its founders.

Andy shared that it was through the expert guidance of JAK that they were able to eventually accomplish their goal. Not only did JAK serve as their accounting firm, but also led the assembly of a collaborative advisory team and acquisition of independent Board members.

A couple of key tips they both recommended for our listeners considering ESOP were to know the current value of the business before making any transition decisions. If the value is not where it needs to be, work on strategies to grow it.

The other is to educate yourself on what an ESOP is and know the basic qualifying criteria before making any decisions. A good resource for employee ownership education is here

Listen to the episode here

Find Kyla here

Find Andy at YTS Companies here

Find Julie here

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Are you ready for your best exit? There is no time like the present to prepare.
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Selling a Financial Advisory Practice: A Former Financial Advisor Shares Tips and AdviceOur guest today was Steve Juetten, CFP and Founder of Bridgegate Partners, a firm who specializes in succession and exit for owners of financial advisory practices. Steve's background in M&A prior to becoming a CFP really gave him a great window on how to prepare when the time came for him to sell his practice. He decided through the lessons that he learned along the way, that advising other firm owners was a great way to sunset his working career.

Steve said that figuring out "what's next" was one of his biggest hurdles, when after finishing his own process, decided he could help others with the process to have better outcomes. His focus was to make sure the transition benefited all parties: clients, colleagues, staff, and the buyer- not just himself.

Many times, owners of financial practices believe their Book is worth more than it actually is. Not knowing how to value the quality of the Book is the biggest obstacle. Steve helps them understand the true value, and helps them achieve their best outcome, even when their RIA says they will 'help' with the transition. The truth is, Steve says, they don't care, as long as the assets under management and clients stay in place. In other words, an outgoing advisor needs outside help. And, there are far more advisors at 65 years and older than there are advisors young enough to buy their books of business, so make sure you have a buyer-ready business to sell.

Steve offers a free resource for advisory firm owners. It can be downloaded here

Listen to the episode here

Connect with Steve here and Julie here

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Are you ready for your best exit? There is no time like the present to prepare.
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Tiger 21: Your Personal Board of DirectorsOur guest today was Bonnie Speer McGrath, Chair of the Minneapolis chapter of Tiger 21, a ultra-high net-worth peer group forentrepreneurs, investors and executives.

Bonnie's background and role as a peer group facilitator are quite different from the typical facilitator profile, since her members are all ultra wealthy individuals. As she said, people think when you have all that money why would you need a peer group? And the answer is that life doesn't end just because you sell a business and acquire significant assets. The challenges, opportunities and problems of life don't go away when money enters the picture, they just change (and change a lot). The benefit of being supported by others who have been there and understand is huge, and Tiger 21 is an appropriate next step for growers of wealth to take advantage of. As I have always said, outside perspective is priceless when you have the right kind.

Tiger 21 was founded by an entrepreneur who sold his company and needed to stay engaged in something meaningful and productive. He'd been in a peer group prior to selling, but that was no longer an option after the sale. Enter the concept of Tiger 21 for those who've recently had a large liquidity event and are looking for ways to keep life meaningful and productive, but want to associate with the same kind of people.

The benefits for members of Tiger 21 might be similar to other peer groups, but let's say they're on steroids ;) Some of the unique benefits are that they are located in 45 cities across the country with 1300 members who gather annually for their Global Exchange event, where members can share advice, network connections and participate in educational offerings. Members give and receive investment and philanthropic advice, share connections, life hacks and many other tips for better living. Each meeting includes a spotlight on one member with others providing feedback. Their unique challenges and opportunities are faced in knowing their fellow Tiger 21 members have their back. Bonnie shared so much more! Just listen to the interview here.

Learn more about Tiger 21 here https://tiger21.com/insights/life-after-selling-a-business-finding-purpose/ and here https://tiger21.com/locations/minneapolis/

Find Bonnie here and Julie here

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Misbeliefs about Private Equity Partnership: Success Stories Revealed!We had the pleasure of hosting Shane Slominski on today's episode, who is a partner with Tonka Bay Private Equity Partners in the Twin Cities. Shane has been in the PE space with Tonka Bay for 18 years, and prior to that was a practicing CPA in the M&A space with Arthur Anderson and Deloitte. During those years, he worked often with PE owned companies and learned a lot about how Private Equity worked, prompting him to seek a role in a firm to get more involved, which is when he found Tonka Bay.

Shane says that the world of Private Equity is really growing, and that each one has their own unique set of criteria around ideal acquisition targets. For Tonka Bay,. they're looking for companies with owners who are partners or founders seeking a way to scale the company and take some chips off the table. Shane says that the values and desires for the future of the business are an important aspect of finding a good match for his firm. It was a refreshing thing to hear, since so many owners would deem PE to be a last resort, due to all the bad press its received over the years. But, as Shane said, things have changed and owners have many options in this space, especially if they have well run, profitable companies with growth potential.

Some things he recommends that sellers do now to drive the attractiveness of their business are to first, decentralize themselves from their companies. He said that is a big issue for PE (as with any buyer).

If you are an owner and looking for a partner to take your business to the next level, consider chatting with Tonka Bay Equity Partners! Find them here and Shane here.

Shane shared some impressive client success stories, so be sure to listen to the episode here

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How CEO Peer Groups can get you "Poised for Exit"Our guest for this episode is John Palen, CEO and Founder of Allied Executives, a long running executive peer group in the Twin Cities. When John's career led him to a place where he sought his own peer group for some professional guidance and feedback, he couldn't find what he was looking for. With necessity truly being the mother of invention, he decided to start his own. Fast forward 24 years, and Allied Executives is likely the most well known name in executive peer groups in the Twin Cities area.

The groups meet monthly in person; no virtual options, and the requirements to become a facilitator are quite strict. Afterall, how can a facilitating coach give relevant advice, if it's only theoretical? The leaders of each group are required to have been business owners themselves, be financially secure and have a track record for success and leadership.

Allied expects to grow to 500 members over the next 3 years. Members must have annual revenues of $5M or higher to join a group. The resources offered go beyond the monthly peer group meetings, and even include "drive up coaching" whereby a member can contact their facilitator for some up to the minute advice on a pressing matter. Their large scale events and professional network of connections are also part of the peer group menu of benefits.

John shared some compelling success stories with us! Listen here _________

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Rise of the Non-Technical EntrepreneurWe had the great pleasure of interviewing Colin Hirdman in today's show. Colin and his partners founded Monkey Island Ventures, and their mission is to create as many successful founders as possible!

Colin and his partners are entrepreneurs themselves, obviously, so their work is more than just a way to make a living. They love what the do and the difference it makes in the world. As Colin said, when an entrepreneur is motivated to create something from nothing and they build upon that success over time, the impact to others compounds the success. Monkey Island Ventures plays in that space of helping owners create more success, more jobs and more bright futures for all the stakeholders.

Sometimes we as business owners have really great ideas to make a process more efficient, accurate, or profitable but we lack the technical expertise to automate it in the form of a software program. Enter Monkey Island Ventures, who have a process they work through with entrepreneurs to help them flesh out the ideas and map the feasibility of creating technology around it. Imagine having your own proprietary software! What if you were able to sell your software to others in your industry? Imagine the impact...

Scaling a business can be done in many ways, but sometimes the next thing requires more knowledge or resources than what we have available to utilize. If you find yourself with a business problem or necessity that needs to be solved. It might make sense to meet with Colin and go through their "Clarity Canvas" process of unpacking the issue and ways it could be solved with technology. There's so much to this episode!

Listen here

Find Colin Hirdman here

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Arrowhead Promotion’s Bud Schneider: Pointing the way toward a new generation of leadership!Today’s episode featured the long time leader of a family business in its 3rd generation. The Arrowhead Promotion Company is going strong and looking to the future, as Bud Schneider mentors and guides the new leadership to take over. As a non-family member of a family owned company, Bud truly embraced the role as leader and steward of the family business and its legacy more than most in his position. The family and its ownership have a strong affinity for him as well.

Arrowhead’s work is what Bud would call ‘quiet’ in that it works behind the scenes to connect brands with their desired consumers and does so from most any vertical. For example, if your company has a new product to launch and you’ve built strategy and goals for its successful growth, Arrowhead comes in to implement the strategy and achieve the results you’re looking for with proven and creative tactics that have earned them long term relationships with some of the biggest brands in MN.

Bud spends his time working alongside a leadership team that has become the driver of the business over time. His guidance and advice have been integral in the transition of leadership and they’re not in a hurry to have him gone, but Bud says ‘soon’. The transition planning process all started with their CPA firm advising them that they should get the process of delegation and succession started at least 5 years out, so three years ago, they got serious about it and have remained focused on the success of passing on the torch since then.

Bud plans to spend time in the future doing more of what he loves in the ways of leisure, but still wants to stay productive. That may mean he stays engaged in some way with Arrowhead for years to come; who knows?

Listen to the episode here

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True Story of Rapid, Strategic Growth Supported by Fractional Marketing ServicesWe had the opportunity to have Luke Riordan, Founder and Partner of Dayta Marketing in the studio today as our guest host! Luke invited a long-time client, Tim Kraemer, President of TKI to share his story of rapid growth, that was largely due to the strategic marketing partnership his company has had with Dayta.

The company was founded 86 years ago, and Tim and his brother Brian are the 3rd generation owners. The company name, “Tom Kraemer, Inc” bears the name of their father. Tim and Brian have been strategically growing the business ever since they took over and have made numerous acquisitions since then, with their most recent being in Buffalo MN of the LaPlant company. TKI as locations in several markets across Central MN and specializes in the sale and rental of portable shipping containers. They attribute their exponential growth primarily to the targeted marketing strategy they do with Dayta. As for acquisitions, they’ve become much more strategic about what constitutes a fit for them today vs in the early years. Tim said they learned some interesting lessons when the first started acquiring companies.

Dayta’s approach to partnering with TKI has grown from a Social Media client over 10 years ago, to being their ‘marketing department’ with specialized team members within Dayta who cover all the bases from strategy, to web development, to Social, and Brand messaging. When a new location opens up, they formulate a plan ahead of time in order to create some buzz around it before it actually happens. In other words, a pre-launch plan that’s executed first. Brilliant!

Dayta is hosting an Executive Summit on Feb 22 2-4:30pm at Earl Giles in Mpls. Luke says contact him for information and to get an invitation to attend! Luke@dayta.com

Listen to the episode and learn more about TKI and Dayta’s amazing work here!

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"Our Advisor had our Back" A Nigerian Entrepreneur's Success Secret

Being a visionary entrepreneur with a constant flow of ideas requires you're surrounded by a solid team of leaders you can delegate to. Wale Banjoko is that kind of entrepreneur. He's currently seeking investment capital for his most recent initiative and we had the pleasure of hearing all about it. As he said, "I just want to grow and build" His latest thnic Wholesale Foods Distribution Service. His Business Broker and Advisor at Sunbelt, Brad Peterson has not only been the one who's "had his back" but has also become a trusted friend. When Wale and his partner had questions, Brad had answers, and the right ones.

Wale shared several compelling stories of his 20+ years owning both US and Nigerian companies; not a cake walk by any stretch.

His advanced degrees in Marketing, International Business, and Global Distribution are the perfect foundation for the big thinking he's prone to; all he needs are a few good connections to investors with the same vision and desire to expand an untapped market.

His latest endeavor is a movie he produced for Amazon Prime that will be released on February 15 called "Silenced". He said he worked with many Nigerian influencers and actors for the production as a strategy to forge new relationships with their industry. He believes there are influencers everywhere seeking investment opportunities to directly make a positive impact on humanity.

Listen to Wale's interview for more on his story___________________________.

Learn more about Wale here

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Replacing Fear with Courage: A Fresh Look at Employee DevelopmentSarah Line, CEO of Boredroom Breakouts joined us in this episode and how intriguing was our conversation!

Sarah's background as a Mission Trip coordinator and leader provided the foundation for the work she does now as a corporate change management expert. Many corporate leaders struggle with how to equip their teams with strategies to manage change; like M&A Integrations for example. There's no wonder the failure rate of M&A Integration is so high, when alignment of culture, values and team building take such a backseat to other acquisition factors. When "change navigation" can be documented as in the work Sarah and her team do, it adds to the value and transferability of the business. When teams can resolve conflict because they understand each other better, and can communicate openly, the results are only positive for everyone.

Among the many ways Sarah works with leaders and owners to develop stronger teams and adaptability to change is by coordinating and leading corporate retreats using a creative fusion of science and fun!

Sarah says there are 5 Core Human Fears that are foundational in fostering change, and that she works with each person to help them identify what their primary fears actually are. Sometimes what we think it is, actually turns out to be something that pertains to one of the 5 Core Fears.

Learning how your brain is wired to manage change and stress, and that you are capable of not only coping but thriving can be a breakthrough experience for her participants.

Sarah is currently working on a digital form of her content, which is slated for launch on March 1! You can find out more about her and her programs here and listen to the episode here!

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Funny Tales and Effective Tactics from an Estate Planner!We had the honor today of hosting Christopher Burns, partner with Henson and Efron Law Firm. Christopher's practice primarily focuses on Estate and Tax Planning, and he advises and counsels owners of privately held companies on how best to reduce their tax liability and increase their peace of mind by orchestrating comprehensive estate planning techniques and strategies and facilitating tough conversations between owners and family members.

Now that was a mouthful, so where do we start? Christopher says it all starts with a plan. Whether you currently have a plan that needs updating, or you've never had a plan, documenting your wishes and making them known alleviates more problems and conflict than you can imagine, not to mention the money saved in unnecessary taxes. If so much is at stake, then why do we resist doing it? Do you know anyone who avoids talking about death like the plague? If you have ever been involved in an estate situation where no planning had been done, you know how arduous, painful, time wasting and contentious these situations can be. Enough said; if I just described something that resonates with you, then let's vow to check it off our 2024 list as soon as possible.

There are many strategies that owners can implement to avoid long and expensive probate, and paying more to the IRS than necessary. Christopher says that what works for one owner, doesn't always work for another, so it's essential that you begin the planning process well in advance of any liquidity event, especially if you live in a state like MN and plan to move your residence to a tax friendly state. As Christopher says, it's like Hotel California in MN; you can check out but it's very difficult to leave and the look back on tax saving strategies starts with a minimum of three years out.

The knowledge, expertise and counsel Christopher imparts and embodies are invaluable!

Contact Christopher here and Julie here

We shared some pretty good laughs around such a dry topic! Listen to the episode here

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Entrepreneurs' Organization: A Tribe to Thrive WithPatrick Donahue, Chapter President of the Entrepreneurs' Organization in MN joined us to talk about EO; its origins, benefits, success stories and how it has transformed the lives of so many members across the globe.

The criteria to become a member is a short list and mostly tied to revenue. Members must be majority shareholders of their companies and most are well above the qualifying $1M revenue threshold, but for owners of companies below $1M in revenue, they offer EO Accelerator for early stage companies who want to grow or for smaller company owners who seek outside advice and feedback from like-minded peers.

In the end, it's a peer group, but the primary difference is that EO's mission is to support the whole person, not just from a business standpoint. The educational offerings cover an array of topics and often provide "transformational value" as Patrick can attest to. He generously shared a moving story about how EO helped his entire peer group deal with a shared crisis.

Listen to the episode here

Suffice it to say that as a long time member, it's done more for Patrick personally than anything else. But you'll have to determine that for yourself by setting up a visit to an upcoming meeting.

Learn more about EO and contact Glenda for more information here

EO's upcoming Rally in May brings hundreds of entrepreneurs from all over the country. Find out more here

Connect with Patrick here and Julie here

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Stephen Covey was Right!"We had the honor of featuring a long time colleague of Julie's, Ken Saddler, with B2B CFO. Ken's expertise in building enterprise value and helping owners understand their numbers and how they correlate to value was the topic of our conversation.

Ken is a partner with B2B CFO, a firm that specializes in fractional CFO services for small to mid size companies who need the extra pair of eyes monitoring their budgets, income projections and overall financial situation on a regular basis. So often, owners will delegate this kind of work to internal staff who aren't always qualified to make bigger money decisions or provide financial advice to the owners, which can often lead to unnecessary cash flow fluctuations and missed financial opportunities. But having a go-to like Ken can and does make all the difference, for both the short and long term health of the company.

Numbers tell a story, as we know, and sometimes owners need the advice from a trusted advisor on how to fix money situations that tell a negative story and perhaps predict an unfavorable outcome. Knowing where the value lies in your business, building upon it, and aligning it with your overall plan is where the magic is. Ken says it all starts with a plan. When you have a plan that focuses on both the top and bottom line, you'll gain the attention of the dealmakers looking for a good investment for their buyers.

EBITDA multiples will fluctuate depending on industry, company size and value factors that aren't necessarily tangible. "Goodwill" tends to drive the most value in a business; things like your brand, team, diverse customer and supplier lists and tight processes and systems are hot buttons for buyers seeking a turn-key investment (as long as the numbers tell a clear story!)

Find Ken here and Julie here

Listen to the episode and give us your feedback!

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Why Acquisition Entrepreneurs Should Know Pari Passu (who?)We had John Thwing, "The SBA Guy" in the studio today to talk about SBA financing for acquisitions of small businesses. When it comes to entrepreneurship, John says "don't start one, buy one!" When the deal makes sense from all the fundamental angles, John says it's always better to buy a business that has cash flow on day one. Not that start ups are bad, in fact they're necessary in many situations, but most entrepreneurial endeavors include financially supporting the owner in some way. SBA financing can be a great catalyst for achieving a business acquisition, whether it's your first or 15th company.

The SBA lending threshold is $5MM, but there's an option that many buyers are not aware of that allows you to finance more than $5MM with the same terms as the SBA loan and in the same lien position. It's called "Pari Passu", and it basically allows for two loans on the same business with SBA terms in an equal priority position. With the right mix of cash flow, buyer expertise and down payment (still a minimum of 10%) this can expand buying options beyond a mainstreet size company. As long as the business can support the debt service on the loans, this type of financing can be a gamechanger for the opportunistic entrepreneur.

Live Oak Bank is the largest SBA Lender in the United States. The point of entry for any bank is to become an "SBA Preferred Lender", but John says that working with a lending specialist is key. Most bankers, he says, are not deal professionals because they perform other services for the bank, like opening accounts and other customer related services. When you need creative deal structure, especially when SBA financing is your path, you need someone who does it everyday.

You can connect with John here and Julie here

Listen to the episode here

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Digital Transformation Strategy: Creating Digital Solutions to Scale Your BusinessWe featured a returning guest in this episode; Dr. Theresa Ashby, who is and author, podcaster and the co-founder of Kaleidoscope Media Services. Kaleidoscope specializes in producing digital content and courses that work to scale your business, regardless of industry!

Theresa (Dr. T) says that in this digital age, it's imperative that business owners and professionals take the influx of Artificial Intelligence technology seriously, and figure out how to best utilize it. When implemented well, AI has the capability to produce time and money saving efficiencies for the company that we never had access to in the past.

Creating on-demand, digitized methods for scaling your business, and creating new revenue models is what Kaleidoscope specializes in. Think "set it and forget it". Imagine how much time and money you and your team could save if so much of what you do manually could be automated!

How do you know if what you know is a candidate for digitization? Find out for free! Theresa is happy to chat with you to answer your questions, and as she says, these calls are a 'no sales zone'.

Here is the link to set up a time! https://chatwithdrt.com/

Theresa and her partner, Laura recently published another book called "Exposing the eLearning Mystery: Secrets to Digitizing your Business" You can find their book and Theresa's podcast show called "Heart, Hustle and Humor"

here: https://www.kaleidoscopemediaservices.com/book

Connect with Julie Keyes here

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How to Break Through Your Plateaus and Scale Your Business!Our guest in today's show is Zarir Erani, Partner with StratWiser, a firm which specializes in helping owners break through their growth plateaus and scale to their potential.

Zarir's background was built over years spent in numerous industries, giving him a background that's so unique, yet so valuable. One of his many stops was as an executive at Sun Country Airlines. Before and in between, he held numerous C-Level and specialized consulting positions in the technology and manufacturing industries, including several roles with 3M.

Zarir's leadership capabilities are equal to his technological prowess. He started out with a Computer Science degree and took to the world of code development right away. It only gets more interesting from there....

Now that he's back in the consulting seat, Zarir works with owners who need his expertise and capabilities to help them grow beyond what they can do themselves. He debunks the belief many have that their best solution for scaling is a Private Equity Recap.

Do you want to explore other options? Contact Zarir for a complimentary conversation here

Listen to the episode __________

Connect with Julie Keyes here

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You Can't Scale Your Business without a Proven Sales System
Our guest today was Mike Huey, President of Scalable Sales Solutions, a company that builds sales systems and processes for companies looking to scale and set their sales people up for success.

If there's one thing we know, not all sales people actually sell much, and that's not always the fault of the sales person. Mike talked about the fact that most companies have no process for selling or metrics in place to measure success,. which is why their sales aren't growing as they should. When the owners arepreparing for a future sale, they need to make sure the company's sales are on a growing trajectory to attract the best buyers. If their sales people are lacking in accountability goals and tools to help them succeed, like an effective CRM, they won't be able to realize their potential.

Once a timeline for exit has been determined, the owners focus should not be on how much they themselves can sell. Unfortunately, many owners are the primary sales person for the company, creating owner dependency and depleting company value.

Mike also recommended that a sales recruiting process be in place long before a sale, so the company can grow its best sales team. He recommended not recruiting from the industry. but rather recruit a rockstar from somewhere else who may be more likely to move. Too often salespeople we hire are at a substandard performance level already and end up performing the same way for us

We had a great conversation! Listen to the interview here

Connect with Mike Huey here and Julie Keyes here

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The Birthday Show!

Julie Keyes is interviewed on her birthday in this episode! Bob stepped up to ask the questions; here's what they covered.

Julie talked about a couple of client success stories that occured recently. One was a family owned transition to the 3rd generation that's near completion. The 2nd gen owners are taking a lot of time off and allowing the 3rd Gen to run the business, and they're doing so very well. The other is also a family business, that was intended to be sold externally, until 3 years ago when the son expressed a desire to buy it (over 3 years ago). Fast forward, the son is doing extremely well leading the company growth strategy and sales are the best they've been in several years.

Julie also talked about two programs she's offering for professional advisors. The "Advisor Program" as it's called is for advisors looking to add exit planning services as a growth strategy for their primary services. She's put together a 6 session course that's delivered in real time, covering best practices in exit planning, coaching and case studies. The Exit Planning Cohort is a monthly coaching program for advisors that's run similar to a peer group. The advisor can expect a platform to express ideas, seek help and receive positive feedback and advice. The educational content is focused on the exit planning industry.

The sponsors of the show provide services that help grow the value of any business and provide services to owners that not only mitigate risk, but help them achieve the best outcome at the highest dollar amount. Julie highlights the services of each show sponsor.

We are very grateful to the loyal listeners of our show. Without you, we have nothing.

We want to hear from you!

If you have any feedback for us on show topics or anything else you'd like to say, please contact us!

Listen to our Birthday Show here

Connect with Julie Keyes here

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Serial Entrepreneur-Chasing the Hard ProblemsWe had the pleasure of interviewing Gordy Meyer, CEO of Dayta in this episode. Gordy had a very interesting entrepreneurial journey that he shared a summary of, with an unbelievable story about his company and the New York Times at the very end; you'll have to listen to the episode to get it!

Gordy said he was entrepreneurial even as a child, with his own paper route and lawn mowing business. He knew he'd be the founder of his own organization someday, but he cut his teeth first at Fingerhut. His analytical skills came in handy for their business model and he learned how to strategically use data to scale a business in the right directions.

His first company specialized in risk management through data gathering and analysis as a B2B service provider, which he sold in 2000 to LexisNexus! LexisNexis has since grown the risk management division to $1B in sales. He then went on to start, grow and sell two more companies. He moved into a Board member role at Dayta Marketing in St Cloud and served for 8 years, then made an offer to buy and scale the business. They've since created their own proprietary client project management program called "Daylight", which could be compared to a project dashboard for clients and team members to access and update in real time. Gordy says his goal for Dayta is to improve their operating model through the use of these kinds of efficiencies.

They'll be a company to watch for sure! Listen to the interview here

Find Gordy here or at gordy@dayta.com

Connect with Julie Keyes here

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"Evangelist" for Business Owners gives Advice Beyond InvestingWe were thrilled to feature James Jack on today's episode, who is the head of Business Owners and Multigenerational Client Segments at UBS Wealth Management. James calls himself an "Evangelist to business owners" and advisors as a frontline advocate championing the best outcomes for owners of privately held and closely held companies across the country. For James, it's all about providing great service before all else. As he puts it "advice beyond investing".

