Newsday Interviews Jerry Mills: Create an Exit Strategy

Newsday Interviews Jerry Mills: Create an Exit Strategy

by | Jan 5, 2015 | Archives

From NewsdayPlan ahead: Create an exit strategy Plan ahead: Create an exit strategy Jamie Herzlich jherzlich@aol.com Exiting your business may be the farthest thought from your mind, and you’re not alone in that. In fact, about 70 percent of small-business owners have no exit strategy, according to a Securian Financial Group survey. One of the top reasons? “Business owners are so focused on the day-to-day tasks of running their business that they haven’t devoted the time necessary to implement a comprehensive exit plan,” says Andy O’Brien, director of client solutions at Securian, a St. Paul, Minnesota-based financial holding and services company. Only 24 percent of business owners Securian surveyed had a formal exit strategy in place, but this is an oversight, O’Brien says. Lacking a formal exit plan will make it difficult for them to ensure their objectives will be accomplished, he notes. ¦ Plan ahead: So how soon should you start planning your exit?Years before you plan to retire, says Jerry Mills, author of “The Exit Strategy Handbook” (B2B CFO; $15) and founder and CEO of Mesa, Arizona-based B2B CFO, which provides exit strategy services. Eye targets: Small businesses “should always try to understand and identify who the potential buyer will be,” he notes. It takes about two to three years to create a good exit strategy. Consider who will buy your company (employees, say, or a competitor), why, and how much they will pay, Mills says. Team up: Then create a strategy and team to help target/sell the business to that buyer. This team would include the business owner, a team manager, perhaps a mergers and acquisitions...
B2B CFO’s “Certified B2B EXIT® Advisor” Designation Closes the Gap in Successful Business Sales

B2B CFO’s “Certified B2B EXIT® Advisor” Designation Closes the Gap in Successful Business Sales

by | Dec 18, 2014 | Archives

As small business transactions reach record high levels, new certification allows B2B CFO Partners to guide business owners through sale process MESA, Ariz., Dec 18, 2014 (BUSINESS WIRE) — Small business sales increased again this year, giving strong validation to a trend that B2B CFO Partners have closely followed. B2B CFO, the largest CFO services firm in the nation, has been on the forefront of the exit strategy developments, monitoring the pace of the market and creating resources for business owners. In addition to publishing an exit strategy guidebook and developing a proprietary software platform that helps owners understand and examine the sales process, B2B CFO also introduced a new certification program specifically designed to prepare the firm’s Partners for guiding business owners through the complex issues of selling their companies. Today, B2B CFO is proud to announce that currently 121 out of the firm’s 211 Partners have passed the strenuous exam and earned the Certified Business Transition Expert™ designation. The new designation allows B2B CFO Partners to help business owners prepare for and execute their business transitions. Business transitions range from a sale to a third party, an Employee Stock Ownership Plan (ESOP), or to a family member and are typically the single largest event in an owner’s business life. “A deep understanding and knowledge of the complex dynamics involved in a sale of a business is a critical element for success in today’s economy,” said Jerry L. Mills, founder and CEO of B2B CFO. “We have worked extremely hard to build this certification program for our Partners. We have brought in experts and outside industry specialists to ensure...
Heads up from B2B CFO® – 2014 Tax Updates

Heads up from B2B CFO® – 2014 Tax Updates

by | Nov 6, 2014 | Archives

Tax Rates Have Gone Up Significantly! THE TOP INCOME TAX RATE as well as the top short term capital gains rate WENT FROM 35% IN 2013 TO 39.6% IN 2014 – AN INCREASE OF 13.14%. The LONG TERM capital GAINS rate WENT UP FROM 15% TO 20% – A 33% INCREASE . Additionally, there is a 3.8% Medicare tax which is added to the long term rate for an effective tax rate of 23.8% — an increase of 58.6% ! As a result, many business owners who have made significant profits this year are looking for ways to protect themselves from the IRS and shelter money for 2014. Most business owners don’t realize that, depending on their situation, they can potentially deduct and save over $250,000 a year PRE TAX in corporate retirement plans — not just the $17,500 that can go into a 401(k) plan for 2014. Additionally, the Pension Protection Act of 2006 has mandated plan documents be amended to comply with current legal and regulatory guidance starting this year. Failure to adhere to current regulations can result in penalties and even plan disqualification. There is still time to review the retirement plan design, funding, and administration of client retirement plans for 2014. Additionally, it is NOT too late to start a new plan and make deductions for 2014. As stated, there is still time to create the right plan for 2014, but the window is closing fast. We have resources that can help with this, so reach out to B2B CFO® and see how we can...