Poised for Exit

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.Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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 Consulting and 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.Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

In this episode of Poised for Exit, we sit down with Justin 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.Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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!Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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!Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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!

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!

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. HEREAs well as their podcast HEREConnect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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!Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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 the Twin 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!Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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!Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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!Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

Our guest for this episode is Cindy 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!Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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!

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.Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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:A Transition ToolA Retirement PlanA 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.Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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!Find Rick at Brimacomb.comConnect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

JTelecommunications, 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 Weinberg joined 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, but acts 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!Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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!Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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 Listen to the episode hereConnect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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.Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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.Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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.Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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.Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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 hereConnect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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.Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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 HereThe next "CEPA Cohort" starts January 9!  Register HereJulie will be hosting two information sessions on these programs.November 7th Webinar RegistrationDecember 3rd Webinar RegistrationDon'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! Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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 hereFind David and Erik here  Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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 have a 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!Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

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 adviceConnect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

We had the honor of hosting John 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  Connect with Julie Keyes, Keyestrategies LLCFounder, Consultant, Author, Pod-caster and Instructor

No Plan B: The All-in Approach of a Boat BurnerIt'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.

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!Join the Twin Cities Chapter of EPI at the 2024 Owners Forum! Learn More and Register here

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 trust as 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!Join the Twin Cities Chapter of EPI at the 2024 Owners Forum! Learn More and Register here

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!Join the Twin Cities Chapter of EPI at the 2024 Owners Forum! Learn More and Register here

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!Join the Twin Cities Chapter of EPI at the 2024 Owners Forum! Learn More and Register here

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 episodeConnect here with Manoj MoorjaniJoin the Twin Cities Chapter of EPI at the 2024 Owners Forum! Learn More and Register here

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! [link]Get registered for the Owner's Forum! [link]Support the Show.Join the Twin Cities Chapter of EPI at the 2024 Owners Forum! Learn More and Register here

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 Listen to the episode here Support the Show.Join the Twin Cities Chapter of EPI at the 2024 Owners Forum! Learn More and Register here

Women Contractors We 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:Member Advocacy (within their industry, community and in politics)Industry and Business EducationBusiness Development ConnectionsMissy 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!Listen to the episode here!Learn more about the Association of Women Contractors hereSupport the Show.Join the Twin Cities Chapter of EPI at the 2024 Owners Forum! Learn More and Register here

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 lessRevenues of $5MM per year or lessThere 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. Listen to the episode here Support the Show.Join the Twin Cities Chapter of EPI at the 2024 Owners Forum! Learn More and Register here

RISR: Empowering the Business Owner's Most Trusted AdvisorWe 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!Listen to the episode here!Support the Show.Join the Twin Cities Chapter of EPI at the 2024 Owners Forum! Learn More and Register here

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 hereConnect with Ken Saddler here Connect with Andy Yetzer here Support the Show.Join the Twin Cities Chapter of EPI at the 2024 Owners Forum! Learn More and Register here

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 stillmaintain 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. Connect with Christine Schmidt here and Julie Westbrock here Support the Show.Join the Twin Cities Chapter of EPI at the 2024 Owners Forum! Learn More and Register here

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 Support the Show.Join the Twin Cities Chapter of EPI at the 2024 Owners Forum! Learn more here

Lessons Learned: Navigating Company Culture during a Business Sale Today'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 Listen and share the episode here Support the Show.Join the Twin Cities Chapter of EPI at the 2024 Owners Forum! Learn more here

 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" . Listen and share the episode 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 Transition online course Free Ebook download here Purchase Poised for Exit book here

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 hereFind Greg hereSupport 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 Transition online course Free Ebook download here Purchase Poised for Exit book here

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 hereConnect with Kevin Szozda at Sunbelt and True North 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 Transition online course Free Ebook download here Purchase Poised for Exit book here

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. Listen to the episode here!Connect with Luke and his team at DataDrive 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 Transition online course Free Ebook download here Purchase Poised for Exit book here

 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 BrothersLearn more about the O'Neill Foundation Find the O'Neill Brothers in the MN Hall of FameSupport 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 Transition online course Free Ebook download here Purchase Poised for Exit book here