He has spent his entire career at UBS in various roles and feels blessed to be working for a firm with great people and plenty of opportunities for growth and innovation. He and his colleagues at UBS work hard to provide valuable resources and learning opportunities for their clients as well as their advisors, because as James says, "everything at UBS goes through the financial advisor, so we want to foster those lifelong relationships with clients and provide services and advice outside of the investing portion of our work".

One tip James shared that struck me was his way of illustrating the importance of a right fit advisor/client relationship. If you were on a cross country flight with this person, would you enjoy the time, or would you not? I've always maintained that having a match in values and what you believe are important components of a lasting and meaningful relationship, which is at the end of the day, the primary goal between the owner and their financial advisor.

Much more for you to learn and listen to right here

Connect with James Jack here and Julie Keyes here

UBS Review Code:

IS2306598

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Trading Capital Gains for Charitable GainsToday we had the privilege of speaking with Tyler Van Eps, a Charitable Giving Strategist for the National Christian Foundation.

Tyler's lifelong interest in converging ministry with the marketplace eventually lead him to NCF's Twin Cities branch, where he works alongside the advisors of business owners and the owners themselves in constructing ways for the owners to live out their desire for being generous, while utilizing tax saving strategies at the same time!

The IRS provides various tax incentives within the tax code for owners who wish to give a portion of their wealth to charity. Utilizing NCF's "Gift Illustration" services can be extremely beneficial for owners to understand what their options are based upon the types of assets they own, with scenarios that show how they can maximize their gift and minimize their tax liability in a creative, innovative way.

Many Entrepreneurs tend to be givers, and adding value to the world seems to be an innate trait that many owners possess, which could be why so many wish to continue producing work after they're 'supposed to be' retired.

The National Christian Foundation does not operate in a silo, but collaborates with other advisors on the owner's team as kind of a silent partner. They're in the background working with the other advisors to customize a giving plan that resonates with what's really important to the owner, utilizing hard earned equity dollars for purposes that can do so much more than overpaying to Uncle Sam.

You can find Tyler Van Eps @nationalchristianfoundation

and here.

Connect with Tyler Van Eps here and Julie here

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisors and Trust Point

Support the show

Are you ready for your best exit? There is no time like the present to prepare.
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The Neuroscience of Conversations that Build TrustWe were joined today by national speaker, author, and consultant, Mary Schmid, who specializes in teaching financial advisors how to have deeper, trust based conversations with clients. A skill that we could all use more of, for sure!

The neuroscience of conversations is something that surpasses any identifying criteria like gender or generation. It's based upon our brain's cause and effect reactions to feeling "safe" or not; all based on what you as the advisor are saying (or not saying) to them. The truth is that 9 of 10 conversations we regularly have are not the kind that we would be deemed as trust based. Most of them are simply the exchange of data; telling each other facts and other information that we need to know. How dull, right? It's no wonder many of us struggle with listening!

Another type of advisor/client conversation is also too one sided and tends to give advice prematurely, dumping more information than the person needs or wants. We all do that from time to time, don't we?

Yet another, is where the advisor shares all kinds of facts, figures and data to "educate" the client, who politely nods in agreement and acts like they're interested, but asks no questions and ends up not making a decision to work with the advisor. Why? One reason is because no real connection was made by the advisor with the client; the advisor was out to impress instead of connect. Another is that the client is too confused by all the information; a confused mind is not in a position to decide, so they don't.

Mary says the best way to establish a trust based conversation is to have a conversation with yourself before you meet with the client. What will you ask them? What are some ways you can empathize with their situation? How will you relate and get to know them better? Preparing ourselves ahead of time for these kinds of meetings is a powerful way to establish trust and build rapport with clients and prospects much faster than the traditional way of attempting to impress with how much we know.

As I've always said, "clients don't care how much we know until they know how much we care."

Listen to this informative and insightful episode here

Find out more and connect with Mary here and Julie here

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisors and Trust Point

Support the show

Are you ready for your best exit? There is no time like the present to prepare.
Check out these resources offered by KeyeStrategies:

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MN State of Owner Readiness Survey Results with Brent Engelbrekt!Our show today featured some of the most telling results of the recent State of Owner Readiness Survey conducted by the Exit Planning Institute and spearheaded by Brent Engelbrekt, Senior M&A Advisor at the national award winning firm, True North M&A. As a former business owner, Brent has been through many exit situations himself, both as an owner and an advisor to clients. His expertise is as much experience based as it is knowledge based, making him the perfect candidate to lead this project.

Under Brent's leadership and EPI's direction, business owners in the state of MN were asked a series of questions about their exit planning preparedness and intentions. The results are encouraging, yet we're clear there's more work to do.

Here are a few of those statistics:

66% of owners polled said they plan to transition from their businesses in 5 years or less.

60% said they are giving 'high attention' to exit planning

50% said they have a team of advisors

65% plan to invest in another business or become a Board member or consultant

25% plan to buy another company to run

Overall, owner's are doing a better job of maximizing their life's work, yet many still haven't started the process. To download your copy of the survey results, check out this link https://exit-planning-institute.org/state-of-owner-readiness

Learn more about this important piece of research and what we can all do to utilize its findings.

Listen to the episode here

Connect with Brent Engelbrekt here and Julie Keyes here

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisors and Trust Point

Support the show

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 Transitiononline course
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• Purchase Poised for Exit book here

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Exit Planning Institute, President Scott Snider Talks about Lessons in Entrepreneurship and the future of EPIOur episode today featured the one and only Scott Snider, President of the Exit Planning Institute. Scott and his father, Chris Snider purchased the business in 2005 and have grown it from a few hundred CEPA advisors to several thousand. The Value Acceleration Methodology is the foundation of the Certified Exit Planning Advisor's role in the exit planning process.

Scott shared some nostalgic experiences as a young entrepreneur before becoming an owner of EPI and some of the lessons he learned. One thing he really emphasizes for business owners today is to move from being an owner of a successful company to an owner of a significant company. He outlines what he means by that very well, but you'll have to listen to the show to get it!

EPI's future growth plans include an expansion of their academy courses, conferences and the annual Summit, among other projects. The future CEPA goal is to get to 10,000 worldwide in 3-5 years. Right now they're at approximately 5,000, so this is a very realistic goal.

A lot of things have changed at EPI since Chris and Scott acquired the business. Not just massive growth, but high quality growth. More leadership in the industry, more resources and best in class professional members who take collaboration seriously. As a long time member of EPI, I'm glad to have witnessed all the positive changes and to be a part of this outstanding organization.

Listen to the episode here

Connect with Scott Snider here and EPI here or here

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisors and Trust Point

Support the show

Are you ready for your best exit? There is no time like the present to prepare.
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• Business Readiness Transitiononline course
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The Impact of $80B and 87,000 Additional IRS Employees on Business

PoisedforExit interviewed Michael Gregory today, who's background includes working for the Treasury department and as a financial analyst for several companies, both public and private. Mike launched his own practice in 2011 and specializes in mediation and negotiations with the IRS. In addition, he's written 11 books and delivers approximately 60 speeches per year to various professional advisory firms and their trade associations.

We focused today on how business valuation will be affected by the addition of all the new IRS agents and employees coming on board. Unfortunately, as Mike pointed out, these folks are new to their positions, who will take an average of two years to become seasoned enough to handle more complicated merger and acquisition transaction analysis and audit. Thus, the focus for these newbies will be on smaller transactions for the learning component it will bring, and we can expect that to occur over the next two or so years.

For advisors in several categories there will be plenty of extra work involved to prepare a company properly in order to avoid an after sale audit. Estate planning, accounting, valuation, and other services will likely expand to accommodate the additional anticipated IRS scrutiny.

For sellers, make sure the expenses your business pays for are true business expenses. Tell a full story on your expenses by documenting what they really are and why they are relevant to business operations when an item could be construed incorrectly.

You will likely want to listen to this episode more than once! You can find it here

Connect with Mike Gregory here and Julie Keyes here.

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisorsand Trust Point

TODAY, October 5th is the Twin Cities Metro Area Chapter Owner's Forum! Walk ins welcome! Click here for more details.

Support the show

Are you ready for your best exit? There is no time like the present to prepare.
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PoisedforExit interviewed Andy Kocemba, President and CEO of Calhoun Companies in today's episode. Andy and his father, Wally bought Calhoun Companies in 2009 during the peak of the Recession, and have turned it into a successful, client-centric firm that specializes in representing buyers and sellers of companies in the lower middle market and main street as well.

When I asked Andy the status of the "Silver Tsunami" and why we're not seeing as many Boomers selling as predicted, he said he thinks owners in that category are more prone to staying on than selling. For some it's an economic decision, for some it's emotional and for some it's a need to be busy. For some, it's all of the above! Calhoun Companies does its best to establish long term relationships with its prospective sellers, so that when the time is right, they can represent the seller on their own terms. That is, if the business and owner are prepared in advance. As we know, most of the time that's not the case. But Calhoun advisors do their best to help their sellers prepare and understand the process that can be more of a marathon than a sprint in many cases. Their unofficial tagline is "we bring people together" and when you think about it, bringing two companies together in a merger or acquisition and doing it well, is not an easy task.....

Andy says it's still a seller's market and they're as busy as they've ever been, which was good to hear, in spite of what we're all hearing in the media with interest rate hikes and fears of recession. Good companies are still selling, and there is money available to buy those businesses!

Listen to the episode! Connect with Andy Kocemba here and Julie Keyes here.

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisorsand Trust Point

Coming up! October 5th Twin Cities Metro Area Chapter Owner's Forum Register here

Support the show

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 Transitiononline course
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Partners Making it Work: Yard Creations' 20 years of Success!

PoisedforExit had the pleasure of interviewing Wayne Arndt and Adam Dewey, founders and owners of Yard Creations from the Brainerd Lakes area that specializes in lake home and large estate landscaping design and fine gardening.

Adam and Wayne have had a love for landscaping for many years and met as co-workers for another firm before joining forces and starting their own business. Here they are 20 years later with well earned success and a reputation that keeps the phone ringing!

Over the years they have gone through many highs and lows. They recalled a customer whose home was under construction on a very steep embankment and when a highly impactful rain storm hit, all the landscaping work they'd done on the hill washed away. They had to go back and redo all of the work at their own expense. That homeowner is still a customer of theirs many years later. The kind of service that's uncommon for sure, but the kind that gets them a steady stream of referrals from both past customers and general contractors alike.

Fine Gardening and Landscape Design are two of their biggest attractors, along with irrigation service. Installation of the designs has also built loyal customers, many of whom add on every year due to the high quality of work. Check out the gallery here.

As partners, Adam and Wayne have worked hard to communicate well and regularly, and understand each other so well, they can 'read' what the other will do or say. "Almost like my spouse, maybe even more so!" said Adam.

They acknowledged the fine team of field and office staff they've built and feel very fortunate to have people with the expertise and team emphasis that their employees have. They truly trust them to get the job done well and on time.

Listen to the episode! Connect with Wayne Arndt here, Adam Dewey here and Julie Keyes here.

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisorsand Trust Point

Coming up! October 5th Twin Cities Metro Area Chapter Owner's Forum Register here

Support the show

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 Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

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How does Insurance fit in with Exit Planning?

PoisedforExit had the good pleasure today of interviewing Derek Gruber, Managing Director for Cox Insurance. Derek has an impressive IT background that comes in handy when he counsels his clients in Cyber Liability coverage. Derek said that Cyber Liability terms and coverages change regularly, in order to keep up with the rampant cyber crime we're all trying to avoid. The truth is that it's not a matter of if, but a matter of when. The criminals don't tend to discriminate when it comes to company size or industry anymore, but they do tend to like hacking healthcare companies and financial services. Derek said that if your system is breached and you have cyber liability, your company will be assigned a cyber liability coach, who will work with you to get things back up and running as well as help with training your staff on what to watch for in the future. In order to take a proactive approach to this, you need to work with a Cyber Security firm who actually assesses your current risk.

How does this tie in with exit planning? If a buyer is interested in your business and learns you have no cyber security measures in place, it could derail the transaction, it's that simple. Most insurance carriers have protocols to help you get approved for the coverage, but it's a good idea to get an independent assessment done first!

Risk assessment during Due Diligence is another service that Cox Insurance provides. They'd actually prefer to work with the business owners well before a Purchase Agreement is drafted, so the seller can be more in control and less vulnerable to demands or discounts by the buyer.

Tail coverage insures the seller (or buyer) into the future, going beyond the normal time period that a seller would warrant. Setting this up can make sense in certain situations when a seller may be anticipating some kind of claim into the future.

There's so much more to what Derek shared! Listen to the show here

Connect with Derek Gruber here and Julie Keyes here

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisorsand Trust Point

Exciting events coming up!

• October 5th Twin Cities Metro Area Chapter Owner's Forum Register here

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 Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

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What Sellers need to know about Net Working Capital

Today #PoisedforExit met up with Joe Hellman, partner at Redpath and Associates and leader of their M&A services area. Joe works on a lot of business transactions for clients, both from the buy side and the sell side. We focused on Working Capital today, since it can be a confusing and sometimes touchy subject for sellers.

Net Working Capital, according to Joe, is calculated simply by taking current assets and subtracting current liabilities from the balance sheet and represents the liquidity of the company.

We also covered why it's important in transactions. If you are the buyer, you're going to need capital to keep the business going, right? For larger companies, it's not as much an issue, but for smaller ones, it is. We're talking about the lower middle market in this situation. If you are the seller, you likely believe all the cash and Accounts Receivable belong to you. At least, that's how many sellers see it. Joe says that how much of the A/R and cash you get to keep depend on several things; how the deal is structured, the size of the deal, the industry, and who the buyer is. "It depends" is an answer we all get a bit tired of hearing, but it's the truth. The most important thing for sellers to do when the time comes to negotiate this is to think and plan ahead on what you are willing to negotiate. Joe emphatically says "know your business and know your numbers!" Another piece of advice is to hire the right advisors who can help you well before it's time to start negotiating this important part of your transaction!

For more of Joe's advice, listen to the show here

Connect with Joe Hellman here and Julie Keyes here

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisorsand Trust Point

Exciting events coming up!

• September 13th True North M&A Summit Register here
• October 5th Twin Cities Metro Area Chapter Owner's Forum Register here

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 Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

View Details

"The Ready for Next Cities Program!"

Today's #PoisedforExit guest featured Guillermo Mazier, an advisor for the Ready for Next Cities Program that provides transition planning training for cities and communities to strategically support small business health in those areas! Guillermo spends a great deal of time working collaboratively with Chambers of Commerce. Small Business Development Centers (SBDC's) and Economic Development Agencies across the country, to plan and provide educational resources for the businesses and owners who operate and employ people in their municipalities. As we all know, the effects of a good or poor exit are far reaching. When a business has no transition plan, the employees and the communities they serve are in jeopardy of losing jobs and supporting families.

Guillermo has a passion for communities and knows first hand from his long standing work with Economic Development how good or poor transitions impact the future of these communities. Ready for Next Cities program is focused on the education of the owners in these communities from a self paced, macro level at first, followed by optional deeper dive education, advisory services and workshops. The goal is for the businesses to exit well, so the communities are not negatively impacted by shutdowns. Listen to the episode to learn more!

Find Guillermo and the Ready for Next Cities program here

Connect with Guillermo Mazier here and Julie Keyes here

Exciting events coming up!

• August 31st KeyeStrategies Quarterly Online Learning event Register here
• September 13th True North M&A Summit Register here
• October 5th Twin Cities Metro Area Chapter Owner's Forum Register here

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 Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

View Details

A Lesson on Business Valuations: What Owners Need to Know

We interviewed Kyla Hansen, partner at JAK CPA's today, who's also one of our esteemed show sponsors!

Kyla gave us a lesson on different types of Valuation, when they apply and what owners need to know about how their current business Valuation can affect their future outcome.

Methods of Valuation apply in certain situations, like when an owner plans to give a large gift, a full blown Valuation is important to utilize. Conversely, when an owner just needs to know where they're at today as far as Value goes, a Calculation of Value is appropriate.

What about intangible value in a business? Things like customer list, key personnel and brand? Kyla said that the company's cash flow will weigh heavily on how much value is attributed to these forms of capital. In addition to paying close attention to the intangible value of a business, she encouraged owners to have their financials normalized, meaning adjusted to reflect true numbers. When an owner's compensation is out of line with the market, when personal expenses are paid by the business, or the company has been a party to a lawsuit (among other situations) those are instances that would require an adjustment to the financial reports and 'normalization' of certain line items to reflect a true picture.

Kyla recently published an article that we'd highly recommend you read in addition to listening to the show here

Connect with Kyla Hansen here and Julie Keyes here

Exciting events coming up!

• True North M&A Summit Register here
• KeyeStrategies Quarterly Online Learning event Register here
• Twin Cities Metro Area Chapter Owner's Forum on Oct 5 Register here

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisorsand Trust Point

There is still time to participate! Click on the link for the EPI 2023 Minnesota State of Owner Readiness Survey

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 Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

View Details

I'm IN! Two Upcoming Events for Business Owners and Advisors!

We were joined today by Michael Hubsmith, Senior M&A Advisor with True North M&A to cover the highlights of two must-go events for owners and advisors.

The first event on Sept 13 is the True North M&A Summit, to be held at the Minneapolis Event Center, beginning at noon and ending with Happy Hour at 5:30pm.

The Opening speaker is none other than Super Bowl Champion, Ben Utecht who will speak on "The Champion Creed: Build Your Culture of Belief." This will be followed by the Keynote Speaker, Russell T. Price, Chief Economist with Ameriprise and deemed by Bloomberg to be one of the country's most accurate economists.

Brian Slipka, CEO of True North will then take the stage for a short talk on how to "Maximize Your Life's Work".

The remainder of the afternoon will feature several breakout sessions for attendees to choose from, wrapped up with a Shark Tank format of Private Equity experts who will weigh in on the viability of a Case Study they've been presented. A Social Hour will follow for open networking.

Register for this Free Event here: https://www.tnma.com/m-and-a-summit/

The Twin Cities Metro Area Chapter of the Exit Planning Institute is hosting its 5th Annual Owner's Forum on October 5 at Midland Hills Country Club in St Paul MN, from 2-6 pm! If you have attended an EPI Owner's Forum in the past, this one will be as high quality as we've ever had for content.

First, the results of the most recent State of Owner Readiness Survey will be revealed. Compared to the 2017 project of the same survey, the results are quite telling, and in a positive way! Scott Snider, President of EPI Global will be here to present and discuss the results and compare the MN market with other areas of the country. Come and learn how our MN market stacks up and what work we still have left to do.

Keynote Speaker, Sean Hutchinson, who will present on the work of the Value Growth Advisor whose job it is to help business owners increase business value from "where it is" to "where it needs to be" based on the owner's personal financial goals and next stage of life. Sean will be using a combination of presentation and interactive case study to discuss how owners can put their best foot forward and learn how a buyer would view their business with and without improvements. Sean is one of the foremost Value Growth Advisors in the country!

Registration Here!

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisorsand

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 Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

View Details

Meetings You Want

PoisedforExit had the pleasure of interviewing Jody Weinberg, Founder and CEO of JTel Connections, a channel partner builder and lead generator for executive salespeople and C-level leaders. Jody talked with us about their proven process for "opening doors for 5-7 figure sales". Her clients are professionals who make big sales and seek assistance in opening those doors, setting up the meetings and posing as part of your team.

Her clients tend to be very loyal, due to the rate of success and rate of return on the investment. One of them has been a client for 17 years and has seen a 750% growth rate since they started using JTel's services. Talk about effective!

Their focus is on targeting hard to reach executives and leading sales people who are qualified to make the kind of buying decisions that JTel's clients need to get in front of. They proved to me that they know what their doing by how quickly they gained interest in my work recently with just a handful of emails in a campaign that was so much more effective than I was expecting out of the gate. Jody says that's unusual and the typical client can expect a longer runway, but can also expect (as long as they know how to close their own sales) a great return on time and money; JTel isn't calling just anybody...

To learn more, listen to the episode here and connect with Jody Weinberg here.

Exciting events coming up!

• True North M&A Summit Register here
• KeyeStrategies Quarterly Online Learning event Register here
• Twin Cities Metro Area Chapter Owner's Forum on Oct 5 Register here

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisorsand Trust Point

There is still time to participate! Click on the link for the EPI 2023 Minnesota State of Owner Readiness Survey

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 Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

View Details

CEO and Founder of ZondraTV shares her Entrepreneurial Journey, fortified by Love, Drive and Grit

PoisedforExit had the honor of interviewing Zondra Evans, CEO and Founder of ZondraTV, a multi award winning television network, carried by Amazon Fire, Roku and Apple TV.

Before launching her network, Zondra spent 40 years in corporate America. At one point, she was laid off and decided it was time to pursue her dream creating opportunities for others to achieve their own dreams. From an interview to a talk show to a TV network, Zondra has become the go-to for unconventional TV programming. She calls it "edu-tainment" television and it shows by the types of shows her studio produces. Shows like "A Moment in the Board Room", "LeadHERship Global", "Leadership Power" and "Giving Out Loud" among many others. Business shows with a social focus.

Her network is expanding it's categories of shows as well and expanding into health and wellness, inspiration and several others. Zondra is a faith-filled person and often feels divinely directed to take action on various initiatives. These inspirations have become her strategy for growth and would be deemed unconventional in 'professional' circles, but it works VERY well for her.

The businesses who host and produce shows through ZondraTV have come to realize that conventional platforms to promote a business like Social Media and digital marketing campaigns are saturated. They all were looking for a way, as Zondra puts it, to "nest TV into their core business".

Her goal is to become revered as the Home of Positive Programming. Listen to this amazing interview and you'll learn why. Find Zondra here.

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisorsand Trust Point

We would love to hear from you! Click on the link for the EPI 2023 Minnesota State of Owner Readiness Survey

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 Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

View Details

How to Groom Awesome People Leaders

Our guest today featured Heather Polivka, Founder and CEO of Awesome People Leaders and HeatherP Solutions. Heather is an award winning business leader, speaker and change agent for privately held companies looking to grow their bottom line by growing their teams and leaders.

Heather's methodology is wrapped in neuro-science, with a focus on how beliefs affect behavior, positive or negative. Building upon the emotional intelligence of team members through effective step by step learning creates environments where people and businesses flourish! Her programming combination of self paced and real time learning comes in small chunks, affording the learner to avoid an overwhelming schedule of content that they don't have the time or desire to absorb. That goes for the owners too! With the learning also comes feedback, coaching, strategy and troubleshooting with individuals and teams alike. It's the perfect professional development package.

Heather's diverse professional background in marketing, operations and HR spanned several corporate positions, until she eventually realized her dream of entrepreneurship. She brings those skills and expertise to her work, along with her infectious enthusiasm and drive to deliver her best for her clients, every time.

Listen to what Heather had to say about it here. Connect with Heather Polivka and Julie Keyes.

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisorsand Trust Point

We would love to hear from you! Click on the link for the EPI 2023 Minnesota State of Owner Readiness Survey

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 Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

View Details

Value Acceleration meets HR Strategy: How they work hand in hand

In today's episode, we talked with Steve Schad, President and CEO of Optima HR Solutions, which is a fractional HR services organization. Steve's firm specializes in helping owners grow the value of their business through HR strategies that drive enterprise value and goes well beyond the basics of benefits, hiring practices and performance reviews.

Steve got his start in Organizational Development, but focused on both the people side and the business side. Having a two-way thinking process gives him an advantage in his role, since that role is usually a dual-focused one. Business strategy must be determined first, before determinations are made for the number of people we hire and in what role. Many times, owners will hire when there's a vacancy, but that's not always the best solution.

Steve's firm approaches each engagement beginning with a proprietary assessment that helps measure the strengths, weaknesses, opportunities and threats of the company's talent. A refreshing angle to a normal SWOT, wouldn't you say?

Once the assessment findings are compiled, they can begin the work of aligning people with business strategy; right people/right seats.

In the US, our demographics are not heading in our favor; we're not replacing ourselves. That means the workforce shortage will continue into the foreseeable future, so owners need to be thinking outside the box on how to remedy that long term.

Listen to the advice Steve gives. Connect with Steve Schad and Julie Keyes.

