{"product_id":"business-exit-planning-isbn-9780470905319","title":"Business Exit Planning","description":"\u003cb\u003eThe most viable exit strategies for owners of mid-sized companies\u003c\/b\u003e  \u003cp\u003eFor many business owners, cashing out of a business is a lifelong dream. For some, exiting a business can be a nightmare. \u003ci\u003eBusiness Exit Planning: Options, Value Enhancement, and Transaction Management for Business Owners\u003c\/i\u003e provides a comprehensive view of what every business owner needs to know to plan and execute a business exit. The book\u003cbr\u003e \u003c\/p\u003e \u003cul\u003e \u003cli\u003eIncludes 30 relevant mini-case studies on business exit planning and transaction management, as well as a glossary of frequently used technical terms\u003c\/li\u003e \u003cli\u003eDetails options for those owners who no longer want to be active in the business, as well as for those who want to remain invested\u003c\/li\u003e \u003cli\u003eCovers a wide range of topics related to business exit planning and transaction management, including IPO, MBO, refinancing, ESOPs, building an exit team, business plan and valuation, due diligence, and estate planning\u003c\/li\u003e \u003c\/ul\u003e \u003cp\u003eRegardless of whether a business owner seeks an immediate exit or a staged exit over time, \u003ci\u003eBusiness Exit Planning\u003c\/i\u003e provides a comprehensive strategy and road map to define exit-related objectives.\u003c\/p\u003e \u003cp\u003ePreface xi\u003c\/p\u003e \u003cp\u003eAcknowledgments xv\u003c\/p\u003e \u003cp\u003eDisclaimer xvii\u003c\/p\u003e \u003cp\u003eForeword xix\u003c\/p\u003e \u003cp\u003e\u003cb\u003eIntroduction: The Challenge of Exiting Your Business 1\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThree Overarching Themes 6\u003c\/p\u003e \u003cp\u003eA Few Words of Advice 9\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart I Business Exit Planning 11\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 1 An introduction to Business Exit Planning 13\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWays to Exit Your Business 14\u003c\/p\u003e \u003cp\u003eWhat is Business Exit Planning? 15\u003c\/p\u003e \u003cp\u003eEvidence on Why Business Exit Planning is Necessary 16\u003c\/p\u003e \u003cp\u003eUnderstand Your Motives 17\u003c\/p\u003e \u003cp\u003eThe Special Case of Retirement 20\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 2 Begin with the Endgame in Sight 23\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eDevelop a Game Plan 24\u003c\/p\u003e \u003cp\u003eValue Systems and Visualizing the Endgame 25\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 3 Exit Options 29\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eIntergenerational Transfer 29\u003c\/p\u003e \u003cp\u003eInitial Public Offering 32\u003c\/p\u003e \u003cp\u003eMerger 35\u003c\/p\u003e \u003cp\u003eHiring Professional Management 36\u003c\/p\u003e \u003cp\u003eManagement Buyout 37\u003c\/p\u003e \u003cp\u003eRefinancing 38\u003c\/p\u003e \u003cp\u003eEmployee Stock Ownership Plan 39\u003c\/p\u003e \u003cp\u003eLiquidation 39\u003c\/p\u003e \u003cp\u003eChoosing the Right Exit Option 39\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 4 Building Your Team to Assist Your Exit 43\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReasons for Building a Team 43\u003c\/p\u003e \u003cp\u003eComposition and Role of Your Team 45\u003c\/p\u003e \u003cp\u003eSelecting Advisors: An Overview 53\u003c\/p\u003e \u003cp\u003eYour Advisors’ Ethical Standards 55\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 5 Building a Business with Sustainable Value 57\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eLook at Your Business from an Investor’s Perspective 58\u003c\/p\u003e \u003cp\u003eClarifying and Adjusting Corporate Strategy 59\u003c\/p\u003e \u003cp\u003eCorporate Governance, Systems, and the One-Man Show 61\u003c\/p\u003e \u003cp\u003ePre-Transaction Restructuring 68\u003c\/p\u003e \u003cp\u003eIdentify and Manage Risks 72\u003c\/p\u003e \u003cp\u003eOperational Improvements to the Business 78\u003c\/p\u003e \u003cp\u003eNon-Arm’s-Length Situations 82\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 6 Business Plan and Valuation 85\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eReasons for Making a Business Plan 85\u003c\/p\u003e \u003cp\u003eShould You Perform a Valuation of Your Business? 