Business Exit Planning / Wiley Finance Editions (PDF)

Preface xi Acknowledgments xv Disclaimer xvii Foreword xix Introduction: The Challenge of Exiting Your Business 1 Three Overarching Themes 6 A Few Words of Advice 9 PART I Business Exit Planning 11 CHAPTER 1 An introduction to Business Exit Planning 13 Ways to Exit Your Business 14 What is Business Exit Planning? 15 Evidence on Why Business Exit Planning is Necessary 16 Understand Your Motives 17 The Special Case of Retirement 20 CHAPTER 2 Begin with the Endgame in Sight 23 Develop a Game Plan 24 Value Systems and Visualizing the Endgame 25 CHAPTER 3 Exit Options 29 Intergenerational Transfer 29 Initial Public Offering 32 Merger 35 Hiring Professional Management 36 Management Buyout 37 Refi nancing 38 Employee Stock Ownership Plan 39 Liquidation 39 Choosing the Right Exit Option 39 CHAPTER 4 Building Your Team to Assist Your Exit 43 Reasons for Building a Team 43 Composition and Role of Your Team 45 Selecting Advisors: An Overview 53 Your Advisors' Ethical Standards 55 CHAPTER 5 Building a Business with Sustainable Value 57 Look at Your Business from an Investor's Perspective 58 Clarifying and Adjusting Corporate Strategy 59 Corporate Governance, Systems, and the One-Man Show 61 Pre-Transaction Restructuring 68 Identify and Manage Risks 72 Operational Improvements to the Business 78 Non-Arm's-Length Situations 82 CHAPTER 6 Business Plan and Valuation 85 Reasons for Making a Business Plan 85 Should You Perform a Valuation of Your Business? 87 Recasting Financial Statements 88 Building a Business Plan 90 Introductory Comments on Valuation 91 Types of Valuation 93 Adjustments to Valuations 96 CHAPTER 7 Tax Planning, Estate Planning, and Insurance 101 Tax Planning 101 Estate Planning 102 Use of Insurance in Your Exit Strategy 105 CHAPTER 8 Finalizing Your Exit Strategy 107 What Type of Investors Should Be Targeted? 108 Should There Be a Listing or Asking Price? 110 Should There Be a Competitive Process? 110 Why Use a Competitive Process in Selling a Business? 112 What

LES NEMETHY 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.

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