Thank you to our show sponsors! Dayta, JAK, Sunbelt Business Advisorsand Trust Point

We would love to hear from you! Click on the link for the EPI 2023 Minnesota State of Owner Readiness Survey

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 Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

View Details

Business Succession from a Forensic Accountant's Perspective

In this episode we had the pleasure of interviewing Ryan Stremater, Senior Manager at SDK CPA's and forensic accounting specialist. Ryan's job puts skepticism before all else. He's an expert at digging deep into the details of the story that financials tell about a business and he's been an expert witness in some very interesting litigation situations.

What we know after talking with Ryan is that any seller of a business would never want to be faced with the kinds of situations he sees on a regular basis and preventing those from happening and living with regret is simply a matter of hiring the right advisors well before a liquidity event!

Post closing disputes happen often, and the most common that Ryan sees are in adjustments to Working Capital and Earn Outs after the closing. Ryan said that Earn Outs are "Today's disagreement over price that becomes tomorrow's litigation over outcome". In other words, be very careful with Earn Outs, and make sure you have the right team of advisors to structure it properly, should you have to go that route in a sale.

Lots more to learn: listen to the episode now and connect with Ryan Stretmater here

Thank you to our show sponsors! Sunbelt Business Advisorsand Trust Point

We would love to hear from you! Click on the link for the EPI 2023 Minnesota State of Owner Readiness Survey

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 Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

View Details

Big Transitions Call for Maximum Influence with your Employees

In this episode of #PoisedforExit I had the good pleasure of interviewing Dr Heather Johnson, President of Klassen Performance Group. KPG specializes in soft skill leadership development and works with many clients in the throes of significant transition that many times involves a merger or acquisition.

Dr Johnson is a clinical psychologist and found her love for 'what makes people tick' very early in her educational career. An employee of her father's family business throughout her upbringing, she recalls the difficulty in hearing the words "we're selling the business". At 18 years old she learned all about the obstacles to a successful exit, yet she said her father handled it like a champion. From the multiple family member shareholders to the employees, she learned a great deal about how to communicate effectively in tense situations.

Dr Johnson's father launched Klassen Performance Group as his 'next act' and then sold it to Heather, who plans to transition the business to her children who are already involved.

Developing the kind of skills necessary to deliver a tough message like "we're selling" or "We've sold" takes some preparation and a plan for how to assist employees with the change as well. Dr Johnson recommends a communication plan and an event after the sale announcement to allow employees to express feedback, questions or ideas for the future."People need to know that what they're feeling matters and that we hear what they are saying," she said. Her team helps the owners and leadership make these kinds of transitions professionally, planfully and with empathy.

Listen to the episode here.

Connect with Dr. Heather Johnson and check out Klassen Performance Group here!

Thank you to our show sponsors! Sunbelt Business Advisorsand Trust Point

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 Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

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Customers + Teams = Amazing Business Outcomes

In today's episode, we talked with Angela Christman, Founder of Lift Bridge Strategy, an HR firm that provides people development that fosters enterprise growth.

Angela got her start in HR working in the corporate world of Walmart, and then for Marvin Windows. She's taken what she learned all those years to apply to privately held company clients who are looking to match their company purpose and values with not only their internal team, but their customers too. She ties the employee experience with the customer experience in her work with company owners and leaders, which is truly a fresh approach to HR strategy!

What capabilities does your company need to acquire in order to achieve your long term goals? This objective can many times be met without hiring more people! Working with strategic partnerships, contractors and technology, owners can achieve growth goals without add people to the payroll. In these uncertain times, this can be the perfect solution to long term growth goals.

Angela shared a famous quote taken from the book "School Culture Rewired" by Steve Gruenert and Todd Whitaker that says:

"The culture of any organization is shaped by the worst behavior the leader is willing to tolerate." How's that for a mouthful?

So, how do we join the customer and employee for those amazing outcomes? Utilizing psychology more than logistical tactic.

1. Empathy: Listen to the customer and employee to gain understanding

2. Vulnerability: Innovation requires risk, and risk requires vulnerability

3. Flexibility: be willing to try new ways of seeing, discussing and solving. Say "Why Not" instead of always asking "Why".

Listen the interview here.

Connect with Angela Christman and Lift Bridge Strategy here

Thank you to our show sponsors! Sunbelt Business Advisorsand Trust Point

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 Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

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Poised for Exit Celebrates 3 Years! A Look Back and a Look Ahead 

What a journey it's been! Launching, growing and delivering great content for our growing audience! 

We reminisced a bit about our favorite episodes over the last twelve months; it was so hard to choose but we picked 4.

We talked about what's coming up that's new for the show, future topics and guests, as well as some impactful events! For example, there are several business owner events coming up in the fall that we will be highlighting and promoting, so stay tuned.

Lastly, special shout-outs to all of our sponsors and the important work that they do for business owners! 

Listen to Julie and Georgi's chat here

Thank you to our show sponsors!  Sunbelt Business Advisorsand Trust Point

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 Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

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Expanded Options for SBA Financing!

We talked today with Jeff Campbell, Sr Vice President of Fidelity Bank. Jeff is a long time lender and has recently expanded their SBA department with the addition of Ann Franklin, an expert in SBA lending.

We started off by talking about a client of theirs, Ben Cowan, who was a guest of Poised for Exit podcast in the past and is owner of the 1-800-Got Junk franchise, among many other businesses. Jeff said that his advisory relationship with Ben has been integral in helping Ben creatively and flexibly acquire businesses over the years. Being flexible is a key component in business acquisition, Jeff says. He's a big fan of making sure that any acquisition makes good business sense, once the numbers have been analyzed. Not all opportunities make sense, afterall!

The SBA will soon be allowing partial business acquisitions (beginning around August of 2023) and that provides more options for the sellers, especially if they want to stay on with the company. The lending terms and requirements are forthcoming, so we'll be sure to cover that in another show!

Listen to the episode now.

Find Jeff and Fidelity Bank here_________

Thank you to our show sponsors! Sunbelt Business Advisorsand Trust Point

Are you prepared for your best exit?
There is no time like the present to prepare. Check out these resources offered by #KeyeStrategies:

• Business Readiness Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

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Simple yet Savvy: Principles to Navigate Business Transitions

Our episode today featured Amy Kiefer, President of Automotive Parts Headquarters, or APH. Amy was hired by APH just 6 months ago as the company's first non-family member President! The company is over 100 years old and in its 3rd Generation, so that says a lot about the value the owners believe she brings to the table.

Amy's background spans several years involving a variety of roles, from Private Equity, to ESOP to Family Business, and all aligned with her unique skills in bringing strategy and execution with a fresh perspective on what matters most. Her "simple, yet savvy principles" are not your typical methods for implementing and accomplishing objectives, although there's a process for that. However, they are principles that strongly impact her work as a leader, thinker and growth strategist, and are the bedrock for how she operates in her role. They are:

1. Respect
2. Appreciation
3. Trust

For Amy, these principles are integral to fostering new relationships, growing existing ones and utilizing strong, consistent communication in her organization. When these principles are lived out by key decision makers, the company not only grows but flourishes, and in more ways than just what lands on the P&L.

Amy says that establishing these principles has made all the difference for her especially when changes and pivots are required in order to continue a growth trajectory. We're living in some uncertain times, so having respect, appreciation and trust as the foundation for making decisions provides a certain peace of mind that allows for clearer thinking, planning and implementing.

You can find Amy here - Have a listen to the interview now!

Thank you to our show sponsors! Sunbelt Business Advisorsand Trust Point

Are you prepared for your best exit?
There is no time like the present to prepare. Check out these resources offered by #KeyeStrategies:

• Business Readiness Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

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Structuring Deals, Putting out Fires and Getting Clients to the Closing Table

We delivered a Special Edition of Poised for Exit today and had the privilege of interviewing two experts on how collaboration works and why it can make or break a deal. Brett Larson, M&A Attorney with Messerli Kramer and Colin Johnson, Managing Director at Wipfli Corporate Finance were our guests and talked about how they work together structuring deals, putting out fires and getting their clients to the closing table. When it comes to achieving the best outcome for a business exit, using the right team with essential areas of expertise makes all the difference.

Colin says it all starts by understanding and aligning with the owner's goals and sometimes he has to work to help the owner discover what they really want. Colin's investment banking skills and background make him the kind of advisor owners believe has their back. Colin won't take a deal unless he believes he can get it done.

Brett agreed that the owner's goals are at the top when helping them decide the right path for exit. Brett and Colin have a clear understanding of how to work together collaboratively. Sometimes Brett is driving and sometimes Colin is in the lead yet each know when to step back to let the other take over. Brett says that when an owner comes to him late in the game, for instance already having a Letter of Intent, he needs to "get smart fast" on what's happening with the owner's business and the owner in terms of assessing and mitigating risk as much as possible.

The key to keeping momentum going and to avoid deal fatigue is to have the right people on the team. With the right expertise at the table, the flow of the transaction takes less time thereby reducing cost and stress for the owner and everyone else.

Listen to the episode to learn more about their take on market conditions and what owners should do to prepare themselves for a future sale.

Contact Brett Larson here and Colin Johnson here
Connect with Julie on LinkedIn!

It's never too early to plan for your future exit - grab a copy of Julie's 'Free Ebook'here.Thank you to our show sponsors! Sunbelt Business Advisorsand Trust Point

Are you prepared for your best exit?
There is no time like the present to prepare. Check out these resources offered by #KeyeStrategies:

• Business Readiness Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

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From Teacher to Financial Founder: The Inspiring Journey of Stacey Stelter and GTS Financial Services

PoisedforExit met with Stacey Stelter, Co-Founder of GTS Financial Services. Stacey is a former Elementary School teacher and learned some skills that were quite transferable from that career into becoming a founder of a financial services firm. Stacey, Tyler and Grant are the co-founders of GTS Financial. Grant and Tyler have been in the industry 15+ years and are CFPs. Stacey has been in the industry 8 years and is the Director of Client Services.

Stacey is not a stranger to being an entrepreneur and starting something from scratch. Her passion for finance and for helping people achieve their financial goals is what drove her to leave her career as a teacher and move into a different kind of ‘teaching’; that of one who teaches business owners how to save and invest for a secure future! In between those two careers, she also directed a couple of non-profit organizations and raised her kids at the same time.

GTS Financial not only stands for Grant, Tyler and Stacey (she and her partners) but also their Core Values of Gratitude, Transparency and Service. We talked about the ways GTS differentiates itself in the marketplace and how their Core Values drive their business model and decisions. There's a Japanese acronym that uses a Venn Diagram to illustrate how to live your best life: Love what you do, Be Good at What you do, Do what the World Needs and Get paid for it. Thus, the recipe for any owner who's stuck in planning their Next Act!

Listen to the interview here.

Find Stacey here and Julie Keyes on LinkedIn.

It's never too early to plan for your future exit - grab a copy of Julie's 'Free Ebook'here.Thank you to our show sponsors! Sunbelt Business Advisorsand Trust Point

Are you prepared for your best exit?
There is no time like the present to prepare. Check out these resources offered by #KeyeStrategies:

• Business Readiness Transitiononline course
• Free Ebook downloadhere
• Purchase Poised for Exit book here

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The Great LeadHERship Awakening" with special guest Linda Fisk, CEO of LeadHERship Global

PoisedforExit was honored to have Linda Fisk as our guest, who has founded several companies, most notably "LeadHERship Global" of which Julie Keyes is a proud member!

Linda is a multi award winning woman in business, a national keynote speaker, best selling author and enterprising entrepreneur. LeadHERship Global is an organization that provides a Power Tribefor women who blaze their own trails in business, entertainment, and politics from all over the world. The foundation of LeadHERship Global is to inspire, motivate and energize their members with numerous learning, networking, and business growth initiatives offered via the membership programs.

Linda shared with us some of her best practices in scaling a profitable business with three key focus areas: Employee satisfaction, Customer satisfaction and Cash Flow. Her core operating principles include being humble, listening well, and learning at every opportunity. We could all take a lesson in humility, right?

"The Great LeadHERship Awakening" is a book published by LeadHERship Global and features the stories of 25 women leaders from around the globe sharing how they got from here to there, what they learned and the positive impact they've made and continue to make in the world. Get the book now.

One of our best interviews this year! Listen to the show and connect with Linda Fisk and Julie Keyes on LinkedIn.

It's never too early to plan for your future exit - grab a copy of Julie's 'Free Ebook'here.Thank you to our show sponsors! Sunbelt Business Advisorsand Trust Point

NEW, low price! Check it out!Business Readiness Transitiononline course

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African Family Firms Founder, Tsitsi Mutendi on how Family Business is like "Raising the Baobab"

PoisedforExit had the honor of interviewing Tsitsi Mutendi, Founder of African Family Firms, Nhaka Legacy, and host of "Enterprising Families" podcast!

Tsitsi grew up in family business; in her immediate family and among her extended family and friends. Many of those companies did not survive generational transfers, so Tsitsi dove into the world of family business to found her own companies, become an adviser herself and change the outcomes.

First, she founded Nkaha Legacy, an advisory firm for owners and their families that uses its expertise in consulting and family business governance to help the generations navigate change, develop a flourishing legacy and keep the family itself intact.

"Nhaka" is a word meaning 'heritage' that transcends financial wealth, and encompasses all that an owner leaves behind. Their wisdom, knowledge, reputation, and other intangibles that tend to live on longer than the money left to heirs. In other words, the entire legacy. Tsitsi's mission is to build, sustain and protect her clients' business continuity and legacy through engaging programs and other valuable family business resources and organizations; most of which she's had a hand in establishing herself!

Family Business Governance is something that owners of family businesses in the West tend to struggle with if they don't have the proper advisors to walk them through setting it up. In Africa, Governance is part of the Culture already, making the Family Business part of Governance a much easier pill to swallow. There's much more to learn about this, so be sure to listen to the show!

A popular tree in Africa called the "Baobab" is used to describe the written work that Tsitsi will soon publish! "Raising the Baobab" is the book's title and it refers to how family business advisory is like raising the baobab tree. The tree grows to be quite large and supports many functions and uses. As advisors, it's our job to help encourage, support and "raise the baobab" of the family business, that supports communities and families for so many when they are strategically and skillfully supported and grown. Using the 5C's of Capital as its foundation, "Raising the Baobab" will surely be a future Best Seller!

Listen to this episode here!

Connect with Tsitsi Mutendi here and Julie Keyes here.

It's never too early to plan for your future exit - grab a copy of Julie's 'Free Ebook' here.Thank you to our show sponsors! Sunbelt Business Advisorsand Trust Point

NEW, low price! Check it out!Business Readiness Transitiononline course

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Leadership can be lonely: C9 Builds Your Tribe

On #PoisedforExit we had the good pleasure of featuring Aaron Eggert on the show today! Aaron is the Founder and Chief Visionary Officer of Coalition 9, a Peer Group organization that seeks to create communities of trust, diversity and growth for leaders of companies and executives in various industries from a span of backgrounds. In just three short years, he's grown his organization to 21 groups with 200 members, and by referral only. That means something must be working!

To illustrate that's the case, Aaron shared a few success stories of members who have joined forces in business ventures as a result of meeting in a C9 Peer Group. Establishing the kind of trust required to become that connected is what C9 strives for in each Peer group.

Aaron's career start was in sales and he did well in that space. During that time he tried several peer groups himself and discovered that the requirements for most in joining were too prohibitive for most professionals. He wanted to level the playing field, and he did.

We talked about his 5 year plan, the best advice he ever received and much more. Listen to the episode and reach out to Aaron to learn more about joining a Coalition 9 group at coalition9.com

Connect with Aaron Eggert here and Julie Keyes here.

It's never too early to plan for your future exit - grab a copy of Julie's 'Free Ebook' here.

NEW, low price! Check it out!Business Readiness Transitiononline course

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Transitions: When is it time to bring in outside leadership?

In today's episode of #PoisedforExit we talked with Scott Sustacek, who is a "Free Agent CEO". Scott has run and built several businesses as well as facilitated and grown several CEO Roundtables. His perspective on bringing in outside leadership comes at a time when many founders of companies are pondering that very thing.

The timing of bringing in outside leadership has a lot to do with what the owner wants to do with their time (and their business) as they sunset from the day to day responsibilities. If an owner is looking to stay engaged, but doesn't want to lead the charge any longer, or they've reached a plateau of growth, those are good indications it's time to bring in fresh perspective and expertise. The owner also has to be ready to let go and delegate, which can be a challenge for many owners, but when the time is right, it can be an ideal way for the owner to benefit from the upside of what people like Scott can do in scaling the business as well as take some of the pressure off that comes with leading and growing an organization.

One of Scott's most recent engagements was a family owned company where he stepped in as CEO and doubled the company size in 5 years. The owners were thrilled and their acquirer was too. The founder became the Chairman during that time, so still having a leadership role but got out of the day to day. This option seems to be a good fit for many entrepreneurs who don't want to end it altogether for themselves, but do want less responsibility and more free time.

There's much more to this episode, so be sure to listen!

Get ready for your future exit by grabbing a copy of Julie's 'Free Ebook' from the website here.

Connect with Scott Sustacek and Julie Keyes on LinkedIn

Thank you to our show sponsors! Sunbelt Business Advisorsand Trust Point

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When should you engage a Family Office?

Our show today featured the Managing Director of the TrustPoint Family Office, Christine Schmidt. Christine got her start as a CPA, working in the insurance industry. From there she spent 16 years working as an accountant for a large Family Office with many types of holdings. She learned a lot and decided it was time to find a new endeavor. She found TrustPoint, and became a financial adviser. Just 5 years ago, she launched their Family Office department and has been growing it along with many new clients ever since.

The primary role of a Family Office, she said, is to be the family's fiduciary advisor in all things having to do with the family; business included. Assisting in making a myriad of financial decisions, both personal and professional, working across generations.

Trustee services, financial education for family members, wealth management, facilitation of family meetings, shareholder meetings, assembling and implementing Family Governance and philanthropic guidance are just some of the Family Office services at Trust Point.

When is the best time to engage a Family Office? The answer is it can vary, but many times it starts with a family seeking a Trustee relationship. Legacy planning for the business is another driver. To learn more, contact Christine

The interview was one of our best so far in 2023! Listen to it here

TrustPoint will be sponsoring a women in business event on May 12, organized by Team Women. Christine will be there, so if you go, stop by and say hello! Click here for a link to register

Connect with Julie Keyes on LinkedIn

Thank you to this month’s sponsor! Sunbelt Business Advisorsand TrustPoint

NEW, low price! Check it out!Business Readiness Transitiononline course

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From IRS Agent to Entrepreneur: One Woman's Compelling Story

PoisedforExit had the honor today of interviewing a client of KeyeStrategies, Peggy Hedgpeth, who is the founder and CEO of Golden Rabbit Enamelware.

Peggy had a very interesting journey to entrepreneurship, first working as an IRS Agent for 10 years and earning her CPA credential during that time, and then earning her MBA before founding her first start up. When making a trip to Indonesia (that takes 40 hours) to find teak furniture for her shop, she came upon enamelware among the vendors of Bali. She fell in love with the product and proceeded to visit all of the enamelware manufacturers in Indonesia before settling on one. She launched Golden Rabbit as a wholesale maker of high quality enamelware 34 years ago and hasn't looked back since.

Peggy sells her products through retail giants like Neiman Marcus, Pottery Barn, William Sonoma, and Bass Pro Shop. Many other retailers carry her products, ranging from dinnerware to kitchenware to serving ware, in various patterns and colors. Check out the beautiful, functional products here.

Peggy says she's always been a disruptor, and when things didn't go her way or someone got IN her way, she figured out a way to keep moving forward. As a woman entrepreneur, she said that in the early days, she was often told she didn't belong in business. Thankfully, she didn't listen to the naysayers. Check out the interview with Peggy.

Peggy and her executive team have worked hard the past few years doing everything they can to position the company well for a future sale. Peggy believes that when the time comes, she's now ready.

Peggy's story is truly compelling! She tells much more of it in a new book where she is a contributing writer, called "The Great LeaderHERship Awakening". There are 20 women contributors, all telling their stories from various angles. Find the book here

Connect with Peggy Hedgpeth and Julie Keyes on LinkedIn

Thank you to this month’s sponsor! Sunbelt Business Advisorsand TrustPoint

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Tax Liability in your Future? Consider a Charitable Land Donation

We interviewed Scott Jackson of Sandy Bay Partners today, who's background as a former Navy Commander has served him well in his leadership role at Sandy Bay. Scott's job is to build a network of private investors for their land development opportunities that utilize a tax mitigation strategy called Charitable Land Donation. Most of the land investment opportunities are parcels with oil and coal reserves yet to be mined. The value of the land with these resources increases the value of the investment exponentially and becomes a tax strategy for the investor as well as a vehicle for funding charitable organizations. Scott's favorite happens to be any organization that cares for Veterans!

We know how important our relationship is with our CPA, especially when it comes to tax planning. We also know that planning well in advance affords the best options for mitigating tax liability. Utilizing the expertise of your professional advisers is essential when considering this as an option for investing your hard earned liquidity.

Scott chose Sandy Bay Partners as his "next act" after 30 years in the Navy because the business philosophy of the firm and the role he plays in helping facilitate the best outcomes for investors fits his skills and leadership background.

Whether you are an Accredited Investor, high net worth individual or business owner, this option is a great alternative to other traditional means of investing.

Learn more by listening to the episode!

Connect with Scott Jackson here and Julie Keyes here

Find out more https://www.sandybaypartners.com/

Thank you to this month’s sponsor! Sunbelt Business Advisorsand TrustPoint

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Rollover Equity: What Sellers Should Know

In this episode we featured a very seasoned M & A advisor, whose background as a serial entrepreneur proves to serve his clients in a big way, especially when the deal structure gets a bit complicated. Michael Hubsmith, Senior Advisor with True North M & A joined us to talk about Rollover Equity; what it is and why sellers should consider it as a viable option to a future exit.

Say for instance, you've run a profitable, growing business in the lower end of the lower middle market ($5-15M in annual sales) and you know that your business has great potential for growth, but you'd like to take a step back. Your business could be a prime candidate for what Michael shared in this episode.

Rising interest rates are impacting how financing is done on M & A deals. Private Equity Groups (PEGs) have money to invest, but they're not as prone to requiring 100% ownership stake as in the past. When a seller is bullish on the future of their business, but wants to take a few chips off the table, a partial sale to a PEG could be the perfect fit.

As a seller, you may think your business is a candidate for such a transition as this. It's important that you seek advice right away, to determine if it's a viable option. Michael is open to preliminary discussion any time. You can reach him at mhubsmith@tnma.com or 612-850-6540

Much more to learn from Michael in this episode; listen now.

Connect with Michael Hubsmith and Julie Keyes here

Thank you to this month’s sponsor! Sunbelt Business Advisorsand TrustPoint

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There's More Than One Way to Structure Your Exit!

Today's #PoisedforExit guest featured Mary Merrill, Principal of Heritage Capital. Mary brings so much knowledge and so many lessons to share, that we decided she has to come back to the podcast!

From Buy Side, Sell Side, investor financing, bank financing and every possible way to structure a deal, Mary has the knowledge and skills to create a win win situation. Family business transitions are a specialty of hers and she shared several stories of how things can go well and not so well. In one instance, she had a client with four children who became shareholders when the founder died. Two were in the business and had voting rights and two were not. They ended up spending years and millions in a fight over control; all of that could have been avoided had they set up their partnership properly from the beginning. A lesson in being prepared from not just the founder's perspective (which he was) but also from the successor's (which they were not).

When a seller is looking to stay involved as an owner but is seeking investment capital along with expertise and other resources, and is willing to give up equity to achieve that, Mary is the go to for structuring a favorable arrangement. What options should a seller consider when it comes to financing the business? That depends on many factors and working with an expert to determine needs, wants and feasibility are vital to choosing the best path.

At the end of the day, having a plan that leads toward the future exit is essential. That does not mean the plan never changes, but it does mean we have a map to follow. It keeps everyone accountable and clear on where we're headed, even when life happens and we have to shift direction.

Listen to the episode!

Find out more about Mary Merrill and Julie Keyes here

Thank you to this month’s sponsor! Sunbelt Business Advisorsand TrustPoint

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What to do about your 401K in a Sale

In today's episode of #PoisedforExit we talked about what happens to the seller's 401K in a sale. Our expert guests were none other than the 401K experts at Trust Point; Jon Marquet and Allyson Krause.

If you are thinking of selling your business, it's essential that you discuss this with the firm who manages your 401K plan well in advance of the closing, so you know the timing recommendations of when to roll over and in what instances you need to do something sooner than later.