87\u003c\/p\u003e \u003cp\u003eRecasting Financial Statements 88\u003c\/p\u003e \u003cp\u003eBuilding a Business Plan 90\u003c\/p\u003e \u003cp\u003eIntroductory Comments on Valuation 91\u003c\/p\u003e \u003cp\u003eTypes of Valuation 93\u003c\/p\u003e \u003cp\u003eAdjustments to Valuations 96\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 7 Tax Planning, Estate Planning, and Insurance 101\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eTax Planning 101\u003c\/p\u003e \u003cp\u003eEstate Planning 102\u003c\/p\u003e \u003cp\u003eUse of Insurance in Your Exit Strategy 105\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 8 Finalizing Your Exit Strategy 107\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhat Type of Investors Should Be Targeted? 108\u003c\/p\u003e \u003cp\u003eShould There Be a Listing or Asking Price? 110\u003c\/p\u003e \u003cp\u003eShould There Be a Competitive Process? 110\u003c\/p\u003e \u003cp\u003eWhy Use a Competitive Process in Selling a Business? 112\u003c\/p\u003e \u003cp\u003eWhat are the Possible Drawbacks of a Competitive Process? 114\u003c\/p\u003e \u003cp\u003eTiming Your Exit 115\u003c\/p\u003e \u003cp\u003eCommunicating with Other Shareholders 116\u003c\/p\u003e \u003cp\u003eYour Contingency Plan 117\u003c\/p\u003e \u003cp\u003eBusiness Exit Planning Report 117\u003c\/p\u003e \u003cp\u003e\u003cb\u003ePart II Managing the Transaction 119\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 9 The Transaction Process 121\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eOverview of a Competitive Process 122\u003c\/p\u003e \u003cp\u003eConfidentiality through a Transaction Process 124\u003c\/p\u003e \u003cp\u003eInvolving Company Staff in the Transaction Process and Communications with Investors 129\u003c\/p\u003e \u003cp\u003eMarketing Your Opportunity: From Long List to Short List 131\u003c\/p\u003e \u003cp\u003eThe Information Memorandum 132\u003c\/p\u003e \u003cp\u003eNonbinding Offers 135\u003c\/p\u003e \u003cp\u003eDue Diligence 135\u003c\/p\u003e \u003cp\u003eBinding Offers 141\u003c\/p\u003e \u003cp\u003eExclusivity 141\u003c\/p\u003e \u003cp\u003eTransaction Structuring 142\u003c\/p\u003e \u003cp\u003eHead of Agreement 145\u003c\/p\u003e \u003cp\u003eSale and Purchase Agreement 146\u003c\/p\u003e \u003cp\u003eClosing the Transaction 151\u003c\/p\u003e \u003cp\u003eNoncompetitive Processes 151\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 10 Negotiating a Transaction 153\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eGet to Know Your Negotiating Partner 154\u003c\/p\u003e \u003cp\u003eLet Your Negotiating Partner Make the First Offer 155\u003c\/p\u003e \u003cp\u003eConcede in Small Increments 155\u003c\/p\u003e \u003cp\u003eAfter Asking a Crucial Question, Hold Your Tongue 155\u003c\/p\u003e \u003cp\u003eEvery Term of the Deal Also Depends on Every Other Term 156\u003c\/p\u003e \u003cp\u003eBe Prepared to Walk Away from the Deal 157\u003c\/p\u003e \u003cp\u003eKnow Your Best Alternative 157\u003c\/p\u003e \u003cp\u003e\u003cb\u003eChapter 11 Cross-border Transactions 159\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eWhy Don’t More People Market Their Companies Internationally? 160\u003c\/p\u003e \u003cp\u003eThe Challenges of Cross Cultural Negotiations 162\u003c\/p\u003e \u003cp\u003eConclusion: The Only Question with Wealth is, What Do You Do with It? 165\u003c\/p\u003e \u003cp\u003eRevisiting the Three Overarching Themes 165\u003c\/p\u003e \u003cp\u003eYou Have Raised Your Cash. What Next? 167\u003c\/p\u003e \u003cp\u003eThe Macroeconomic Effects of Succession Failure 170\u003c\/p\u003e \u003cp\u003eNotes 173\u003c\/p\u003e \u003cp\u003eGlossary 175\u003c\/p\u003e \u003cp\u003eReferences 179\u003c\/p\u003e \u003cp\u003eAbout the Author 181\u003c\/p\u003e \u003cp\u003eIndex 183\u003c\/p\u003e  \u003cp\u003e\u003cb\u003eLES NEMETHY\u003c\/b\u003e is the founder and CEO of Euro-Phoenix Financial Advisors Ltd, a leading corporate finance house in Central Europe and emerging markets specializing in helping owners of mid-sized enterprises sell their companies.??Over the past twenty-five years, he has been involved in the sale of hundreds of businesses in more than forty countries. He speaks and writes frequently on the topic and his syndicated column appears in more than ten publications around the world.    \u003c\/p\u003e\u003cp\u003eThe decision of whether to exit your business or not is never just a simple yes or no answer. Most business owners find the issue difficult to grapple with because it is not just one decision. Rather, in most cases, there are many interrelated decisions to be made. For example: How much money will you receive upon exit? What is the best timing for your exit, given the economic cycle of your country and industry? What kind of advisors will you need? And what will happen to your staff, clients, and business partners?  \u003c\/p\u003e\u003cp\u003e\u003ci\u003eBusiness Exit Planning\u003c\/i\u003e explains the two major phases of leaving a business: Business Exit Planning and Transaction Management (that is, what a business owner needs to know in managing the exit transaction). It will equip you, the business owner, with a full overview of what's involved in exiting your business. The book provides a wealth of illustrative case studies covering the wide range of options available to owners of mid-sized businesses, including intergenerational transfer, merger, liquidation, and more, as well as options for owners who seek an immediate exit and options for those who prefer a staged exit over time.  \u003c\/p\u003e\u003cp\u003eThroughout the book, the author stresses three key themes: 1) A Business\u003cb\u003e\u003c\/b\u003e Exit should not be a spontaneous process, but the result of careful planning; 2) Business owners tend to underestimate what it takes to exit; and 3) There is often a mismatch in negotiating strength between business owners and professional investors. You may not be able to formulate a definitive opinion on any of those three subjects until you have actually closed at least one transaction. But by reading this book, you will be better prepared—and more successful—when you do start your exit process.    \u003c\/p\u003e\u003cp\u003eThe decision of whether to exit your business or not is never just a simple yes or no answer. Most business owners find the issue difficult to grapple with because it is not just one decision. Rather, in most cases, there are many interrelated decisions to be made. For example: How much money will you receive upon exit? What is the best timing for your exit, given the economic cycle of your country and industry? What kind of advisors will you need? And what will happen to your staff, clients, and business partners? \u003c\/p\u003e\u003cp\u003e\u003ci\u003eBusiness Exit Planning\u003c\/i\u003e explains the two major phases of leaving a business: Business Exit Planning and Transaction Management (that is, what a business owner needs to know in manag-ing the exit transaction). It will equip you, the business owner, with a full overview of what's involved in exiting your business. The book provides a wealth of illustrative case studies covering the wide range of options available to owners of mid-sized businesses, including intergenerational transfer, merger, liquidation, and more, as well as options for owners who seek an immediate exit and options for those who prefer a staged exit over time. \u003c\/p\u003e\u003cp\u003eThroughout the book, the author stresses three key themes: 1) A Business\u003cb\u003e\u003c\/b\u003e Exit should not be a spontaneous process, but the result of careful planning; 2) Business owners tend to underestimate what it takes to exit; and 3) There is often a mismatch in negotiating strength between business owners and professional investors. You may not be able to formulate a definitive opinion on any of those three subjects until you have actually closed at least one transaction. But by reading this book, you will be better prepared—and more successful—when you do start your exit process.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47988871659749,"sku":"NP9780470905319","price":75.0,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470905319.jpg?v=1761781858","url":"https:\/\/k12savings.com\/es\/products\/business-exit-planning-isbn-9780470905319","provider":"K12savings","version":"1.0","type":"link"}