This Month, the Exit Planning Institute started a new feature with an article on a different member each month. I am proud to say that Maurie Cashman was the first advisor to be profiled by EPI. I hope you find the interview ‘Meet CEPA Member Maurie Cashman’ both informative and informational. Dennis Gano, CAE EPI: Maurie, what is the one thing you are most proud of that you have accomplished inside and outside of the industry? Cashman: Inside
Excuses to Exit Planning In the prior issue of this newsletter, we attempted to take the air out of the most common argument owners make for ignoring the planning necessary to successfully exit their companies: They believe that their businesses aren’t worth enough to meet their financial needs. “When it is,” they claim, “that’s when I’ll think about leaving.” Three other common arguments are: I will be required to work years for a new owner.
Business Continuity Concerns Most, if not all, business owners have been approached by at least one of their advisors with the ever-popular question, “What would happen to your business if you died or became disabled?” Few business owners fail to recognize this question for the thinly-veiled pitch to buy insurance that it is. Our goal is not to discourage you from buying life or disability insurance. Far from it. Purchased in the proper amounts and
Employee Goals are Critical to Exit Planning One of the key things you as an owner can do to increase the value of your business is to set goals for your employees that are in sync with your exit strategy. This may mean many things depending on your objectives and the gaps that need to be closed to achieve those objectives. If you have set goals in the past your thought process may need to
Monday evening I had the opportunity to witness a music lesson performance that I found to be truly astonishing and found myself thinking about how inspiring it would have been had every business owner or leader in our community been in that audience. The Linn Mar Community Schools put on their Holiday Concert III, which consists of performances by their top Chamber Choir, Symphony Strings, and Wind Ensemble. There were 186 musicians in all and
Incentive plan for key employees! In our previous blog we discussed the primary reason that it is so important to motivate your key employees to stay with your company. Ultimately, your ability to get top dollar for your company may depend on your ability to create, motivate and keep good management. That article further described the four characteristics of a successful incentive plan. The fourth characteristic of a successful incentive plan is that key employees
Incentive plans for key business employees: Experts and laymen agree that one constant of successful companies is a stable, motivated management team. This quality not only contributes to corporate success, it is also key to the business owner’s successful business exit. If you decide to sell your business to a third party, you’ll discover that prospective buyers place significant value on the strength of your management team—if that management team can be expected to remain