In an Asset sale, sellers have a little more latitude around wrapping up or rolling over their 401K plan than they do in a Stock sale. Either way, it's important to notify the firm and make a plan based on the transaction type. Jon said that the biggest issue for sellers is inaction or unawareness of the necessity to take action. Afterall, your 401K operates on its own, right? Not something you think about daily, it's just a line item on your payroll report; or so some believe. Having the expertise of a firm like Trust Point on your side means it's not on you as the seller to figure this out on your own. A simple call to let them know your intentions is all it takes, and they'll take it from there, with your input.

We also talked about Stock sales requiring that 401K plans be dealt with before closing, but what if the deal falls through? Allyson said that they wait until the day before the closing to terminate the plan for that very reason. If a Stock sale closing occurs and the plan is not terminated, it must be frozen at that point and the seller will have more hassle in rolling it over to another qualified plan.

A story that illustrates the expertise and service of Trust Point recently occurred when a client was preparing for a sale, requiring that they get involved in the roll over and termination process of the plan. Trust Point communicated the process so well to both the buyer and seller, and performed the process so smoothly, that the buyers moved their 401K plan over to Trust Point.

This is an important topic we've not delved into on Poised for Exit, but it's an important one! Please share it with your colleagues and clients.

Listen to the episode for more on this timely topic here

Find out more about Jon Marquet, Allyson Krause and Julie Keyes here

Thank you to this month’s sponsor! Sunbelt Business Advisorsand TrustPoint

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3rd Generation and Going Strong with a "People First" Focus

Our show today featured John Curry, a repeat guest of Poised for Exit. John is the CEO of Knutson Construction and is doing impressive things at the helm in the two years since his appointment.

John is the 3rd Generation in his family owned business and he's made some great strides in growing the infrastructure of the business the past few years by hiring LEED certified professionals and by really having the whole team focus on who best to position the company for growth from an internal perspective. The construction industry is changing and staying ahead of that along with a close eye on day to day operations is a delicate balancing act that John's gotten pretty good at!

John exclaims that working with outside advisers has made a "giant" impact in how they run the business, make improvements and identify their best prospects for future growth. Delivering their work as a Best in Class organization from every angle is something they constantly strive for and as John says, they never pretend to have all the answers. In other words, they're intentionally humble and listen to the advice they're given. That core value and belief has helped them lay the strong foundation needed to take the business to new heights.

Listen to the episode here

Find out more about John Curry and Julie Keyes here

Thank you to this month’s sponsor! Sunbelt Business Advisorsand TrustPoint

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Build a High Value Authentic Brand

PoisedforExit had the pleasure of talking today with Jennifer Zick, Founder and CEO of Authentic Brand, a Fractional Marketing Leadership firm. Jennifer has CMO's for hire, who work with the internal leadership team of companies to quarterback the marketing strategy and implementation and provide resources and insights to build the company's brand through measurable and effective marketing tactics.

Jennifer has been in sales and marketing for many years, and it was through a job loss that she founded her start up! Authentic Brand is celebrating its 6th year and is growing by leaps and bounds. Jennifer credits the leaders in her company and their capability to grow the companies they represent through marketing strategies that work for their industry and differentiators.

Jennifer recently wrote an article called "Brand Equity" that explains how Authentic Brand delivers their proprietary methodology that eliminates "random acts of marketing"! Find the article along with numerous free resources here

Jennifer also shared a couple of amazing client stories and some tactical anecdotes that you can listen to and learn from by downloading the episode.

Find out more about Jennifer Zick and Julie Keyes here

Thank you to this month’s sponsor! Sunbelt Business Advisorsand TrustPoint

NEW, low price! Check it out!Business Readiness Transitiononline course

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Seller Whisperer

We had the pleasure of interviewing Denise Logan today, who is a national speaker, author and specialist in working with sellers of companies to determine and plan what's next for their life after business!

Denise calls herself the "Seller Whisperer" and wrote a book in fable form called "Seller's Journey" that tells the story of a seller and his advisers on a trek through Glacier National Park after the sale of the business closed. Sounds like an intriguing read, doesn't it?

Denise has been an entrepreneur herself, as well as a lawyer and psychologist. When she owned and operated a law firm in Washington DC she found that during those years she was really unhappy, and decided to sell the firm. She also spent time as a psychologist specializing in work and financial disorders; people who are addicted to work or money. She also studied death and dying. It's with these experiences she can call herself an expert, especially since she's gone through it herself and also assisted a long time colleague and employer go through a sale. The latter was at the table 3 times before it closed, because the founder was too afraid of the life change and kept sabotaging the deal!

Denise encouraged the listeners to ask themselves this question: "What does work provide for, other than money and security?" The answer is to make a list of 15 things that work provides for you, to understand why it can be very difficult to sell and 'move on'.

The emotional arc of exit is the same for every owner, regardless of the company size or industry. Denise says that owners need to spend serious time thinking through what they really want from life and how they will derive satisfaction, because the change can be feared and there is a grieving process. The easier we make it on ourselves by having a next act plan, the smoother the transitional journey will be.

Find out more about Denise Logan and Julie Keyes here

Listen to this important episode here!

Thank you to this month’s sponsor! Sunbelt Business Advisorsand TrustPoint

NEW, low price! Check it out!Business Readiness Transitiononline course

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Should you Sell to the Employees? Taking a closer look at ESOP with Fiduciary, Neil Brozen

We had the honor of interviewing ESOP Fiduciary, Neil Brozen, President of Ventura ESOP Fiduciary Services. We've had other guests talk about ESOP on the show in the past, but never one with his expertise.

Neil's background lends itself to stepping into his current role (some 20 years ago) being a former CPA and spending so much time in the M&A world. His perspective carries with it the overall exit success of the owner and the fulfillment of the employees at the same time. He believes that there are many more companies who could become ESOPs and choose not to due to inaccurate information about how it works.

There are Centers for Employee Ownership across the country, and Neil is a proud Board member for both the local Chapter in MN (MNCEO.org) and the national organization that supports them; The Employee Expansion Network.

Many owners mistakenly believe that ESOPs eliminate their ability to control the direction and management of their company, but that's not the case at all. In fact, owners don't have to sell all of their stock to an ESOP.

There are approximately 6800 ESOPs in the United States right now. Neil said that number doesn't change much, since those who resell outside of the ESOP and those who start them up are consistently 1:1.

Financing for ESOPs was also a topic we discussed and you will likely find that part of the interview intriguing. The seller-financed portion of the transaction can end up being a great investment for the seller compared to other investment options today.

We talked about typical industries, company size, tax benefits and a whole lot more. Listen to the episode!

Contact Neil Brozen at nbrozen@venturaesop.com

Thank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Coand TrustPoint

NEW, low price! Check it out!Business Readiness Transitiononline course

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Merchant Processing: Let's Cut the Expense in 2023!

Our #PoisedforExit guest in this episode featured Marnie Ochs Raleigh, Co-Founder and President of Evolve Payment and Evolve Systems. Marnie and Julie focused on Evolve Payment, Marnie's Merchant Processing company, to give business owners some ideas on how they can improve cash flow by utilizing a company with the right expertise and a client centric mindset.

Evolve Payment has been in the Merchant Processing business for 20 years! The industry has truly 'evolved' from the old fashioned "knuckle buster" machines ("cha-ching!") to high speed terminals to PIN and Chip technology. The security of personal information has been safeguarded as well, going from easily accessible for any thief to swipe, to being governed by the Payment Card Industry (PCI) Compliance regulations, mandated by the government to be created by the likes of Mastercard, VISA and American Express. We're all glad these rules exist and that their adherence is highly monitored.

Evolve Payment will analyze your Merchant Statements for the past 3 months to determine what typical fees are being paid, so they can quickly assess whether they can save you money. Some of the most notable and recent client success stories have saved 5 and 6 figures for the client in payment processing fees! It seems a good time at the start of a year to have your accounts assessed as well. Any B2B company who handles merchant processing should check this out.

Contact sales@evolve-systems.com or go to evolvepayment.com to inquire about their complimentary fee assessment to see if they can save you money in 2023!

There's more to know on this topic; listen to the episode!

Find Marnie Ochs Raleigh here and Julie here

Thank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Coand TrustPoint

NEW, low price! Check it out!Business Readiness Transitiononline course

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Technology and IT Services: Sell the Golden Egg but keep the Goose

PoisedforExit had the privilege of speaking today with an M&A leader and adviser with True North M & A who specializes in transactions for the Technology and IT Services industries. Ed Gehres, a senior adviser, joined us from his office in Las Vegas, NV today to talk about the nuances relating to these industries in merger and acquisition situations. Whether the company plans to grow organically, by acquisition or with outside capital, there are things taken into account that may not apply to other industries. For example, if a firm is growing organically, it can get bogged down with developing stuff that supports their core competencies, which can end up sucking up resources that they can't afford to give up. Growth via outside Capital can go awry as well, if the owners don't share their growth strategies up front. What if the Venture Capital firm has different ideas about how to grow the company? If those ideas are laid out ahead of time, the founders will have better success in finding right-fit investors who align with their strategies. The same can be held for acquisitions of other firms when strategies are misaligned between the companies; integrations tend to fail or take far too long to complete.

Having an M&A strategy that is specific to the Tech and IT industry is essential for short and long term success. Ed said that strategy can't be determined and planned out once, but should be constantly updated. Like any strategic plan, if it's not changing, you're not working it. If you're not working it, then why have one?

Now is the time to prepare and be strategic about your growth plans. Ed said that 2023 will be somewhat challenging for companies in these industries, but as with every recession, the birth of new technology companies will emerge from corporate downsizing. For more of Ed's wisdom, listen to the episode here

Find Ed Gehres here and Julie here

Thank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Coand TrustPoint

NEW, low price! Check it out!Business Readiness Transitiononline course

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Stress Free in 2023!

As a business owner, you know how your stress level will go up or down depending on what you're dealing with, because you can feel it, but how do you deal with reducing it? We've heard that meditation, going for a walk and doing yoga are all helpful and viable ways to manage stress, but what if your work day doesn't allow for that? Even 'good stress' is hard on your body.

We interviewed Kristin Derus in this #PoisedforExit episode, the Founder of Eden BioFeedback. Biofeedback is therapeutic, non-invasive treatment that can significantly reduce the stress your body carries by teaching it to deal differently with the energy. Our "fight or flight" mechanisms generate energy and when our bodies don't release it, it doesn't go away, it just manifests in our body, showing up as a headache or a heart attack.

Biofeedback is used by many well respected medical practice institutions, like the Mayo Clinic, because they recognize its efficaciousness. If you're feeling depressed, anxious or worried, consider Biofeedback therapy as an alternative to prescription drugs. You can check out Kristin on her website at https://www.edenbiofeedback.com/

Find Kristin here and Julie here

Thank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Coand TrustPoint

NEW, low price! Check it out!Business Readiness Transitiononline course

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Planning and Future Dollars: Every Owner's Needs are Unique

I had the privilege of interviewing a favorite adviser of mine today with Edward Jones, Jesse Abercrombie. Jesse is a CEPA like me, and we know each other through the Exit Planning Institute. We refer clients to each other and enjoy our collaborative work, because our values and client centric philosophies align well.

Jesse got his start in the financial planning industry 20 years ago and has built a very successful practice in working with business owners. Most financial advisers don't work with business owners because the gratification of investable assets doesn't generally come until there's a liquidity event, but Jesse had the vision for the future and even though he knew it would be a longer road to build up his practice, he stayed the course with his owner clients, advising them along the way until the time came for an exit. At that point, they've established a strong, trusting relationship that leaves the client knowing Jesse's got their back.

Jesse's approach is all customized, and knows it has to be, because each case and each client's needs are unique. No cookie cutter here. He talked about how he loves working with entrepreneurs; how driven they are to succeed and grow something from nothing.

Jesse is a leader with his clients, but also a leader within the Edward Jones organization. Many advisers, especially newer ones, will connect with him for advice on launching and building a practice. Those who have added exit planning onto their practice especially appreciate Jesse's expertise and advice in this area. He operates within the corporate values of Edward Jones, helping other advisers become great at what they do by sharing his best practices generously.

For more about Jesse and Edward Jones, listen to the episode here

Find Julie here

Thank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Coand TrustPoint

NEW, low price! Check it out!Business Readiness Transitiononline course

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Julie Keyes Recaps 2022 and Looks ahead to 2023!

In this #PoisedforExit episode, Julie is interviewed by her producer, Bob Sansevere. They cover a bit about Julie's work as an exit planner, and then move on to talk about some of her favorite episodes of 2022.

If you are in a family business and plan to transition internally, check out these episodes: "Choosing and Preparing Your Successor" with Heather Parbst and "Remodeling a Remodeling Business" with John and Marc Sylvestre.

If a big 2023 initiative for your company is to increase top line sales, check out the interview with Scott Plum called "Stop Helping People and Start Working with People"

If your company needs to build a stronger Culture and you don't know where to start, listen to Super Bowl Champion, Ben Utecht's interview called "Let's Talk Culture"

Julie also talked about what's coming up in 2023; new guests, returning guests and some new sponsors to feature as well including TrustPoint and Evolve Systems!

Check out the episode here!

Thank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Coand TrustPoint

It's never too early to start planning.Check out the Business Readiness Transitiononline course offered by Julie #Keyestrategies

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Introducing NV Brands!

Today's episode featured Nicki Vincent, Founder and CEO of NV Brands. Nicki's vast professional network and reputation for being a master connector prompted her to leave her long standing corporate position as Executive Director of ACG MN and expand her reach by starting up her own venture.

NV Brands brings the best of what Nicki has built and practiced for many years, that is, bringing people together. From event planning and professional business development, to executive coaching and business brokering, NV Brands will raise your professional profile among your target audience.

Spending the past 27 years in the Middle Market space, Nicki and her team have established a network of professionals from across the country and in various disciplines. Many of whom have looked to her over the years for strategic introductions and referrals to other trusted advisors and firms. Her reputation for this work has earned her the nickname of "Master Connector" and it fits her like a glove.

NV Brands will help you organize and conduct 'outside the box' events that will bring the kind of ROI you've been missing, while intentionally focusing on business development tactics that bring in leads from dollars spent. So many times events are more brand building than anything else, but Nicki and her team know how to maximize the opportunity so the hosts come away with a greater return than they ever got with their former event planners.

Executive coaching and business development is another primary area of focus for NV Brands. The expertise of Nicki's coaching skills along with the creativity of the team is the magic mix that brings success for their clients, every time.

Watch for 2023 social and educational events hosted by NV Brands that can be found on LinkedIn and Facebook where you can sign up to stay connected.

Listen to the episode here

Find Nicki Vincent here and Julie hereThank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Co

It's never too early to start planning.Check out the Business Readiness Transitiononline course offered by Julie #Keyestrategies

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How to Build a Diverse Network and Why it's Good for Business

This #PoisedforExit episode featured an interview with Cathy Paper and Matt Tell, who each have their own entrepreneurial interests, but have come together to collaborate on a podcast they produce called "The Allstar Networking Show", which they record from the Midtown Global Market in Minneapolis. Global Market features chefs and artisans from many different parts of the world. The variety of places to eat and shop makes it a must-see destination. Matt's work is involved in expanding the reach of the Market by producing the podcast, growing memberships and a connection point for the entrepreneurs who've established businesses there.

Cathy's work at Rock Paper Star has revolved around executive coaching, speaking, book marketing and teaching young professionals how to network. The latter is work that has really expanded the past few years, due to people needing to learn how to maximize their time when we we're all working virtually. "There's so much more to networking than just handing out business cards," Cathy says. "What if you need a connection to a good attorney, babysitter, or movie recommendation?" she said. All of those would come from your network.

For more on this episode and for Matt and Cathy's top tips, listen to the show here

Find Cathy Paper here and Julie hereThank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Co

It's never too early to start planning.Check out the Business Readiness Transitiononline course offered by Julie #Keyestrategies

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When is Enough Really Enough? 5 Strategies to Create a Transition Plan

Our guest today on #PoisedforExit featured Sharon Olson, Founder and President of Olson Wealth Group. Sharon got her start as an entrepreneur at the ripe old age of 9 years old, when she started a paper route. As a child on a farm in a small town, her opportunities growing up were few, so sheran her paper route all through college. As she says "I never wanted to be poor again, so I worked hard, saved money and dreamed big dreams". In college she heard about financial planning as a profession and it interested her so much that she moved herself into the profession.

Sharon's experience mirrors mine and many other advisers who are still finding that owner's lack of readiness and gaps in business value are still big obstacles to successful exits. The more time you allow yourself and the more you work on the business, the better your outcome.

Sharon shared some very interesting stories about a few of her clients and their family business transitions. She also discussed several ways to transition to the children that you will likely find intriguing and helpful. Listen to the episode and hear more of Sharon's advice and expertise

Find Sharon Olson here and Julie hereThank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Co

It's never too early to start planning.Check out the Business Readiness Transitiononline course offered by Julie #Keyestrategies

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Growing up in an Entrepreneurial Family: Julie and her sisters tell their story

Today's show is an extra special edition of #PoisedforExit! I invited my sisters, Connie and Wendy to talk about being raised in an entrepreneurial home and how it impacted our lives as entrepreneurs.

The lessons shared were many, but one that stood out for all three of us was how self motivation and belief played essential roles in the success of the business each parent ran. Knowing you can do it and having the drive to make it happen are the bedrocks for any entrepreneurial success story. Another lesson learned was tenacity. Having a 'never give up' attitude, even when things get tough were instilled into each of us. How different things would have been for us as working adults, had our parents not ventured into the world of business ownership. Like their parents before them (on both sides) they knew they could do better and be happier working for themselves, and that proved to be very true.

I'm keeping the show notes short so you can take time to enjoy the episode.

If you are business owner and have children, our insights might provide some comfort and validation if you're trying to raise independent thinkers.

Find Connie Herzog website here and Facebook here
Find Wendy Legeros website here and LinkedIn here
And Julie hereThank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Co

It's never too early to start planning.Check out the Business Readiness Transitiononline course offered by Julie #Keyestrategies

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Passing the Leadership Torch, but Still Driving the Vision

Business owners don't always want to completely sunset their time in the business they grew from nothing. If that's you, then listen to this episode.

This week on #PoisedforExit Mary Nutting, CEO of CorTalent shared with us her strategy for developing leaders in her own company, as she reduces her time in the business day to day. Her goal is to spend the majority of her time focusing on big picture vision and growth strategy, and she's accomplishing that goal remarkably well. As she says "we have to put our money where our mouth is and do what we tell our clients to do". A motto she takes very seriously and so do her employees.

In their work as professional recruiters they've also realized that development of future leaders is essential in perpetuating a company's long range goals. Replacing people is expensive and disrupts the rhythm of the company's scalability, so as Mary says" let's groom them early and consistently". The advice she gives clients is the same advice she takes herself, making the work they do at CorTalent full of integrity and empathy for their clients.

So much more to take in from this interview: listen here now.

Find Mary here and Julie hereThank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Co

It's never too early to start planning.Check out the Business Readiness Transitiononline course offered by Julie #Keyestrategies

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Building a People Focused Enterprise with Culture at the Top

Today on #PoisedforExit we talked with Kyla Hansen and Andy Knutson, partners at JAK CPA's. They've done some impressive work in creating and sustaining a strong culture within their organization. Accounting isn't the most likely of industries to excel in this category, but JAK has it figured out.

They shared some interesting tactics with us that have worked for them, but suffice it to say that while everything they do to recruit and retain is well, it all starts with an authentic, people focused mindset that serves as an unshakable foundation for the firm.

They talked about how flexible they are as a firm; working with their staff to help with balancing home life and work life. The supple mindset served them well recently when they were seeking to hire an intern but ended up with a seasoned CPA who was looking for less stress and reduced hours. His former firm said no to his request, so he answered an ad at JAK. Now they've both got what they want, and then some!

Recruiting is an all hands on deck, year round endeavor. The firm is always in search mode, regardless of whether there's an immediate opening. The employees know this too and are encouraged to keep their eyes and ears open for possible right-fit candidates looking for a change. They’ve created a great place to work, where turnover is low and satisfaction is high; a valuable arrow in the quiver!

For more on the insightful episode, listen here now.

Find Kyla here, Andy here and Julie hereThank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Co

It's never too early to start planning.Check out the Business Readiness Transitiononline course offered by Julie #Keyestrategies

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Your Most Trusted Adviser is not Who you Think

Our #PoisedforExit episode today featured Brian Adamek, Founder and wealth adviser for E Wealth Partners. E Wealth Partners works with business owners, especially when exit planning is in the mix.

Brian has a long history of helping owners achieve financial security through his advice and expertise. His background includes acquiring his exit planning designation and being a business owner himself; he has true empathy for his clients.

The firm's focus is always to protect the net worth of the client, but E Wealth goes beyond that, in that they really look at the whole picture. They go so far as to analyze the cash flow of the business when the owner is deciding how to make investments on the personal side; can they afford it? How much? How often and in what manner? Brian's business acumen and the use of metrics to measure success are the foundation for the work he does as the owner's Quarterback. He enjoys the collaborative process with other advisers. We as professionals would work well together.

Brian has a scorecard he uses to help clients understand where they stand today. Listen to the show and learn more

Find Brian here and find Julie hereThank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + CoNOTE: Investment advisor services offered through AdvisorNet Wealth Management (AWM). E‑Wealth Partners and AWM are not affiliated. Upcoming events and programs:
BTR programhttps://keyestrategies.mykajabi.com/ks-landing-1
Owner's Forum Registration | October 6
https://exit-planning-institute.org/events/event/epi-twin-cities-metro-area-october-2022-chapter-event/
Business Transition Readiness Workshop | October 19*https://www.eventbrite.com/e/business-transition-readiness-tickets-404152690577

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Business Transition Planning: Are you Ready? MNCEO's online course!

Today on #PoisedforExit we talked with Sue Crockett, Executive Director of the MNCEO, which is a non profit organization working to help business owners navigate employee ownership options through education and free resources. They recently launched a new program for owners that teaches them the basics of what transition planning is, how to start, who's involved and what to do next.

Employee ownership options like ESOP, Employee Coop's and Employee Ownership Trusts are the three ways an owner can sell to their employees vs to a third party. We talked about all three in the show and how the course will not only help with transition planning processes but also educate on these options as well.

Economic Developers are utilizing this course for outstate companies who need the help and education but lack the resources in outlying areas. It's become an effective aid in the work they do for the owners who come through their doors.

Listen to the episode!

Check out the online course and more about employee ownership!
mnceo.org

Find Sue Crockett here and find Julie hereThank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Co Upcoming events and programs:
BTR programhttps://keyestrategies.mykajabi.com/ks-landing-1
Owner's Forum Registration | October 6
https://exit-planning-institute.org/events/event/epi-twin-cities-metro-area-october-2022-chapter-event/
Business Transition Readiness Workshop | October 19https://www.eventbrite.com/e/business-transition-readiness-tickets-404152690577

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How your CPA is Your Most Trusted Adviser

In today's episode we interviewed Andrew Knutson, partner and 4th generation successor of JA Knutson CPA's in Falcon Heights MN. JAK is a firm that specializes in working with owners of privately held companies and has done so for many years.

Andrew says that JAK has been a strategic partner for clients in numerous ways that have been greatly beneficial in exit outcomes. They focus on a holistic approach working to maximize the needs and wants of their clients, both personally and professionally. One example recently when two companies merged and JAK helped their merging client with many of the accounting system integration processes as well as other integral services like audit and other advisory services.

Their belief and practice in being a collaborative partner has won them many loyal clients and professional relationships alike. Listen to the episode here!

JAK is an important sponsor of the Poised for Exit podcast and we are proud to have them support us!

Find Andrew Knutson here and find Julie hereThank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Co Upcoming events and programs:
BTR programhttps://keyestrategies.mykajabi.com/ks-landing-1
Owner's Forum Registration | October 6
https://exit-planning-institute.org/events/event/epi-twin-cities-metro-area-october-2022-chapter-event/
Business Transition Readiness Workshop | October 19https://www.eventbrite.com/e/business-transition-readiness-tickets-404152690577

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Systematize Your Revenue Streams Through Digital Automation!

In this episode of #Poised for Exit I had the honor of interviewing Dr. Theresa Ashby, Founder of Kaleidoscope Media Services. On top of running a successful firm, "Dr. T" is also an author, professional speaker, and podcast host. We talked today about how businesses today should strongly consider adding digital products and educational content to their business model, for a variety of reasons.

The purpose for adding digital products will vary from client to client. Some are interested in expanding their reach and offering online courses that can share knowledge and expertise as a revenue stream. Some firms are looking to educate and motivate internal teams, whether they work locally or in other geographic locations. This strategy can be a perfect solution for employers trying to build culture with employees who are all over the map. Dr. T says the use of online communities where people can have conversations at a different level are a great way to build teamwork and values. Kaleidoscope Media Services provides creative solutions to companies looking to accomplish these elusive objectives.

Dr. T offered many more valuable tips and advice! Listen to the episode:

She's also offering a no-sell, complimentary chat to discuss your business and see if it's a good candidate for digital offerings. Schedule your complimentary time here: https://www.kaleidoscopemediaservices.com/contact

Find Dr. T here and find Julie hereThank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Co Upcoming events and programs:
BTR programhttps://keyestrategies.mykajabi.com/ks-landing-1
Owner's Forum Registration | October 6
https://exit-planning-institute.org/events/event/epi-twin-cities-metro-area-october-2022-chapter-event/
Business Transition Readiness Workshop | October 19https://www.eventbrite.com/e/business-transition-readiness-tickets-404152690577

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Pre Due Diligence Leads to the Best M & A Outcomes!

This #PoisedforExit episode features a conversation today with KG Graminschi, Senior Associate with True North M & A. We talked about how the work I do as an Exit Planner impacts an owner's exit outcome and how being prepared well in advance ensures that the owners will have more options and sell for a higher multiple!

KG says that most owners he works with are somewhat prepared, but don't always have outside advisers working with them regularly who could take them to the next level of valuation, which is where I come in. Working with owners to maximize strengths, improve weak areas and capitalize on opportunities for growth will naturally flow through to a higher bottom line and higher net proceeds.

What is "readiness"? Well, it's not when the owner 'feels' ready, unless they've done the work to get themselves prepared and their business is turnkey. KG says that owner centricity and customer concentration are common pitfalls with the clients he's worked with, but it's not in their area of expertise to work with owners like I do to eradicate those issues. The M&A advisor simply assesses the owners readiness and identifies the areas needed for improvement and informs the owners when they deem they're really not 'ready'. KG says that if the owners had an exit planner on board the positive impact would be significant.

TNMA (True North M & A) has a motto for their potential business buyers that says "overwhelm them with yeses!" In other words, say 'yes' more than 'no'. Buyers want to hear 'yes' whenever possible to keep their interest and ensure a successful closing.

There's a lot of extra content to this show, so listen to it here!

Get your complimentary Valuation from KG by emailing him at KG@tnma.com or calling him at 507-351-2994.Find KG Graminschi here and find Julie hereThank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Co Upcoming events and programs:
BTR programhttps://keyestrategies.mykajabi.com/ks-landing-1
Owner's Forum Registration | October 6
https://exit-planning-institute.org/events/event/epi-twin-cities-metro-area-october-2022-chapter-event/
Business Transition Readiness Workshop | October 19https://www.eventbrite.com/e/business-transition-readiness-tickets-404152690577

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Making Sense of Value Creation for Business Owners

This #PoisedforExit episode featured Mariano Jurich, Product and Project Manager with Making Sense LLC. Making Sense takes the ideas of founders and business executives of middle market companies and works to bring them to life. Through software programs, apps, digital optimization and other forms of technology, Making Sense is all about increasing the value of a business, so the owners can realize their best outcomes at time of exit.

Mariano has been in product ideation and implementation for many years and in various roles. He's committed to the best client outcomes and because their firm is more nimble than their Fortune 500 competitors, they can really create a long lasting relationship with their clients that not only focuses on logistical goals, but on creative ones. The marriage between logical and creative is the foundation of the work they do, and the end goal is always to increase the value of the enterprise through technological advances.

Some clients need help with growth and improvement before they sell the business and some are in earlier stages of growth. Some are in acquisition mode and are looking to lay a stronger foundation for growth through the implementation of better technology. Such was the goal for a recent client who came to Mariano saying "double our revenue without adding headcount", and Making Sense made it happen. It put the client in a position to be a stronger buyer, and now they are in the process of consolidating their industry; buying several smaller competitors.

The company has three main locations; Argentina, Columbia and Mexico. Mariano is located in one of their US offices in Dallas, with another US office in Palo Alto.

Listen to the episode!

Find Mariano Jurich here and find Julie hereThank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Co Upcoming events and programs:
BTR programhttps://keyestrategies.mykajabi.com/ks-landing-1
Owner's Forum Registration | October 6
https://exit-planning-institute.org/events/event/epi-twin-cities-metro-area-october-2022-chapter-event/
Business Transition Readiness Workshop | October 19https://www.eventbrite.com/e/business-transition-readiness-tickets-404152690577

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Minimizing the Payment to Uncle Sam when You Sell your Company

Today's episode of #PoisedforExit featured Lance Madson, CPA and Tax Partner with Boulay. Lance got his start in tax and stayed there. Imagine his level of expertise when working with business owners!

We started out talking about one of the basic quandary's owners face when selling their companies; should it be a stock sale or asset sale? Well, sellers like stock sales and buyers like asset sales. "Frankly, most small businesses are asset sales", Lance said. Buyers like to get the step up in basis on the tax side, so they will prefer an asset sale. Sellers would prefer a stock sale, because they'd get taxed at the capital gains rate, which is lower than ordinary income, and their whole company goes with a stock sale, not just the assets....

Most of the value in a business lies in the goodwill of the business, which is an intangible asset. What consists of goodwill? Customer/client lists, reputation, brand, vendor relationships and employees! When a valuation leans heavily on goodwill (which lenders don't like) it's an advantage for the sellers because there's less tax to pay on intangible assets.

Lance also gave advice on how to defer tax in a sale as well as how to even eliminate it! He cited a tax code that allows for the sale of qualified small business stock (you have to be a C-corp) and provides for an exclusion of the gain up to $10M! Structure your next venture on this premise, but only after you've consulted with Lance on the details. Listen to the show and learn more!

Find Lance Madson here and find Julie hereThank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Co Upcoming events and programs:
BTR programhttps://keyestrategies.mykajabi.com/ks-landing-1
Owner's Forum Registration | October 6
https://exit-planning-institute.org/events/event/epi-twin-cities-metro-area-october-2022-chapter-event/
Business Transition Readiness Workshop | October 19https://www.eventbrite.com/e/business-transition-readiness-tickets-404152690577

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Choosing and Preparing Your Successor

This week's guest featured Heather Parbst, Director of Owner Transition Services with CliftonLarsonAllen. Heather has worked with family businesses in transition for several years and prior to that work was an entrepreneur with her own set of ownership issues. She's also educated in counseling and psychology, becoming an adviser and consultant that people can turn to for holistic help during the process of ownership transition.

Heather says that owners should take a "windshield vs rear view mirror approach" to choosing and grooming a successor. Looking forward at where the company is going (or where you want it to go) can tell a great deal about the kind of leadership required to get there. Sometimes it's hard to assess what kind of traits and skills the next leader will need. As an owner, your role has likely changed a lot over the years, and you grew along with it! Asking yourself questions like "how has my job changed since I first started the company?" can be helpful ways to recall how your position and responsibilities evolved over time, which will help get into the mindset of choosing and grooming the next generation of leadership.

One thing Heather talked about that seems to be a common issue with owners on the transition path is refusing to leave when it's time. So much of our identity as owners is tied up in the business; many owners ask "who am I without my business?" and are met with a blank canvas in their minds about what that could look like.

When an owner and a successor are preparing for the transition, it's important to first identify the needs of the organization (currently and in the future based on growth strategy). Build the transition plan around those goals and needs, and then groom a successor whose skills and traits are a good match for the challenge. Too many times we tend to mold a position for the person, when it should be the other way around.

For more of Heather's wisdom and insight listen to the episode!

Find Heather Parbst here and find Julie hereThank you to this month’s sponsor! Sunbelt Business Advisorsand John A Knutson & Co, PLLP, JAK + Co Upcoming events and programs:
BTR programhttps://keyestrategies.mykajabi.com/ks-landing-1
Owner's Forum Registration | October 6
https://exit-planning-institute.org/events/event/epi-twin-cities-metro-area-october-2022-chapter-event/
Business Transition Readiness Workshop | October 19https://www.eventbrite.com/e/business-transition-readiness-tickets-404152690577

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Women-Owned Start-Up's Have a New Advocate!

In today's #PoisedforExit show we featured Lucas Root, a Wallstreet M&A adviser turned entrepreneur. Lucas spends his time speaking, teaching and mentoring women entrepreneurs of startups and established businesses. His access to various types of capital and connections in the M&A world have been integral in getting this endeavor off the ground.

Learning about the various operations of the businesses he was a part of acquiring helped him gain some insight and knowledge that most of us take a lifetime of business ownership to obtain. He spent time with many of the big banks, but also with smaller firms, both on the analyst side and the integration side of a deal.

As an investor he knows the statistics when it comes to the higher success rate of female owned companies, which is why he's doing his best to expand awareness around the obstacles they face in order to get their products and services to market.

Lucas offered his assistance to any woman entrepreneur who wanted his help, without charge....listen to the episode to learn more!

Find Lucas Root here and find Julie hereThank you to this month’s sponsor! Sunbelt Business Advisors Upcoming events and programs:
BTR programhttps://keyestrategies.mykajabi.com/ks-landing-1
Owner's Forum Registration | October 6
https://exit-planning-institute.org/events/event/epi-twin-cities-metro-area-october-2022-chapter-event/
Business Transition Readiness Workshop | October 19https://www.eventbrite.com/e/business-transition-readiness-tickets-404152690577

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Lessons and Strategies from a Serial Entrepreneur

Today on #PoisedforExit we featured Brian Slipka, CEO, founder and acquirer of numerous companies in various industries, with a common foundational thread: "help people and success will follow".

Brian's business philosophy, which permeates his entire life, was born out of watching his dad run his manufacturing company. Brian referred to him as his life's "greatest mentor" who taught him the values he lives out today.

Brian started out selling customized computers he'd built himself, which evolved into acquiring more experience in technology and software, eventually landing him in the M & A world. Fast forward, he's now in the M & A business, being the Founder and CEO of True North M & A, and Sunbelt Business Advisors,Honor Capital,True North Equity Partners,and many others.

From his humble beginnings to where he is now, Brian is not resting on his laurels. He's an inspiring, driven entrepreneur with much left to accomplish in this life. Your time would be well spent listening to this episode!

Find Brian Slipka here and Find Julie here Thank you to this month’s sponsor! Sunbelt Business Advisors

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Making Sense of Long Term Care for Business Owners

In #PoisedforExit today's episode we interviewed Stephanie Searle, industry expert in Long Term Care solutions. Stephanie has been in the financial services industry for many years, having started as a financial adviser and stock broker for Prudential and working there for a number of years, before going into Long Term Care.

She said the average person doesn't know what they really have for coverage in LTC, because many times they're told that their Life policy has LTC coverage built in, but if the agent is not a LTC Specialist, then it's not what the policy holder thinks!

As an aging population who's working much longer than the traditional time of retirement, LTC is an option that fits many lifestyles and needs because it can be assembled as a hybrid product. The hybrid can be a combination of life insurance and Long Term Care, and the benefits can move from one type of coverage to the other, depending on what the needs are.

A nuance in the Long Term Care industry is the concept of Membership Plans. Getting coverage is easy and there are no prerequisites or requirements. You simply pay a monthly amount and use it when you need it. There's even a plan that covers a married couple, vs buying individual coverage.

The odds of needing Long Term Care as we age is much higher than we think, and having a Disability Policy is not enough anymore. What if you had a car accident and couldn't work for a while? What if your spouse had to quit working to care for you ? Where does the money come from? Disability covers some expenses, but you just tripled your monthly outgoing and there's no more paycheck. Stacking LTC to your Disability ensures you'll get the care you need and the financial assistance to keep your bills paid and food on the table until you're back on your feet!

Stephanie offered a 2022 Tax Chart that outlines the IRS benefits of Long Term Care. To obtain that, simply email her at ss@amoresecurefuture.com and put "Tax Chart" in the subject line.

Listen to the episode now!

Find Stephanie here and find Julie here.

Thank you to this month's sponsor! Sunbelt Business Advisors

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Our #PoisedforExit show today featured Tim Olson, Business Development professional at Honour Capital. Tim's background in equipment sales uniquely positioned him as a great fit for the typical client at Honour Capital, a firm getting its start just after the pandemic hit, but whose growth has seen quite a trajectory!

Honour Capital's motto is "purpose driven capital". Part of the business model embodies a give-back philosophy. The company started that right out of the gate in partnering with some of its favorite local charities.

Honour Capital would be considered 'middle' financing for companies, in that they work alongside the business owner's bank, and finance what the bank won't or can't do. They don't take an equity position, just simply a private financing source for businesses who seek to grow, acquire, or recapitalize. Since they are not regulated by a bank, they can get more creative in the types of deals they do, and being industry agnostic makes them an option for just about any owner looking for business financing. All loans are tied to tangible assets like equipment, vehicles, buildings, etc. and have fixed rate, short term loan parameters.

Tim shared a couple of interesting client stories with us and some other great tips for owners looking for financing! Listen to the episode now.

Find Tim here.
Find Julie here. Thank you to this month's sponsor:
Sunbelt Business Advisors

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Our guest today featured Henry DeVries, Publisher and Owner of Indie Books International. Henry's firm published my book "Poised for Exit" two years ago already.

Henry founded Indie Books after helping 50 people write their own book, finding it as a calling to continue the work. Fast forward, he's published 150 authors and helps each one "write the right book". Writing the right book for your audience is one of Henry's many unique strengths; I can attest to it having worked with him.

The process he uses and teaches to his clients in order to attract those high paying clients and customers is called "The Magnificent 7"....

1. Put on small group seminars

2. Get speaking engagements or podcast interviews

3. Write: articles, blogs, books

4. Be generous with your target audience

5. Network at the events you speak at

6. Have a presence on YouTube; share your expertise

7. Do paid events: workshops and presentations

"Offer help, not hype," Henry says. Give away information that helps solve their problem in general, so they understand why they need you to help them apply and break down specifically.

Henry's latest book he co-wrote with two of his colleagues is called "Rainmaker Confidential" and features 100 interviews of successful professionals on how they bring in high paying clients. rainmakerconfidential.com

When it comes time to be "Poised for Exit", Henry recommends you don't take your foot off the gas of your business. If you do, you risk losing revenue, enterprise value, and a good buyer. Use a professional exit planner to help you through the process!

Learn more about Henry and Indie Books International at Indiebooksintl.com

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In today's episode we interviewed Scott Plum, Founder and President of MN Sales Institute. Scott is a two-time author, podcaster and sales training expert. He shared some really great advice today.

According to Scott, sales people are assumptive people. They assume that the prospect has a problem, but what if they don't? Prospects want to maintain control, so trying to blast them with all the knowledge you have and solutions you think they need will only turn them off. No one likes to have 'answers' shoved down their throat. Scott says active listening is essential in learning how best to ask the emotional questions vs the intellectual questions that are easier to ask.

Scott says sales people can have many excuses for why they aren't selling as much as the owner would like. The key to reversing this behavior is in challenging the sales person vs trying to change him/her. Scott specialties lie in doing just that and then some. Go to mnsales.com for more information or call Scott (he really likes his phone to ring! **651-453-1819

Find Scott on LinkedIn: Scott Plum Go to cyberfin.net/keyestrategies/ Or e-mail them at protectme@cyberfin.net to schedule your self-check today to get protected.**

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Our guest for this episode featured Nike Anani, Founder of African Family Firms, which is a non-profit community of family business owners of African descent from around the globe. Nike' got her start as a member of her own family's construction firm when she lived in Nigeria. Born there, but raised and educated in the UK, she went back to work in the family business with her father in Nigeria and eventually helped the family plan their own succession. This led to her work with other family businesses.

Her typical client is a 2nd generation owner of a family business of African descent. She works with them to build a legacy plan, a wealth and estate plan, while counseling them on developing a communication plan to help facilitate and complete all of the above. With an asset base of $50M and above, these would be considered larger family enterprises by comparison to most, making their situations more complex and time consuming, but still having many of the same issues family business owners tend to face.

Nike recently released "Lifetime to Legacy" a book about how to leave a family business legacy. Her advice for our listeners:

1. Be mindful of all stakeholders in the family business and use empathy when dealing and communicating with each other

2. Owners should try to include the Next Gen into the planning as early as possible. Being a successor can be intimidating; the earlier they know what's going on, the higher likelihood of success.

Thank you to this month's sponsor:
Sunbelt Midwest Business

Find Nike on LinkedIn: Nike Anani

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In today's episode of #PoisedForExit featured Alec Broadfoot, CEO of Vision Spark, a consulting firm that specializes in selecting and placing leaders for strategic growth.

Alec's firm uses a proven process for helping his clients hire the right fit for their open leadership positions, using data, science and assessments to make smart decisions. Measuring things like business acumen, mental acuity and values, affords Vision Spark a high batting average when placing candidates with their clients.

Alec said according to Gallup, 82% of leaders hired were the wrong fit. This is a high number and likely due to the fact that most companies lack a hiring process. Taking the time to really define the position is the first step and is missed so many times, thus a hire is made and the fit is not there.

Vision Spark's biggest strength is in recognizing market demands and acting on them; utilizing a strong hiring and onboarding process is in high demand among the best and brightest candidates.

Another interesting point Alec made is that 48% of resumes are built on lies and that 100% of them are embellishments of the truth. If that's the case, why would we not prove the content of them to be accurate?

Thank you to this month's sponsor:Sunbelt Midwest

Find Alec on LinkedIn: Alec Broadfoot

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In our #PoisedForExit for episode today, we featured Jason Early, President of BizEquity, which is a software service that advisers use for valuing a privately held company. If Valuation has been on your mind, this episode is for you!

BizEquity was founded to "democratize business valuation" for privately held companies who are not backed by Venture Capital or Private Equity. It is a software that calculates the value of a business in over 900 industries, so the owner is in a better position to make critical decisions about growth, transition and eventual exit. Since the business is usually an owner's largest asset, it's essential to know the value in order to move forward in any way.

Financial services such as accounting, financial advisory, and banks tend to be the ideal client for the BizEquity software. In advising their owner clients, these types of firms must know the value of their client's largest asset in order to make sound recommendations and implement meaningful plans.

Jason said the impact of this program has been extremely significant for their clients and has changed outcomes in numerous cases. In one such case, an adviser used BizEquity software as a catalyst to help a family business move forward with succession planning. Once they understood the value of the enterprise, they were much more open to moving ahead with transition planning. We call that a Triggering Event in Exit Planning!

Thank you to this month's Sponsor:
Sunbelt Midwest Business Advisors

Find Jason on LinkedIn:
Jason Early

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Today's episode of #PoisedForExit featured Chris Steffl and Daniel Metcalf, partners at Cyberfin, a firm who offers complete Cybersecurity protection for small to middle market companies across the globe.

Chris comes from a commercial insurance background and saw a great need for Cybersecurity among his many insurance agency clients who were lacking proper protection from the dark web. Cyberfin started as a subscription service for financial service providers (thus the 'fin' in the name) but has become industry agnostic, appealing to small, medium and large companies alike.

The cost effective nature of the service is a big attractor for subscribers. Even consultants like me are jumping on board to protect the valuable client information and their own proprietary, financial, and sensitive information.

Among the many tips and bits of advice they dispensed on the show, one was the importance of knowing what to do if you are ever compromised by a hacker. Your first call for help should always be to your insurance agent, said Daniel. Cyber Extortion "Bad Actors", hold your information hostage these days after they've had a chance to follow you and your staff awhile to learn your business, your weaknesses, and your involvements. Sometimes they are even able to access a copy of your insurance policy when they hack into your system, so they know what kind of coverage you have!

Other prevention tactics that Chris and Daniel recommend are to force password changes regularly, that are 14 characters in length, and to use multifactor authorizations especially for email!

Find Chris and Daniel on LinkedIn:
https://www.linkedin.com/in/christopher-steffl-5b6b492/
https://www.linkedin.com/in/danielmetcalf/

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In this, our 100th Episode of #PoisedForExit, we invited Lisa Meyer, adviser with Sunbelt to interview a client of hers, who's growth strategy has been to acquire other companies in his industry. He's got a system for that, and a strategy that works.

Jeff Rahn, President of On Time Service Pros began his career as an employee and he worked his way up, as they say. But, not without issues. Some of the very things he went through as an employee he tries not to emulate today as an employer.

When assessing whether a company is a fit for him to buy, he watches for two things, that the owner is truly ready to sell, and that the company's focus was on customer service. If those two exist, it's likely going to be a good match.

Jeff does asset sales only, and dissects the customer list away from other assets, buying the list only. The seller is free to do with the other assets as he wishes. Jeff plans to continue acquiring 1-2 smaller owner/operator companies per year.

He's had some situations where the owner he's made a deal with changes their mind and walks away (for fear of the unknown and losing a lifestyle, he said) and he's also had some where he walked away himself. If the seller is trying to tell him what to buy, how to run the company, and what he should do to retain customers, he realizes the owner is not ready to sell, so he walks away at that point.

Jeff has a whole system for how to assess candidates for acquisition, as well as a system for assessing their employees on whether to hire them. He doesn't use any sophisticated tools for measuring their capabilities, he simply meets the prospective employees and has a personal conversation with them, deciding then, whether they're a fit for the On Time Service Pros culture!

We would like to thank our sponsor for this week's episode:
https://www.sunbeltmidwest.com

Find Lisa and Jeff on LinkedIn:
Lisa Meyer: https://www.linkedin.com/in/lisa-meyer-43883610b/
Jeff Rahn: https://www.linkedin.com/in/jeff-rahn-1b5904b2/

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Today's episode of #PoisedforExit featured Bruce Werner, author, private equity investor and family business advisor. Bruce and I met through our book publisher "Indie Books International" a couple years ago. Bruce recently published "Your Ownership Journey" that highlights his expertise in scaling your business during various stages of growth, ending the book with exit planning advice.

He spent his first 20 years in business working in his multi generational family business that eventually sold, whereby he moved on to becoming an entrepreneur once again, but this time consulting for other family businesses.

He said when it comes to working with family businesses, either you get it or you don't. Having lived in family business situations for my entire upbringing, I know what he means. When you've lived it, you understand better than others that family business has its another layer of complication that requires advisers who understand and can provide the right guidance at the right time. Bruce definitely 'gets it'.

Some of the many services he focuses on with his clients is in Governance. He says that Business Governance is part of the overall Family Business Governance strategy, but not all of it. The family business shareholder wears many hats, so it's important to differentiate between them and the role the member has in each area. This is where many families get into trouble.

Bruce says "the most important thing about my work is that it has to have impact. If it's not making a difference and I'm not having fun, it's time for me to find something else to do". Well said, Bruce. I agree!

We would like to thank our sponsors for this week's episode:
https://www.villagebankonline.bank and https://www.sunbeltmidwest.com

Find Bruce on LinkedIn: https://www.linkedin.com/in/brucedwerner/

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In this episode we interviewed the father and son team, John and Marc Sylvestre of Sylvestre Remodeling and Design, who shared some of their transition planning journey with us which started at the onset of the pandemic!

Through many trials and unforeseen obstacles, they created a plan for John's eventual transition by bringing in Marc in a leadership position, working alongside John for the first year and then taking much of the control of the business in year 2. As a client of mine for many years, I have to commend John for the way he never pushed Marc into taking over. He would ask him regularly "are you still having fun and do you still want to do this?" to which Marc would say "yes and yes". It has been a gradual, methodical transition process that has produced great success for them and the entire company.

When John started in the business 50 years ago (as a young teen) he really liked to create and build things. So, when he went to college he studied Architecture, and upon graduating, started up his own company with another partner. Fast forward to now, Sylvestre Remodeling and Design is an award winning contractor and top name in high quality remodeling work in the Twin Cities, and Marc's goal is to keep it that way.

One claim to fame is that John runs his business on tried and true systems and processes; something not commonly found in his industry. He said they like to take something that's not working and make it work. An example of a client they helped had adopted a girl with special needs, so they had to sell the house that John had formerly remodeled and buy another one more conducive to her needs, but it still needed accessibility work, so the Sylvestre team created living space that could accommodate her strengths.

Marc's goal is to help his Dad have more time away from the business and he's accomplishing that well. John says that won't happen abruptly, because he's still having fun and likes to contribute as well as mentor Marc while he becomes accustomed to being in the leadership chair. After just two years, Marc is doing really well. The two of them along with the entire Sylvestre team have a full pipeline of projects, so there won't be a shortage for learning!

For more information about Sylvestre Remodeling and Design, visit their website at sylvestremn.com

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In this #poisedforexit episode, we caught up with Aleesha Webb, President of Village Bank. Aleesha has been on the show a couple of times in the past and always has great insight to share with you, our business owner audience, and this time was no exception.

Aleesha said that business acquisitions have slowed down from her perspective and that there seems to be less "blue sky" in deal structure, with more collateral instead. Seller Carryback Notes are more common and when written properly can be quite beneficial for both parties.

She said that a bank needs to know where the business is sitting financially at all times, in order to effectively advise them in the future, whether it's time to refinance, seek additional capital, pay off debt, or downsize expenses, a banker relationship for a business owner is vital.

Having said that, we also talked about the overall team that a business owner needs to have in their corner when making big decisions to grow and expand. Aleesha said those businesses who have a strong financial team (both internal and external) to help the owners make sound decisions are the most successful and most well run of all their customers.

Looking to the future, she said that inflation will drive new SBA loan programs for the smaller companies who seek that type of financing. Village Bank is writing more commercial real estate loans for its customers today; owners who sought larger space are buying vs leasing.

Aleesha said that you should be able to ask your banker anything and share the whole picture without being afraid of them, because as your partner they want to help you succeed, which can only happen if they know the story!

We would like to thank our sponsor for this week's episode:
Village Bank
Sunbelt Advisors

Find Julie here: https://www.poisedforexit.com

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Craig Siiro, CEO and Founder of Integrated Consulting Services, got his start in the 1980's as a CPA working for a Tax and Audit firm. He spent a lot of time with entrepreneurs and learned that he really liked the advisory side of the business. Fast forward to 2010, when Craig launched Integrated Consulting Services or ICS, who provides fractional CFO work for owners of privately held companies. In the spring of 2020, he added Cathy Sedaca as its Managing Director, and over the past few years the company has grown significantly.

Craig and Cathy say their claim to fame is in helping owners understand their cash flow and to customize a model for their business that zeroes in on specifics pertaining to their industry, company size and unique goals of the company. Once a customized flow chart is created that accounts for all incoming and outgoing cash, it becomes much simpler to project future growth and gauge when to invest cash or use credit for future growth strategies.

Craig says that ICS really becomes a partner with their clients; like a team member would. Taking financial management off the plates of their clients is life changing for many, who struggle with managing it all and still being able to sleep.

The difference between a Controller and a CFO, they say, is that a Controller manages A/P and A/R, and tends to look in the rearview mirror when making decisions. In other words, what have we done in the past and what do past numbers show us? Whereas a CFO looks more to the future and makes decisions about how best to use money, how to build cash, as well as work closely with the company's CPA firm over tax planning strategies.

Craig and Cathy say that having a written plan and **knowing your numbers is key to growth and success.

Thank you to this month's sponsor #VillageBank**

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Today on #PoisedforExit, we caught up with Melissa Johnston, Co-Founder and Chief Credit Officer of EntreBank, a brand new community bank, located in the Twin Cities. When we last interviewed her, EntreBank did not have an official name yet and their founders were working through the approval process with the appropriate governing bodies, which she will tell you was quite grueling. But that was then, and this is now!

EntreBank's focus on privately held companies has an approach that focuses on both internal and external factors. Internally, they have been very diligent about hiring can-do team members who aren't afraid to take on challenging projects and don't get shook up if things take a bad turn; they're wired to figure out a way to make it work and they're motivated to grow the bank and succeed as a team.

Externally, EntreBank focuses on acquiring customers who are looking for a banking relationship; something they can't get with a big bank. Unfortunately, larger banks are not set up to work with small businesses who seek a true banking partner who can help them throughout their business life cycle. Melissa said getting to know the owners and their businesses is key to recognizing opportunities and pitfalls that could swing the business in one direction or the other.

This company will be one to watch and one to consider working with if you are a Twin Cities owned small business looking to align with a bank who is innovative, knowledgeable and has the products and services you need now and will need in the future.

Find Melissa here.
Find Julie here.

Thank you to this month's sponsors! Sunbelt Business Advisors

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Let’s Talk Culture with Super Bowl Champion and Chief Culture Officer, Ben UtechtIn this #PoisedforExit episode I had the distinct honor of interviewing Ben Utecht, who’s not only a Super Bowl Champion with the Indianapolis Colts, but also a winner of the Tony Dungy Award for Servant Leadership and now works as Chief Culture Officer for several mid-size firms, including my sponsor, Sunbelt Business Advisors and True North M & A.

After Ben shared how he got his start in professional sports, we talked primarily about how a company’s culture can affect far more than the internal team. Namely, how it can positively or negatively affect the business value as well as its impact on a future acquisition or merger.

Ben is involved in several endeavors, all revolving around the development of company culture. He said that his training with Tony Dungy taught him the value of serving other's needs before your own, which drew him to work in the space. His process starts with determining 3 things within a company’s philosophy:

1. What you Believe
2. Why you Believe it
3. How you Behave

The last is driven by the first two. If an owner isn’t finding the results or productivity they really need and want in their team, it’s probably time to assess company beliefs. And, speaking of assessments, Ben has you covered. He’s part owner of a firm called Behavioral Essentials that produces assessments for companies looking to foster the growth potential in their people and in their culture. Ben said Culture is often an overlooked driver of enterprise value, yet it can greatly impact the success of a merger, acquisition or growth strategy.

One thing Ben said is that sports and business have many parallels. But what really struck me, was how he compared their approach to ‘practice’. In sports, he said it’s 95% practice and 5% performance. In business, it’s 95% performance and 5% practice (as in personal growth, professional development and learning). Wow, that says a lot, doesn’t it?!

You can listen to this awesome interview now.

Find Ben here: https://benutechtspeaks.com/ or https://www.linkedin.com/in/benutecht/Find Julie here.

Thank you to this month's sponsor! Sunbelt Business Advisors

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Comparing the Deal Market: Today vs a Year Ago

We had the pleasure of talking with Dave Pederson in this #PoisedforExit episode, who is a partner withDunlap Seeger Law Firm in Rochester, MN. Dave's background in business finance and law brought him to a place where structuring deals was part of his job when working for a large commercial lender in Chicago. Fast forward to today, he's been practicing in Rochester since 2006, advising on M& A deals, Estate Planning and even Commercial Real Estate. As Dave said, these three areas naturally intersect, and he spends all of his time between them for his business owner clients.

The value of key peoplehas come up in Business Valuation and deal structure this year. How do you know what your team is worth? That's a good question. Employment Agreements have become very important to buyers when the language addresses non-recruitment and protection of company assets, including confidentiality. Due to the fact that workforce shortages are everywhere, Dave said that this tool is one you don't want to overlook.

For 2023 we may be looking at higher interest rates and credit tightening, which will affect liquidity for owners. This may be the reason why we're seeing so much M & A activity right now.

We discussed many other related topics, vital to a successful transition. Listen to the episode now.

Find Dave here.Find Julie here. Thank you to this month's sponsor! Sunbelt Business Advisors

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A 43-yr-old Startup! When 'Exit' Takes a 180 TurnOn this episode of #PoisedforExit, we featured the founder and president of National Theatre for Children, who happen to be former clients of mine and friends as well. Ward Eames, Founder of NTC and Pat Rowan, President of NTC shared the story of how NTC came to be and how they were able to so nimbly pivot after the onset of the pandemic.

NTC is the nation's largest theatre production company for schools in the country. This has been its model for 43 years; teaching children in schools using theatre as its teaching method. When the pandemic hit, the leadership team at NTC created a new method of delivery and within two weeks their offerings were all offered online. This gave rise to the birth of "Livestream Learning Studio" which is a subscription based, school pay service, that is launching in fall of 2022. The system was tested during last year's school year and is designed to deliver real time content to and for teachers in the following categories: STEM, Health and Wellness, Financial Literacy, SEL.

NTC provides the talent, content, and operations for the new venture, which includes several other investors. Our long time colleague Rick Brimacomb of Brimacomb Capital is involved with the launch and growth of the business as well. Their next round of funding will occur in early 2023. The goal for the investors is to build and sell the Livestream Learning Studio in 3 years, and they're on track to do just that.

In the meantime, Ward continues to "practice" his official exit from the business, and even though it's taken a 180 degree turn for now, he's excited about the excellent opportunity to grow Livestream Learning Studio and stay involved on a visionary and business development level.

Listen to this great interview now.

Find more information here.
Find Julie here. Thank you to this month's sponsor! Sunbelt Business Advisors

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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 atbestlaw.com or email him atjbobich@bestlaw.comFind Julie here.

Thank you to this month's sponsor! Sunbelt Business Advisors

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In this episode, Julie was interviewed by her producer, Bob Sansevere and announced the launch of the 2nd edition of "Poised for Exit"!

So much has happened since the book first came out in May of 2020! In the 2nd Edition there are new legal resources for business owners from the Best & Flanagan Law Firm and Dunlap Seeger. Both firms will be featured guests on the show in upcoming episodes and will talk about their collaborative work with Julie and her book. Sunbelt Business Advisers remains as a very important supporter of the book and the show, and whose resource in the 1st and 2nd Edition has been a popular download.

Bob asked Julie why the book's subtitle is focused on women entrepreneurs and she said that was a decision she made a few years ago after doing much research on whether there were any exit planning or business planning books available for women owners; she found none, so she decided to write one herself. There are over 10 million women-owned businesses in the US right now who generate $1.8 Trillion in annual revenue and employ over 10 million people, yet most advisory firms simply dismiss this demographic as a viable target market, which is really unbelievable. The book itself is actually read by more men than women, and it's important to know that the process of exit planning is the same regardless of gender. But the book is written from a female's perspective and does touch on nuances that are different for women than men; intangible but very real differences.

Another key purpose for writing the book is that Julie had gone through her own exit many years ago, and she wanted to write about that experience in the hope it would help other owners have a more positive exit outcome. She also writes about the stories of other owners she's consulted for over the years; the good outcomes and the not so good.

Julie wishes to thank her past and current sponsors of the show and book as well as her insightful guests who provide the relevant content the show has become known for!

Listen to the fun interview now.

Thank you to this month's podcast sponsors: Sunbelt Business Advisors

A note from Julie:
I want to say a big thank you to the podcast and book sponsors, along with all of the significant people who made Poised for Exit possible:
Dunlap Seeger Attorneys at Law; David Pederson, Sunbelt Business Advisers; Chris Jones, Erica Gilson, Best & Flanagan; Josh Bobich and Allison Mertins, Indie Books International; Devin Devries and Henry Devries, Bob Sansevere, Heather Keyes, JAK + Co. CPA's; Kim Elm and Kyla Hanson, Village Bank; Aleesha Webb, Baker Tilly; Anne Simons and Russell Fleming.

And of course a big thank you to all those who have read my book and support Poised for Exit!

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New Tequila Coming to Town!Back in December of 2020, we featured Nicole Anthony on the show to tell us about her start up "COYABLU Premium Tequila Cocktails". Today, we caught up with her and one of her equity partners, Nicki Vincent. They've made quite the leap in progress over the past 15 months, despite setbacks from the pandemic and the supply chain!

COYABLU is hard at work expanding their investor base, growing their fan base, and opening in 3 hot markets: MN, AZ, So. Cal, FL and NY!

In addition to planning rapid growth, they're also expanding the flavors of their cocktails and plan to launch one new flavor every month.

There are only 4 ingredients in every cocktail, which also boasts zero sugar, zero carb, and Keto friendly. What else could we ask for?

Their growth has been well thought out and planned, utilizing the expertise of a varied group of professionals with backgrounds and skill sets which have proven to be complementary and cohesive. These people mean (and know) business and their investors love that!

Look for COYABLU to become available in high end liquor stores, hotels, and casinos in May of 2022!

Listen to the entire 20 min interview now.

Find out more about COYABLU here.Find Julie here.
Thank you to this month's sponsor:Sunbelt Business Advisors

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Proactively Take Control of your Future ExitOn today’s episode of #PoisedforExit, we interviewed my long-time colleague, Dyanne Ross Hanson on this episode of Poised for Exit. Dyanne is a CEPA like me and specializes in working with families looking to transfer to other family members or employees. She has a process that is worth learning!

Dyanne's mission as an adviser is to monetize an owner's investment in the business. She believes that owners looking to sell internally to family or employees should begin 5-7 years out. Most owners wait too long to begin the process and thereby reduce the number of options they have for a successful transition. 

When internal successors are lacking capital to make the purchase of the business, Dyanne works with them to construct ways for them to buy in overtime. She uses investment products that allow the buyers to earn equity positions over time, which at a certain point makes them more bankable for financing.Listen to this episode here

Find Julie here

Learn  more about Dyanne Ross Hanson

Thank you to this month's sponsor! Sunbelt Business Advisors

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Better HR Delivers Better Business Results

Our #PoisedforExit guests today featured JB Lloyd and Jill Petschl of Oasis. With the abounding matters that business owners deal with everyday, HR matters are at the top of the list. Oasis publishes an annual survey of business owner responses to various questions about owning and operating in today's business environment. In this way, they keep a pulse on what's happening with their clients and can modify or add services as necessary and needed.

The survey itself consisted of 450 business owners. Many of the statistics derived from the results will not surprise you, but the biggest obstacle owners are facing today is in managing their people.

Another staggering statistic derived from the survey is that 78% of the 450 respondents said they spend an average of 10 hours per week on HR matters. That's a lot of time! When you put pen to paper, how much is that time worth that could be spent doing higher level things like implementing growth strategy, acquiring new customers, and the like?

A few of JB's recommendations for business owners to recruit and retain top talent:

• Think beyond pay increases
• Offer meaningful benefits that impact the whole person
• Outsource services that bog you down

For more on this 23 minute interview, listen now!

Find Jill and JB's key links here:

• Benchmarking Checklist
• White Paper
• Research Highlights
• Oasis PEO

Find Julie here.

Thank you to this month's sponsors! Sunbelt Business Advisors

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I Didn't Think My Business Was SellableToday's episode on #PoisedforExit is a special interview between Brad Peterson of Sunbelt Business Advisors and his clients, Janet and Keith McCarty, who recently sold their business called "Virtual Bookkeeping".

As Janet put it, "we didn't think our business was sellable!" Being a professional services company, their enterprise value was derived from their client list, their brand, and their long term reputation. They thought that because they didn't have commercial real estate, equipment or other hard assets that they had nothing to sell. This turned out to be just the opposite!

Working with Brad, they learned they had a very marketable business and over a very short period of time, they had 11 written offers on their company. They were able to "choose their buyer" as they put it, making sure the buyer's values matched their own. That of ensuring a legacy for their clients and employees, and they feel they've done that.

A very inspiring and informative story for any business owner; listen to the episode here!
Find Brad here.Find Julie here. Thank you to this month's sponsor! Sunbelt Business Advisors

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Your Price is Too LowToday's #PoisedforExit episode featured pricing expert, radio host and speaker, John Ray. John's expertise in how to price your services is far reaching, and we only touched on the tip of the iceberg with this episode, but you're sure to glean some valuable nuggets from this interview just the same!

He says most professionals price their services too low. There are many reasons for this (Imposter Syndrome, for one) and many times the service provider doesn't have the proper tools to analyze their current pricing. One important factor used in determining a reasonable, profitable price is behavioral economics. Why do people buy from you? How do you get to the heart of what matters to the client? What services do you already deliver that would be perceived higher in value by the client and therefore should command a higher rate?

John shares the answers to these and many more questions about the pricing journey, why it's a journey, and why you shouldn't expect your pricing to be perfect (especially right out of the gate)!

If you are struggling and stuck in a pricing conundrum, check out John's show at pricevaluejourney.com or his website at johnray.co

John's interview with me covers a hot/messy topic, but help is on the way. Check it out here.

Find Julie here. Contact John here: john@johnray.co

Thank you to this month's sponsor: Sunbelt Business Advisors

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Chief Stripe Changer Talks about Finding your Fire!Today on #PoisedforExit we interviewed Cat Breet, Chief Stripe Changer, whose mission is to help people get more freedom, fun and money out of work! Cat's work brings her into Board rooms, executive offices and group coaching sessions where she works to help her clients "find their fire". Too many people are living their lives unfulfilled, because they struggle with identifying what they really want out of life. She facilitates her clients through a scoring system that contrasts their priorities with the options they have for making changes.

We also talked about how sometimes we struggle to find ourselves. Yet, finding ourselves, what we want and don't want are different today than in previous years. As people, we evolve and grow, which may cause what we really want to evolve as well. Cat has a process for helping clients identify and revise that over time.

Her advice for anyone struggling to find fulfillment in work is to do two things: 1. Find your fire 2. Identify what the fire should look like

Cat has a resource she has created called the "Priority Scorecard" for any listener who requests it. Click here to get your complimentary copy and see how you score! Listen to the episode here to learn more about the Scorecard!

Cat also has a weekly live LinkedIn show on Thursday mornings. You can find more information on her show at www.linkedin.com/in/catbreet
Lastly, she has a new book coming out this summer! To learn more about her book go to www.catbreet.comFind Julie here.Thank you to this month's sponsors: Sunbelt Business Advisors

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Next Generation of Manufacturing: Challenges to TransitionOur guest for this #PoisedforExit episode has a long history in manufacturing, as an owner and now as the President of Minnesota Precision Manufacturing Association. Steve Kalina and I had a great conversation about what his organization specifically does to help manufacturer's grow, educate their teams, retain talent and plan for transition.

Steve came from a family business, spending 20 years in various leadership roles before he decided he needed to make a change. All those years working in the industry himself really enrich his role as President of MPMA. When his members are stuck and need connections to find answers, Steve's background serves them well. Tactically and logistically, he gets it. Emotionally and psychologically, he gets it too.

Under his leadership MPMA has determined the focus of their Strategic Plan to be on Workforce Development. The biggest issue facing manufacturer's everywhere lies in their ability to recruit and retain people who are so hard to find.

Learn more about how MPMA assists its' members in workforce development by listening to this short episode now.

Find Steve here and find Julie here.

Thank you to this month's sponsor! Sunbelt Business Advisors.

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Extreme Focus: Benchmarks over Goals

On this #PoisedforExit episode I had the pleasure of interviewing Mark LeBlanc and it's loaded with nuggets of wisdom and action steps!

Mark is a national speaker and author. He also consults for professional sales people. He's had many years to perfect his process for his clients and his presentations are more than impactful. Can you tell I'm a fan?

Mark says that one thing we all lack at times is focus. We tend to set 'goals' and then break our commitment to ourselves to achieve them (sound familiar?). We then look to the future for what we hope to accomplish this year, instead of on what we can accomplish today and in the next 30 days . Mark says that a "sliver of focus" will make more impact in your level of achievement using bite size business development tactics, woven into a morning routine that will pay back big dividends. He calls them "high level activities", even if you're simply sending a thank you card, making a phone call to a prospect, or sending a newsletter to promote your latest product or service.

Our biggest enemy is fear in all its forms and as Mark says, it never sleeps. If your role is to develop more business for your own company or the one you work for, you'll want to go to his Growing your Business website to check out Mark's programs, books and presentations. He's even offering a no-strings attached free gift for our listeners! Simply email him at Mark@growingyourbusiness.com and he will send you his Focus Tool for free, and he will not add your name to his database. Really.

For more on this outstanding interview, listen to the episode now!

Find Mark here and find Julie here.

Thank you to this month's sponsors! Sunbelt Business Advisors and JAK + Co. CPA's.

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The Business of Robots: Coming to an Industry Near You!On this episode of #PoisedforExit, we spoke with two partners at Durabotics, Ron Jost and Tim Hedlund who are expanding the robot systems they manufacture to new industries. Their primary focus has been industrial robotics, and it will remain as such, however they're breaking new ground with the medical and hospitality industry!

Imagine sitting in a restaurant and a "Bella Bot" comes to your table to serve water and hand you a menu...

The fact that robots increase efficiency and save time and money is nothing new, especially in the industrial marketplace. But the fact that our workforce seems to be shrinking every year is great cause for concern and the question is, how will many businesses continue to operate if they can't find the people to take the jobs?

You've likely heard an age-old objection that "robots take away people's jobs", but Tim says that is almost never the case. He's been in the robotics industry nearly 40 years, so he should know. What robots can do for example is enable workers to do higher level, customer facing jobs that impact growth and revenue. The Durabotics tagline states that their products are "designed to take on the jobs that human beings can't do, won't do or shouldn't do." Dangerous jobs. Mundane and repetitive jobs. Lower level jobs that are essential to overall production but could be done by anyone and tend to cause higher employee attrition.

Durabotics is expanding in industries not traditionally set up for robotics, but would be greatly impacted by implementing robotic systems.

Tim said the robot itself is only 20% of the entire system. It's the system behind the robot that impacts the business so much, and each system is customized in industrial situations. However, Bella Bot products are much lower in cost and are built and ready to go!

For more on Durabotics and their latest "Bella Bot", listen to the episode now.

Find Durabotics here.
Find Ron here and Tim here.
Find Julie here.Thank you to this month's sponsors: Sunbelt Business Advisors and JAK CPA's.

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Build a Sustainable Business by Putting Yourself Out of JobOur guest in this #PoisedforExit episode featured Leslie Holman, CEO of Pinnacle Performance Group. Leslie bought Pinnacle in 2012 and has since expanded into providing services that help owners execute their growth strategies.

Leslie comes from a background in consulting and in Private Equity, which truly set her up for building the organization as she has. Her focus has been on creating an organization where people want to come to work and where she'd want to work herself. Acknowledging the humanity of her employees and her clients has been a driving force in helping them not just get through the pandemic, but thrive during it.

Her future transition leans on emphasizing Culture and Values. Leaving a lasting legacy is the goal, whenever that day comes. She says that if you picture a heart and a dollar sign on the ends of a legal scale, she's OK with the heart weighing heavier than the dollar sign. In other words, if she spent more time on the personal side of things in her life because she was needed there, vs the business side, she's good with that and is good with her employees doing the same. A popular attractor these days for recruiting top talent.

For more, listen to the episode now.

Find Leslie here and find Julie here.

Thank you to this month's sponsors! JAK + Co. CPA's and Sunbelt Business Advisors.

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In this #PoisedforExit episode, we met with someone who has found great success in owning a number of different franchises and living a life he loves at the same time.

Ben Cowan, owner and CEO of360 Wow Inc., is not stranger to owning a business and his big success strategy is happiness.

Ben owns several 1-800-Got-Junk franchises, along with other franchise labels such as Shack Shine and You Move Me. His commitment to creating a great employee experience is the strategy that has propelled such amazing growth and it's all coming from a genuine concern for the happiness of others.

He's recently started an internal incubator program for some of his team who aspire towards entrepreneurship, but need a boost. The program he's assembled to help make that happen for them is quite remarkable.

Ben's motto is "happy employees=happy customers" and that has proven true for many years now. He plans to continue using his competitive advantage of evolving an even better employee experience as he continues to acquire more businesses.

Ben attributes much of his happiness to a book he read by Mo Gawdat called "Solve for Happy". He also says that his relationship with his banker Jeff Campbell isn't just as an adviser, but as a partner. Thanks to Jeff and Fidelity Bank, Ben has been able to take swift action when opportunity arises, whether it's for equipment purchases, vehicles, or buying another franchise, Jeff Campbell 'gets it' says Ben.

For more of Ben's advice and wisdom, listen to the episode now.

• Ben's Linked In
• 360 Wow Inc.
• Fidelity Bank
• Jeff's Linked In

Find Julie here. Thanks to this month's sponsors! Sunbelt Business Advisors and John A. Knutson & Co., PLLP (JAK+Co.)

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How to become Poised for Exit in 2022: Advice from a CPA

We welcomed back Kyla Hansen today as our featured guest to talk about planning for 2022! So much to consider in that loaded topic, but we focused on budgets, projections and what to do with excess cash from PPP funds.

Kyla recommended investing in your business in several ways:

• Technology: how can you become more efficient and productive?

• Workforce: what are the ways you can attract the best and brightest?

• Culture development: consider asking your staff what they'd like to see in the future

• Consider automation through Artificial Intelligence when examining new technology options

If you are getting ready to sell or transition from your business, Kyla recommends making sure your financial house is in order. In other words, have an outside firm like John A. Knutson & Co. conduct a financial Compilation, Review or Audit. Doing this lends credibility to your numbers and is worth the expense. Many times you uncover things that you weren't aware of or hadn't considered in this process that could improve the way your numbers shake out.

Kyla's advice for our business owner audience was to create a budget for 2022 and a forecast over the next 3-5 years. Many owners are leery of compiling the latter, but when it aligns with the company goals, it's a foundational tool to achieving the ends you've outlined.

Listen to the full episode here for more advice from Kyla Hansen at John A. Knutson & Co.

Find Kyla here and find Julie here.

Thank you to this month's sponsors! John A. Knutson & Co. and Sunbelt Business Advisors

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Our show guest featured Sam Eicher, partner with CRE Partners. A firm specializing in commercial real estate representation for buyers and tenants. Sometimes business owners aren't sure if they should lease, buy or move on when it comes to location and expansion decisions. Sam shared some great advice and stories of what he's seeing in the market today, as well as what his crystal ball is telling him for the new year.

During the height of the pandemic, his clients were faced with so much uncertainty (as we all were) about leasing or buying space, that things were on pause for about a year for him. Now, he says business owners are more willing to commit to long term leases again and he's busier than ever with client expansions, buying new or additional buildings, or moving locations into the suburbs.

CRE Partners is a client centric firm that focuses on long term relationships, anticipating the future real estate needs of its clients and being proactive in their advisory as their client's businesses grow.

Sam's outlook for 2022 is optimistic, as he is already seeing commercial real estate rebounding and believes it will continue into next year. One thing that Sam recommended owners of commercial property do in 2022 is to assess the needs they'll have in the future, not just now. As my book "Poised for Exit" indicates, it's important to plan ahead (like years ahead) when making big decisions. How will the decision impact your ability to transition in the future? Sam advised that owners meet with a professional who can help them assess their current real estate needs and look at a variety of scenarios along with their implications before making major real estate decisions.

Listen to the episode now!

Set up a complimentary consultation with Sam to discuss your real estate needs at www.creminnesota.com

Find Julie here.

Thank you to this month's sponsors! JAK CPA's and Sunbelt Business Advisors

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Our #PoisedforExit episode today featured the host of Poised for Exit, Julie Keyes! Interviewed by Bob Sansevere, Julie highlighted her picks for 2021's best interviews. Among the most notable: Wahi Water's Peter and Sam Blankenship, Manufacturer's Alliance President, Kirby Sneen, HR Consultant Amy Crews and many more.

What's she up to in 2022? Well, Julie's online course called "Business Transition Readiness" is now available as a licensed product for advisory firms to use in helping educate their clients and prospects on the basics of exit planning. If you want more information contact julie@keyestrategies.com. Julie's also getting back on the speaking circuit in 2022 with some Conferences and Trade Show appearances, speaking and teaching on the topic of exit and transition planning to audiences of business owners and advisers.

The sponsors who have supported the show are Julie's VIP's! She talked about each one of them in this episode, highlighting what she appreciates about each of them, their expertise, and their commitment to successful business transitions. Many thanks to our important sponsors and to the business owners who have put their trust in these firms for professional advice.

Here's another shout out to all of them: Sunbelt Business Advisers, Baker Tilly, Village Bank, JAK CPA's! We look forward to having you back again in 2022!

There's much more to this interview! You can listen to it now.

Find Julie here.
Thank you to this month's sponsors! JAK CPA's and Sunbelt Business Advisors

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What do we Need in 2022? Leaders & Problem Solvers!

I had the privilege of interviewing Kirby Sneen in this #PoisedforExit episode, who is the president of Manufacturer's Alliance in the Twin Cities. Kirby leads a large membership of manufacturing firms with various specialties who seek to develop and grow their companies and their next generation of leadership.

To that end, Manufacturer's Alliance has created programs with deliverables that focus on what owners of these firms need now more than ever.

Developing better leaders and problem solvers might sound like a good tagline, but this organization puts words into action for its members, the results of which have been significant to the top and bottom line for many of them over the years. So much so, that these leaders are now paying it forward by leading peer groups within the Manufacturer's Alliance network of members.

Through Kirby's leadership, the peer groups have grown to become one of the organization's most important and unique benefits to its members. The underlying foundation that drives their success is in fostering growth for every member. As Kirby put it "a clear path for growth". I emphasize 'clear path' because so many owners don't have a path or plan at all. Thus, growth can tend to get ahead of their capacity and capabilities, sometimes resulting in an implosion. Manufacturer's Alliance supports its members in order to avoid that kind of growth by peer group membership, educational programs and certifications that lead to greater productivity and efficiency, enabling them to not only plan for growth but handle it when it comes unexpectedly like so many companies have experienced the past year or two. Having strong, capable leaders to take the reins from the older counterparts is also a mission of this organization.

Another foundational priority for Manufacturer's Alliance is to help make their member companies a "great place to work". This kind of focus delivers expertise from those who've been there, so newer members can shorten the learning curve and maximize the impact it has on their teams.

Kirby and his team have a special offer to learn more about their Peer Groups just for the listeners of this show.

Simply go towww.mfrall.com/PodcastPromo and take a test drive of one of their groups to see if it's a fit for you.

To learn more about Kirby and his amazing work with Manufacturer's Alliance, listen to the episode now.

Find Kirby here and find Julie here.

Thank you to this month's sponsors! Sunbelt Business Advisors and JAK CPA's.

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Our show today featured Sandy Hansen Wolff, founder and owner of several companies, including a consulting and speaking firm.

Sandy shared the story of how she and her husband, Randy battled his Leukemia just after they got married. Randy owned a feed business that Sandy knew nothing about, but after his passing, she had to learn it, turn it around and all while grieving the loss of her husband.

Being a woman in a business historically dominated by men was not easy, but she did it. She learned it, built it and sold it in December of 2020!

Since then, she has found her way as a consultant and speaker. She works with owners of companies on future direction and building culture within the firm. Her speaking topics focus on these as well as building resilience during times of trial. Her mission now is to help others through tough times, having been there herself, and simultaneously seek investors for her new endeavor in starting up an ecommerce feed store that focuses on 'super foods' for animals!

Her advice is to have your business prepared for anything. When opportunity knocks or disaster strikes, you're ready either way. I couldn't agree more!

You can listen to the interview now and you can learn more about Sandy here: https://sandyhansenwolff.com/

Find Julie here.

Thank you to our sponsors! JAK CPA's and Sunbelt Business Advisors

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What if Your Top Sales Person Became Disabled from COVID?This episode featured Dave Toeben, Founder and Owner of Insight Insurance Services. Dave's firm specializes in coverage for business owners, their partners and key personnel. If there's one thing that's caused his phone to ring lately, it's the onslaught of COVID cases creating disability situations for his clients. Some had coverage for it and some did not.

If you own a business (and I'm betting you do) you likely have disability coverage for yourself and your partners. We call that 'funding a Buy Sell Agreement' and its purpose is for the business to buy the stock of the deceased owner from the owner's heirs, should there be a death of an owner. But what about coverage for key people in your organization? What happens when your key sales person comes down with COVID or has to have cancer treatment and won't be able to work for 6 months or more? What will that do to your topline (and bottom line) revenue?

Dave shares some real time client stories and how he was able to help them in this episode. After doing this for over 20 years, he's seen the good, bad and ugly of what happens to businesses who lack the proper coverage for the 'what if's' that can occur in a business life cycle.

Did you know that 40% of all business owners will suffer from some form of disability in their business lifetime? As owners age, the odds increase. You as the owner have a much higher likelihood of becoming disabled during your days of ownership than of dying during that time.

Do you know what type of coverage is necessary to protect you and your key leadership team during the pandemic? Most owners do not, and most don't have the right or enough coverage. It's been said that COVID will be with us for the foreseeable future, so if it's not going away, let's focus on what we can do to safeguard the nest egg we've worked so hard to build.

Learn more about Key Person Disability insurance by listening to the episode here.

You can reach Dave three ways: www.look2insight.com or dave@look2insight.com or call 615-636-1105 in Tennessee, or 320-258-3122 in MN
Find Julie here.

Thank you to our sponsors: JAK CPA's and Sunbelt Business Advisors

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Business Owners and Divorce: A Valuation Conversation.

Our guest today on #PoisedforExit featured Corey O'Connell, CPA and Business Valuation specialist at Boulay Group. Corey helps owners of businesses determine Fair Market Value of their companies in dispute and divorce situations. Corey's background in Finance and Accounting suited him well for doing this kind of work, and he became attracted to it through observing the work his father did as a Family Law attorney.

Corey does his best to avoid litigation with his clients, but there are times when it occurs. He's called upon to give his professional opinion in Valuation as well as Cash Flow Projections and how to split the value of a business when it lacks transferability. There are times when the owner, who wants to leave, is the one the business is most dependent upon.

The most common methodology for determining business value in MN is Fair Market Value. This form is also widely used in Estate and Gift situations in MN as well. Corey works closely with other professionals like attorneys, bankers, and lenders who may be involved in a marriage dissolution when a business is involved.

Corey's main focus in the end is to help the people in contention with each other to achieve the best outcome possible so they can move on and have a happier, more fulfilling life, doing so without extravagant expense.

If you'd like to learn more, listen to the episode now.

Find Corey on LinkedIn, call 952-841-3025 or learn more about Boulay here.Find Julie here.Thank you to this month's sponsors! JAK CPA's and Sunbelt Business Advisors.

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This #PoisedforExit episode featured part two of our series with guest interviewers from Sunbelt Business Advisors! Today's interviewer was Mike Slater, a long time M & A adviser and former business owner, who specializes in the hospitality industry. Mike interviewed his client, Jim Armstrong, who sold his numerous Subway restaurants over the course of 3 years, with Mike's expertise.

In 2016, Mike and Jim first met and worked together to prepare 15 of Jim's stores for sale. They successfully accomplished that goal with some help from Subway corporate. Then they moved on to sell several more to Jim's son, who had been in the family business for 20 years at that point. The transition period happened during the onset of the pandemic, which slowed the process down a bit, but eventually they were able to get it all done. Jim says that Mike's expertise and the process that Sunbelt ran for him were the reasons why they were so successful in selling the stores to qualified buyers, and then later to his son, who he wanted to set up for as much success as possible!

Jim said that his wife and son were instrumental in convincing him it was time to sell, because he was not convinced. But now, he's thrilled that he listened to them and took Mike's advice that the timing was right. He's enjoying his retirement with travel and spending his winters in southern climates.

Jim's advice for sellers considering a sale but feeling hesitant, is that it's important to work with an M & A adviser who runs a strong process and who has your back, so you worry less and feel more confident that the outcome will be favorable, especially the financial part!

Listen to more of Jim's story here.

To reach Mike Slater, call 651-398-8921 or email him at mslater@sunbeltmidwest.com
Find Julie here.

Thank you to this month's sponsors! Sunbelt Business Advisors and JAK CPA's

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Poised for Exit produced a special edition show and invited Randy Krivo of Sunbelt Business Advisors to be a guest interviewer and feature a client of his who successfully sold her business during COVID!

Amy Frischmann and her brother Dan, took over the Wild Mountain Ski Resort from their parents in 1995, who bought the business in 1972. Amy and Dan sold the business to an owner operator in March of 2020, but due to the onset of the pandemic, the closing was cancelled. After some creative structuring facilitated by Randy, the buyer, seller, and lender worked together to get the deal done, and it closed in June of 2020.

Randy worked closely with Amy and Dan to help them achieve their best possible exit. The magic for Amy was that the buyers were the right fit. Legacy was very important to her and her family. They knew they didn’t want to sell to a large corporation, but rather to a buyer who had a personal interest and experience in the ski industry; they did just that.

Amy was asked what it was about the selling process that surprised her, and she shared three things:

1. Selling is an emotional experience

2. Meeting with prospective buyers was at times like an interrogation (!)

3. Selling your business is a full time job on top of a full time job

She said that without Randy’s help, it never would have come together.

Now, Amy is working full time in her other family-owned business (that goes back to 1906!) called Taylor’s Falls Scenic and Boat Tours, and Taylors Falls Canoe and Kayak.

You can check out what Amy’s up to here.
Find Randy here andfind Julie here.Thank you to this month's sponsors! Sunbelt Business Advisors and JAK CPA's.

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How Do You Make Uncomfortable Situations Comfortable

This episode of #PoisedforExit we featured Mike Gregory, who specializes in conflict resolution, using a method he calls "The Collaboration Effect". Mike is also a national speaker, instructor, consultant and professional Mediator, who has worked with families, communities and shareholders in resolving disputes of various types.

Mike says neuroscience plays a big role in how we deal with conflict or run from it. When a person has control, predictability, and can show progress, the stress they experience is very low. When those qualities are not present, there's a great deal of stress, which can cause people to make decisions, say and do things they can't take back.

When a business owner is having a dispute with a partner, how do you start a dialogue? What if one partner becomes angry beyond the ability to speak rationally? Mike says start the de-escalation process by speaking slowly. When we are feeling stressed or angry, sometimes we talk too fast and too loud. Speaking slowly gives us a chance to really think about what we need to say.

Mike's book called "The Collaboration Effect" contains much more on this subject, including practical ways to communicate and work through conflict beyond this summary.

Listen to the episode for more of Mike's expertise on conflict resolution.

Find Mike at Michael Gregory Consulting and The Collaboration Effect, and find Mike's book here. Find Julie here.

Thank you to this month's sponsors! Sunbelt Business Advisors and JAK CPA's.

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Today's #PoisedforExit episode features Andy Tellijohn, Editor and Publisher of UpSize MN Magazine. UpSize is a magazine for entrepreneurs, with content that focuses on growth and improvement strategies, how-to tips, professional advisory and other matters relevant to business owners.

UpSize was founded 20 years ago by Wes Bergstrom and two other partners. Unfortunately, Wes died suddenly in 2020. Since then, Andy has been working hard to reignite the magazine and carry on the mission.

The plans to grow the magazine are well in the works. Their former ways of collaborating with other organizations will continue, so you'll likely see more of UpSize on the stage, in the back of the room, and listed as a sponsor or endorser of future events. Their niche content is well suited for the business owner and adviser audience they're after.

Digital presence is essential and while they already have one, they plan to enhance that part of the magazine, expanding its reach and content. It won't be exactly like the print edition (which comes out bi-monthly) but many of the featured articles will be the same. Look for a 'new and improved' web presence from UpSize MN at upsizemag.com

In the meantime, you can reach Andy at atellijohn@upsizemag.com or 612-702-5373.

Find Julie here!

Thank you to this month's sponsors! JAK CPA's and Sunbelt Business Advisors.

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In this episode we interviewed Russ Fleming, a partner at Baker Tilly, who runs their Real Estate and Construction division in Minneapolis. Russ and I talked today about Private Equity as a viable option, and specifically what he and his clients are experiencing with that type of exit strategy.

Some of the Private Equity trends he's noticed are really trends that concern all business owners, regardless of their stage in the game. So, if you are focused on these issues, you're on the right path.

1. Workforce - PE firms want to know what you're doing to retain key talent. Are you taking steps to build a better Culture? Their ROI is heavily impacted by the people and their performance, just as yours is.

2. Supply Chain - Do you have more than one supplier source for key materials? What does your risk profile look like?

3. More Boomers wanting to exit - there's competition among PE firms for well run, profitable and growing companies.

4. Diversity is a differentiator - if you have intentionally focused here, that's in your favor.

5. Capital gains tax is going up - PE firms know this and are pushing to help deals get done in time.

If you think Private Equity could be a viable option for you, be sure to get your house in order before you start the dating process. Russ says it's like Pre-Due Diligence; get ready for the process before it starts.

The benefits of selling to a PE firm can be ideal for owners who really want to expand, but lack the capital and/or other resources to make it happen. PE firms bring innovation, capital, technology, and many other benefits. Before you say no to Private Equity, weigh all the pros and cons first.

Here are a couple of resources for owners provided by Baker Tilly. You can also reach Russ Fleming at russ.fleming@bakertilly.com or go to Bakertilly.com for information and resources.

• https://www.bakertilly.com/insights/pe-key-trends-post-covid-19
• https://www.bakertilly.com/insights/sustainability-of-key-company-metrics-essential

Listen to the episode now!

Find Julie here.

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Today on #PoisedforExit we talked with Tim Reed, a business consultant and podcaster, specializing in services for owners in the fireplace sales and manufacturing industry. A very niche market, for sure.

Tim's podcast show "The Firetime Podcast" provides listeners with valuable content specifically for people in the fireplace industry! Tim is also very focused on the marketing and sales side of this business, so when he goes in to consult with the owners of a fireplace retail or manufacturing firm, he's got their back beyond what any other consultant could do for them. Namely, because he's done the work and lived it himself. As we both agreed, there's nothing like tried and true first-hand experience!

Tim's marketing and sales focus for these owners has proven to be invaluable, especially for those who are approaching a transition from the business.

His website itsfiretime.com can explain more of Tim's expertise, with links to his podcast show as well.

We both agree that to be a sought after adviser for business owners of any industry, one really needs to provide value first. Showing what you can do and what you knowwill always get you further with an owner that simply telling them what you do and what you know. (People don't like to be 'told' anyway, right?)

For more on this unique interview, listen to the show here.
Find Tim here and find Julie here.

Thank you to this month's sponsors! Sunbelt Business Advisersand JAK CPA's.

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Our guest for this #PoisedforExit episode is Kit Welchlin. Be prepared with a notebook when you listen to the show!

We've all had to deal with very tough situations over the past year and a half.

It could be that some of your relationships which ordinarily would have been counted as your closest, are now strained due to emotions running higher than normal, with opinions and world views that differ. How do we keep communication lines open when we're socially polarized?

Kit talks about ways to deal with the volatile times we're facing using practical, simple methods you can apply right away. Understanding the triggers of your own emotions can help you reign them in and take a listening approach when you find yourself at odds with the person in front of you.

Let's face it, our coping mechanisms may have been strong when this all started, but many are finding themselves at their wit's end. Employer and employee relationships are among those in jeopardy, especially with so many employers facing mandates that relinquish control over their own companies. So many are trying hard to build stronger cultures and employee engagement, and could use a little encouragement and coping tips of their own.

Being emotionally aware of who you are and what your stressors are, can help when conversations get heated. Listening to the viewpoints of others, especially when different from your own helps keep communication doors open. Using neutral phrases like "You have a point", or "That's an interesting perspective" can help when you're trying to keep your cool while engaged in tough dialogue.

A basic need of human beings is to be heard. Giving your employees a voice or platform to be heard is one way you can foster a strong culture in your company and individual relationships as well. Kit says that "difficult people" make up 20% of the population, so it behooves us to figure out how to communicate with them.

For more gems from Kit Welchlin, listen to the episode now.

Find Kit here and find Julie here.

Thank you to this month's sponsors! JAK CPA's and Sunbelt Business Advisors

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In this episode of #PoisedforExit, we interviewed Bret Erickson, President of Passkey Technology, a managed IT services firm. Bret has been on the show before, and we brought him back because we know by the number of downloads from the previous episode, he was a popular guest speaking on a hot topic.

Bret talked about how things have changed in technology since his last interview with us! Ransomware is running rampant and the cyber criminals are getting more savvy, Bret said. He's hearing almost daily how companies are being hacked and held for ransom. The hackers are now deleting your backup, once they get into your system, so you have no choice but to pay them. So, what should you do? Use offsite backup systems.

There's always something to talk about with Microsoft and today we chose to focus on a couple of their products designed for business. Office 365; lots of Bret's clients are upgrading to it. Bret says the License Agreement with Microsoft states that you agree to get your own backup implemented, as they only guarantee recovery of data for 30 days of history. That's pretty scary and I bet many of you reading this didn't know that.

When it comes to backing up, Bret's rule of thumb is a 3-2-1 approach:

3 copies of your data

2 locations

1 of them being offsite

We also talked about BEC or Business Email Compromise. I'm going to recommend you listen to the episode for that portion of the show, as you really need to hear what he said about it. Suffice it to say, that as a business owner you need to be training your people on what to look out for.

Lastly, we talked about the new Windows 11 coming out. As Bret said, Microsoft said they'd never change the name of Windows 10, but lo and behold, they did. It's currently been released to manufacturers and you can get a copy of your own to test, which is what Bret's staff is doing so they can get familiar and better advise clients.

Passkey Technology is a Microsoft Silver Partner. If you own a firm that has regulatory compliance requirements, you'll need a Silver Partner to work with on your IT systems.

Being safer in the Cloud today requires things like Two (or Three) Factor Authorization, among many other recommendations. For more on this important topic, listen to the episode here.

Find Bret here and find Julie here.

Thank you to this month's sponsors: Sunbelt Business Advisors and JAK CPA's

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Contingency Planning: In Case of Emergency -Break-Glass- Do This!Business owners and individuals alike have been well acquainted with the need for a Back-up plan in these times! Our guest for this #PoisedforExit episode is Cindy Reid-Shelton, partner, co-founder and adviser with the Ready For Next brand of companies. Cindy has been advising business owners and other advisers for 30 years. She's an expert on planning for contingencies and I had the honor today of picking her brain on the topic.

As owners, we can't predict when a major disruption will occur. We know these things happen but we're not always prepared for what comes next when the 'fit hits the shan' as I like to say. Cindy gave us some great advice on how to methodically be prepared when disaster might strike.

First, make a list of what could happen; cybercrime, pandemic, theft, fire, or other natural or manmade disaster. Then, prioritize the list based upon the likelihood that it could happen to you and your business.

Next, assemble your management and leadership team, going through each department and obtaining input from each person so a comprehensive contingency plan can be drafted. A business that's too dependent on the owner is one matter, but being that and having no contingency plan on top of it is altogether worse in so many ways.

Lastly, keep physical copies of the plan offsite in the event of a fire, flood or other occurrence. Even though there's no way to predict them, disasters can strike. Business continuity will be more probable with a solid plan in place that addresses "what if...". For more on this essential content, listen to the show now.

Find Cindy here and find Julie here.

Thank you to this month's sponsors! Sunbelt Business Advisors and JAK CPA's.

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In today's #PoisedforExit episode, I interviewed a true Long Term Care expert, Ruth Fay, of Versatile Insurance Services. Ruth has been in the insurance industry for over 30 years; 20 of them in Long Term Care. "It's come a long way" she said. "With the types of products and options available now, you can really customize a product that suits your needs vs the cookie cutter options of the past".

Ruth knows first hand how devastating it can be when Long Term Care insurance is missing from financial planning. Her father in law had no LTC coverage and ate up all of his personal assets in order to care for himself until he died; to the tune of $20K per month. As Ruth said "how many people or companies could sustain that kind of long term expense?" If you have too many assets to qualify for government medical assistance programs, this could be you.

There are obvious benefits to LTC Insurance, such as giving you the choice of how your personal assets are used. It's when you don't have coverage that your personal assets become your medical cash management account; until they're gone. But there are other benefits as well as having more choice, such as tax advantages. Both the Federal government and local State governments have special deductions for business owners who opt to buy LTC Insurance. Why? Because they want to incent people who take their healthcare into their own hands vs rely on future government healthcare programs; most of which will look very different when it comes time for us to use them. So, for those who can afford to buy their own long term care insurance policies, it behooves them to take advantage of the tax benefits.

If you already have Life Insurance, Ruth said it's possible to add a Long Term Care Rider to the existing policy or roll it over into a product that allows for it and was built for that. It's called a 1035 Exchange, and it's worth learning more about.

The statistics are that 70% of all married couples will have at least one of the spouses in need of Long Term Care. Pretty high odds that it will happen to you and me....

"What do you want your life to be like in the event you need care?" This is a question that Ruth asks every client. Some say they'll go and live with one of their children, some say they have a facility in mind where they'd move to, and others say they would have someone come into the house to help them. In each of those situations, Long Term Care insurance is necessary.

Listen to the full interview here to learn more.

Find Ruth here: https://www.visins.com/about-us/#team or on Linked In
Email Ruth here: Ruth@visins.com
Find Julie here: https://www.poisedforexit.com/

Thank you to this month's sponsors! Village Bank, Baker Tilly, and Sunbelt Business Advisors.

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Today's #PoisedforExit episode featured Marcia O'Connor, CEO and Founder of the award winning firm, The O'Connor Group based in Philadelphia. Marcia humbly told her success story of how she has built her company over the last fourteen years on referrals and treating people well, or "spoiling them" as she puts it.

The O'Connor Group, a 60 person firm of recruiters and HR professionals, provides Human Resources and Recruiting Services for medium and large size firms across the country. Their claim to fame is "Do the Right Thing" and they do.

A golden nugget from today's interview with Marcia was in her explaining the need employees have for connection, especially those working from home. The loneliness and depression many of these people are feeling is real. A simple solution that Marcia helps clients adopt is a Buddy System for their work-from-home employees and it's paying off big time.

We talked a great deal about best practices for recruiting high quality talent. Marcia said there are 5 jobs for every one person out there right now! So, following the same old recruiting procedures won't work.

"How do you attract the best candidates?" I asked her. Marcia gave these pieces of advice:

• Don't be cheap
• Be creative on how you attract candidates; know why your company is special and convey that message
• Show off your company culture

Marcia said it's everyone's job to recruit, not just the HR staff. Get the team involved, explain what you're looking for and provide rewards for hiring referrals.

For more timely advice from Marcia O'Connor, listen to this episode now.

Find Marcia here and find Julie here.

Thank you to this month's Sponsors! Village Bank, Baker Tilly, and Sunbelt Business Advisors.

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It was a blast spending time with today's #PoisedforExit guests, Sam and Peter Blankenship, owners and founders of Wahiwater. When we first met in 2018, I was one of the speakers for an event they attended and afterwards we chatted. We worked together for a while as they assembled their start up team, took a break as they raised capital, and now as guests on my show, I got to catch up and hear about everything that's happened.

Being brothers, Peter and Sam knew in their college days that they'd be partners in business. Their strengths magically play off each other and are the epitome of an ideal partnership. Their first swing at business ownership was in the medical industry and they did very well. Eventually, they were acquired, but not without some tough lessons.

Fast forward to today, Wahiwater is a delicious water product that comes in 4 flavor essences. Pure water with plant-based ingredients to enhance the health benefits of the product. Sam and Peter have not only assembled a strong network of private investors, but also an internal team of professional advisers and leadership that together have produced some amazing growth. With the ingenuity, grit and attitude of champions, Peter and Sam have accomplished great things. Yet, they're just getting started! Their motto: "The best idea wins, no matter who thought of it".

Next on the horizon is sparkling flavored water (nutrition focused), immunity water and effervescent tablets too. There's no doubt this company is one to watch, and when they become acquired (which will surely happen someday) you'll find them starting yet another venture.

The lessons and stories they shared in this episode will resonate with any business owner, no matter what stage. To hear about their journey and what's next for Wahiwater, listen here for the full episode.

Find Peter and Sam here and find Julie here.

Thank you to this month's sponsors: Village Bank, Baker Tilly, and Sunbelt Business Advisors.

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On this #PoisedforExit episode we had the pleasure again of hosting Aleesha Webb, President ofVillage Bank. We talked a great deal about the times being ripe for acquisition! Whether you are looking to sell or buy a business, it's a great time to do it and Village Bank has the expertise and loan programs to help make it happen.

Financing a business through the SBA can be one very smart way to make a deal work; specifically through SBA 7a loans and SBA 504 loans. Both are great options, but have different criteria. Right now, the SBA is offering to pay P & I payments for borrowers for 3 months on 7a loans, if you close by the end of September. Aleesha thinks that the program will come back in early 2022!

She shared a couple of bank customer success stories that involved some savvy work by their Village team, along with some strategic growth and grit on the part of the customer, resulting in a flourishing business that's grown in spite of the 2020 pitfalls.

Village Bank has a program called "Strong 21" where they feature 21 of their entrepreneurial customers sharing their stories of resilience and success through social media channels and other communications.

Learn more about SBA financing and what Village Bank is up to by listening to the episode!

Find Aleesha here and find Julie here.

Thank you to this month's Sponsors! Village Bank, Sunbelt Business Advisors, and Baker Tilly.

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For this #PoisedforExit episode we are taking it back to nearly a year ago and reprising episode 13 - All in the Family (Business)

Our #PoisedforExit show today focused on family business success tips with Jon Keimig, Director of the Family Business Center at the University of St. Thomas. Jon's been a family business advocate for many years and his programs are known and respected across the country.

Here are a few key takeaways from our show:

1. The biggest issue facing family business today is poor communication. Jon recommends families "normalize their communication".
2. Successful Family Businesses use Governance as a powerful tool to build upon their family legacy.
3. Successful Family Businesses use outside advisers to facilitate communication, growth and positive change management.
4. Define your values and your founding story as a family. Your decisions should be based on what you value most as a family and as a business.
5. Family businesses comprise 67% of all privately held companies in the United States, employing over 98 million people. Their successful business exit or transition is crucial to our local, state and national economies.

To hear even more key takeaways, listen to this episode now.

Find Jon Keimig at https://www.stthomas.edu/familybusiness or https://www.linkedin.com/in/jon-keimig/

Find Julie here: https://www.poisedforexit.com

Thank you to our sponsors! Baker Tilly and Sunbelt Business Advisors

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For this #PoisedforExit episode we are taking it back to over a year ago and re-featuring episode 6 - Marketing: Metrics that Drive Revenue

If you're like most business owners, you're wondering how to gain a better return on your Marketing spend. For owners who are preparing their company for a future sale, it's even more vital to have a clean, consistent brand message and marketing strategy. The content of today's show with Marnie Ochs Raleigh, CEO of Evolve Systems discusses these issues and more; you'll want to take notes!

Find Marnie here: https://evolve-systems.com
Find Julie here: https://www.poisedforexit.com/

Names of Leaders from Marnie:
WPO - www.womenpresidentsorg.com / www.wpeo.us
The new CEO Camille: camille@womenpresidentsorg.com
Her right hand Sara: sara@womenpresidentsorg.com
NAWBONational CEO: Jenanne jearle@nawbo.org

Thank you to this month's sponsors! Sunbelt Business Owners and Baker Tilly

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My guest today is Todd Krough, a Senior Wealth Adviser with Tealwood Asset Management. Tealwood is a Registered Investment Advisor (RIA) group who specializes in working with business owners.

Todd is a CEPA (Certified Exit Planning Adviser) like me and helped me launch the Twin Cities EPI Chapter in 2016. We talked today about the importance of business owners having a 3 pronged plan:

Personal Plan (a life plan)

Financial Plan

Business Plan

Most owners struggle with the Financial Planning part because most of their wealth is tied up in the business and they don't have much for investable assets. Todd advised that owners get started with an adviser anyway, to get a written plan in place, even if they don't have any or many dollars to invest in the markets. Get a plan and ease into it, Todd says. You don't have to go at it with great guns, just a bit at a time to become accustomed to how it works, so when your liquidity event occurs, you are familiar with investing outside your business asset.

One thing Todd said which I felt was vitally important but many times missing between owners and their advisers is regularly scheduled check in meetings. Todd meets with every client on a quarterly basis, and has a longer meeting on an annual basis. That way if the strategy needs a change, there's time to do so without fear of losing out on opportunities. Collaborating with other professional advisers to the owner is also an essential step in successful transition planning!

For family businesses, Todd said that the next generation of leaders need to have their own financial planning done aside from their parents. If they are going to grow the legacy from where the parents left off, they'll need a solid financial plan to do so that shields them from all their eggs in one basket!

For more on this topic, check out the episode now.

Find Todd here and find Julie here.

Thank you to our Sponsors! Village Bank, Baker Tilly US, and Sunbelt Business Advisors.

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This episode of #PoisedforExit featured J. Forrest, a Principal of Employee Strategies, a firm providing Organizational Leadership services to low-middle market companies.

We've talked about Culture development before on the show, but never from the standpoint of a future merger or acquisition. That we learned, is a different animal!

To provide a bit of background, J. has always had a love for baseball and had a job out of college with the MN Twins in the ticket office. After the baseball Strike in 1994 he got called back to his old job, but really felt that the Culture was different and it made him realize he had a calling to and a knack for organizational leadership. His experience in working with teams (literally and professionally) has become his strong suit!

When a company is acquired or two companies come together in a merger, what can that do to Culture? What if the Cultures don't match? This is an issue J. sees happen often. With the fact that so many boomers will be transitioning in the coming years, we're likely to see more mismatched companies. There needs to be more emphasis placed on matching Cultures to be sure, but most M & A advisers are all about the transaction and making the numbers work. Of course that needs to happen! But, if there's a Culture clash, the numbers will invariably turn to less than favorable and eventually the companies could split or go back on the market.

How does Employee Strategies measure Culture? They generally start with examining the turnover rate of the employees and survey the team to see what's working and what's not. From there, they implement a variety of assessments, based upon the needs of the team and the company. J. says the earlier you get this process going the better. There are likely competitors out there who would love to hire your best and brightest, so making sure they love working for you is paramount!

For more on how to integrate two cultures in a merger or acquisition, listen here.

Find J. here and find Julie here.
Watch Employee Strategies | Our Culture Work with SuperClean Brands

Thank you to this months sponsors! Baker Tilly, andSunbelt Business Advisors.

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Our guest for this #PoisedforExit episode is Emma Gergen, Principal with Carlson Private Capital. Emma's role is to find investments among privately held businesses whose owners are looking to scale back, recapitalize or grow beyond what the current team is capable of, and then become the owner's trusted liaison and adviser within the firm's professional team. Emma and her team understand privately held business very well; in fact she and her partners all came from family businesses. They've been there and understand better than traditional Private Equity firms.

Carlson Private Capital seeks companies with EBITDA of around $5M, with investments ranging from $20M-$100M. The entire team is focused and dedicated to carrying on the legacy that the founders and owners have built. They believe that legacy and its impact should not be undermined, which helps put owners at ease when it comes to making transition decisions.

For most owners, selling a business is a very emotional decision and Carlson Private Capital understands that very well. They also know that informed owners make informed decisions, which brings us to the importance of working with advisers who can collaborate and whose expertise aligns with your goals.
When it comes to Private Equity, there are many categories. Family Business Capital or Family Office Capital is one of the ways owners can sell or partially sell their companies. Carlson believes that an owner should call their own shots, since they know the business better than anyone. The role they play is as one who can step in and help advise on strategy, finance, and capital execution, to name a few. But they are not there to dictate or take the owner's place at all.

For more on my interview with Emma Gergen, listen now.

Find Emma here and find Julie here.

Thank you to our sponsors! Baker Tilly and Sunbelt Business Advisors

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In today's #PoisedforExit episode we interviewed Sue Crockett, who is the Executive Director of the Minnesota Center for Employee Ownership (MNCEO.org).

If you thought ESOP was the only form of employee ownership, think again. Sue talked about two other forms, that depending on the company size and goals of the owners and employees, can be great alternatives. The focus is on helping the owners achieve a lasting legacy while retaining and rewarding the company's employees.

MNCEO is education focused. Unlike other membership based organizations, MNCEO seeks to educate owners and employees on what the options are to help them determine whether they are a candidate, how to get started and who needs to be involved. Employee Ownership is one of many exit strategy options!

MNCEO did a Data Study, which was released in 2021 that showed MN having 53,000 business owners who need to transition, yet 60% have no plan and 40% don't know what their options are. This is not good news, and it's a prevalent situation across the country.

Leaving a Legacy stands at the top of the list for many entrepreneurs, yet how should they go about doing that? ESOP, ESOP Trust and Worker Owned Coop are the three ways that Sue Crockett highlighted in our show today.

For information on these options, listen to the podcast here.

To obtain a copy of the Data Study that Sue talked about, go to https://www.mnceo.org/employee-ownership-101#crises

Find Sue here and find Julie here. Thank you to our Sponsors! Baker Tilly and Sunbelt Business Advisors.

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Our episode on #PoisedforExit today will inspire any listener, regardless of whether you own a business. Melissa Johnston, a long time business banking executive, tells the story of how she made the leap from being a loyal, job-loving employee to co-founding a bank holding company.

Melissa grew up on a farm in southern Minnesota with a love for math. She pursued a degree in Math, and found she loved the finance classes she took, then added an emphasis in Economics. All of this generated an interest in working in the banking industry; she's been a banker ever since.

During the pandemic she took the opportunity to read some books. One of them changed her life forever. The book called "Untamed" by Glennon Doyle, really challenged her to look introspectively on what she was capable of doing in her life as compared to what she was currently doing. She realized she had a lot more to do and offer the world, beyond her role as a banker, and desired to take more risks that would stretch her capabilities and make more impact in the world.

She met her current partners prior to reading the book and decided it was worth taking their previous conversation further. Fast forward, she is now a co-founder of Entrepreneurs Bancshares, Inc, which is a holding company for the bank they anticipate launching in early 2022.

Launching a bank, obtaining a Charter and everything that goes with it has been more daunting than she ever imagined. But, if you knew what you were getting yourself into when you decided to open your own business, would you have done it? Many of us might say 'no' to that question and she did too. Yet, she knows that the massive effort will be worth it.

Entrepreneurs Bancshares, Inc plans to cater to small-medium size privately held businesses. Their vision is to build lasting relationships that take in the whole picture of the business; becoming trusted advisers and not just bankers. Many banks only focus on what pertains to them as lender and banker to the owner, but this bank plans to expand the knowledge they have about the customer, so they understand more about the work they do, and can anticipate their needs in advance. Being proactive in today's world is essential and Entrepreneurs Bancshares understands that, so they plan to hire people with the same mindset. It's all about relationships, according to Melissa. We wish Melissa, her partners and her entire team the best of success!

For more on her exciting journey, listen to the episode here.

Find Melissa hereand find Julie here.Thank you to our Sponsors! Baker Tillyand Sunbelt Business Advisors.

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The 1 Year #PoisedforExit Anniversary Show Featuring Guest Host Heather Keyes!

Hard to believe it's been a year since we launched the show, but it's true. I thought it would be fun to change it up and have my daughter Heather be my guest host. She's been an integral part of the success of the show; handling all of the behind the scenes work and Social Media too, so I wanted to give her some exposure to our audience and see what kind of questions she had for me.

As it turns out, her questions were spot on and her reflection on what she's gotten from being involved were truly inspiring. When I asked her what she's learned from being a part of the show, she surprised me with a laundry list of lessons. As her mother, it warmed my heart. As her boss, I'm thinking I better hang on to her!

We talked about some of the most notable interviews as well, and then turned to what we have in store for you! We're going to get creative in content delivery and you won't be disappointed. The plan is still to keep it under 30 minutes; I think that's part of the appeal.

We will continue to host entrepreneurs in various stages of ownership, along with advisers who will continue to share their wisdom and best practices for preparing yourself and your company for a future transition. Stay with us!

We appreciate you, our valuable audience and love that you give us feedback. Please continue to share these episodes and help your colleagues achieve the best possible future exit outcome.

Thank you for a great year!Find Julie here&find Heather here.

Thank you to our sponsors!Baker Tilly USand Sunbelt Business Advisors

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This week on #PoisedforExit we featured Jaime Taets, CEO and Founder of Keystone Group International. Her firm delivers business consulting services with an emphasis on team development and accountability.

Jaime said that her background in facilitating growth and improvement plans has helped her to forge her own way as an entrepreneur. Building Culture in a company takes a process, and it's one she's created and refined over the years.

Culture is something you feel or don't feel in a business. Asking your employees intentional questions about it (through a survey perhaps) is a start. The problem we are all facing right now in society is the fact that we have four generations in the workforce! Creating culture then becomes complicated because each generation can have a different idea of what culture should be.

Leadership development is essential when developing a strong company culture. Not everyone has leadership skills, yet many of us expect people to step up when they've not been trained to handle the extra responsibility.

There is now data to support the fact that strong company culture drives enterprise growth and can be measured at the bottom line. With the growing concern over the workforce shortage, there's never been a better time to focus on your own company culture.

For more on this excellent interview, listen now.

Download the Keystone Group Culture pdf here.

Find Jaime hereand find Julie here.
Thank you to our Sponsors! Baker Tilly US and Sunbelt Business Advisors

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Guess Who's Center Stage in Business Today? HR!

That's right, Human Resources, one of the most neglected aspects of running a business is taking over as the main focus for many employers. Our episode today with Amy Crews, of Crews HR Consulting tells why.

Here we are (almost) post-pandemic and what is happening with our small business employees? They're leaving; in droves. It's called "The Great Reshuffle". People are leaving their current firms and going to places where they think they'll be happier and have more job satisfaction. Some were planning to leave before the pandemic, but stayed on. Others are leaving now, because of how the pandemic was handled internally and are not happy with the way things turned out. If you haven't read about this, google it and you will find several articles.

The hard truth is, if you didn't spend time building employee loyalty during the pandemic, it could be too late. Some of your employees may be seeking greener pastures.

Amy Crews has been in the field of HR for 25 years and she's spent a great deal of that time making high level HR decisions for large companies; many of them manufacturing firms. She's also worked for smaller companies, and been an entrepreneur herself, helping her husband run their family business.

Amy says the old way of doing things when it comes to recruitment and retention has got to go. "Out with the old, in with the new" she said. Candidates have more opportunities today and many can afford to be picky. You must sell them on coming to your firm as much as they need to sell you on themselves. Where the focus for employers was on being sold, now the shoe's on the other foot.

What to do about recruiting the best and brightest? Amy recommends adopting a mindset focusing on company Culture, and building that up through programs that foster loyalty and teamwork. She said adopting a formal Mentorship program and Apprenticeship program can be two great initiatives for you to recruit and retain the best candidates.

She also said that we must be swift in our communication with candidates when they apply. Not like the old days, when resumes and applications would sit in a file until someone had interest in going through them. (I can tell you that was me back in the day!) With all the job opportunities out there, candidates need good reasons to apply with your company, so give them what they're looking for. Fulfilling work and a place where their voice matters.

For more on this important topic, listen to the episode now.

Find Amy here or by emailing CrewsHRconsulting@gmail.com and find Julie here.

Thank you to our Sponsors: Baker Tilly & Sunbelt Business Advisors

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Our guest for this #PoisedforExit episode is Sean Hutchinson, partner of Ready For Next, a family of companies that caters to successful business transition.

Ready For Next Academy provides education and peer groups for advisors and owners to learn how to enhance enterprise value and a process to prepare for a future exit.

Ready For Next Advisors provides individual consulting and group advisory services to business owners with a focus on growth and value enhancement.

Ready For Next Cities serves smaller communities at risk of losing their economic health and vitality due to owners not exiting well. It provides special education and advisory for communities and their business owners who may not have access to it otherwise.

Sean's extensive business ownership and leadership background have certainly set him up to do the important work that Ready For Next engages in. Helping hundreds of owners at a time vs one at a time will impact more owners sooner, securing a brighter future for all stakeholders of privately held business.

There are three motivators that drive each client engagement at RFN, and they are Clarity, Liquidity, and Legacy. Finding clarity comes first before all else, and working with an advisor to find it is essential. Liquidity and Legacy vary in importance from owner to owner. Once they've been prioritized an owner and their advisors can begin down a productive path to a successful transition.

Download the episode here to learn more!

Find Sean here and find Julie here.

Thank you to this month's sponsors! Baker Tilly and Sunbelt Business Advisors.

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This week on #PoisedforExit we featured Nina Hale, a pioneer in the world of digital advertising, who sold her company Nina Hale to an ESOP in 2014. The company has been renamed Collective Measures and is growing strong, with many of the same employees who worked for Nina. She now sits on several non-profit Boards and helps educate business owners on what ESOP's are and are not.

ESOP is an acronym for Employee Stock Ownership Plan.

We certainly could have extended this interview longer; there's so much to talk about. What we did cover is essential for you to know, if you are considering an ESOP for your company.

Nina said ESOP's provide for significant tax savings for a company and its' owners and creates a winning situation for all stakeholders. But ESOP is not for everyone.

It takes competent advisers and a strong leadership team to pull this off, she said, and lots of hard work. Not everyone thinks that ESOP's are a good thing, especially younger generations who think more about buying a house than setting themselves up for retirement. You really have to make sure it's the right fit for most of your stakeholders as well as for you, the owner. Thus, the need for competent advisers!

Valuation calculations also differ between ESOP's and common external options. When selling to a Strategic Buyer, a Valuation would include more of the intangibles, like customer satisfaction, brand and human capital. An ESOP's Valuation weighs heavily on the financial side and not as much on the intangible side. When stock ownership will be shared by so many, there has to be enough assets up front to support the ESOP and keep it going.

Find out if ESOP is right for you by consulting with your trusted advisers and by listening to this episode now.

Find Nina here and find Julie here.

Thank you to our Sponsors! Baker Tilly & Sunbelt Business Advisors

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The Family Business of Knutson Construction: Building for the next 110 years

Our featured guest for this episode is John Curry, 3rd generation owner of Knutson Construction, a commercial construction company that boasts 110 years in business!

Before joining the company, John spent some time playing hockey as a Goalie; in high school, college and for the pros! He started his construction career on the job site and over time, moved his way into an executive position, where he manages the primary customer accounts and business development.

John's grandfather, also John Curry, bought the business from the Knutson's in 1985, carrying on the family business legacy that the Knutson family started back in 1911.

Legacy is truly a foundational pillar for the Curry family and they take their ownership very seriously. They operate knowing their people are their biggest asset and have developed a company culture that builds upon the loyalty of their best and brightest.

They're currently working through a Succession Plan for John's father, Steve who has hired their first non-family member as President of the company, and is now acting Chairman of the Board.

Their strategic plan focuses on building upon this succession and furthering the growth of the business by expanding their internal capacity.

For more on this amazing story, listen to the show now!

Find John here&find Julie here.

Thank you to this month's Sponsors:Baker Tilly and Sunbelt Business Advisors

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Getting 'Poised for Exit': Understanding Buyer StrategiesOur #PoisedforExit episode today featured Russ Fleming, partner at Baker Tilly in Minneapolis. Russ grew up with an interest in accounting and gained a great deal of exposure to it from his father (a CPA) whose clients were real estate and construction industry business owners. Thus, Russ acquired many clients in these industry sectors and is sought often for his expertise.

We talked a great deal about deal structure in today's environment, and how different structures can impact a seller's outcome in a transition situation. There are many ways a person can sell a business.

It all starts with a seller identifying their needs and wants. Asking the all-important question "what do I want to get out of this?" and "what's the best path to my payoff?" Some sellers will receive a cash offer, though not very common, which eliminates the risk of future payout. Some will opt for a lucrative offer from a Strategic Buyer, which can cover all the bases if structured correctly and with the right advisory expertise.

A Private Equity buyer can afford a seller with a second bite of the apple; selling a portion to investors and the remainder at a later date. Choosing Private Equity would give the business the financial boost it needs to scale beyond what the seller was capable of doing on his or her own. As long as the seller goes into it fully educated it can be a great win-win combination.

Regardless of the seller's path to exit, Due Diligence processes will come beforehand. Russ said that a seller should conduct their own Due Diligence as much as a buyer would do. Baker Tilly offers this service to sellers, whereby they analyze the buyer's means to fully execute the offer. Russ recommends conducting a 'financial stress test' on the buyer, which is one way Baker Tilly measures the capability of the buyer to successfully run and grow the business.

When preparing for an internal sale, whether family or non-family, Russ recommends setting up some kind of comp plan that sets up a future Nest Egg for the buyer to accumulate the cash needed for down payment. This serves two purposes. First, it formally retains the key person or persons, and second, provides a feasible way for the seller to be paid and the buyer to acquire. Taking the time to set this up well in advance of a sale is highly recommended.

Baker Tilly has produced a very popular webinar for business owners on Employee Retention Credits that can be viewed here. You can also take their Rapid Readiness Assessment here.

For more of this episode, you can download and listen now.

Find Russ here and Find Julie here.

Thank you to our Sponsors! Baker TillyandSunbelt Business Advisors

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Our guest for this episode is Derek Weatherford, Market Executive with BMO Private Bank. Derek's long standing background in wealth management, especially in the area of philanthropy made him the perfect guest for this topic!

There are many options and directions a business owner can take when it comes to making donations. We can give to our church or other favorite charity, but for many of us, it doesn't stop there, and for many business owners, being involved with how the money is used at some level is an appealing way to move into what I call the "Next Act" or life-after-business.

When it comes to philanthropy it's important for a business owner to make decisions based upon their values and aligning them with their goals and dreams. For many owners, leaving a legacy is high on the priority list and getting involved as a philanthropist at any level really helps to round out that objective.

Derek discussed Donor Advised Funds and the fact that owners can be as much or as little involved with how the money is used as they want. Staying active in some capacity and using much of their acquired knowledge through involvement in Donor Advise Funds can be the perfect path for those who want to stay somewhat productive after they hand over the keys in a business exit.