Adding Business Owner Exit Planning to Your …cpaacademy.s3.amazonaws.com/PPT/Pinnacle.pdfWhat is...

Adding Business Owner

Exit Planning to Your Practice

CPA Academy

Pinnacle Equity Solutions, Inc.

© 2013, Pinnacle Equity Solutions www.pinnacleequitysolutions.com

Agenda

1. Introduction

2. The Exit Planning Opportunity

3. Pinnacle’s Six Step Process

4. Pinnacle’s Training, Certification, & Membership Program

5. Closing Thoughts – Q&A


About Pinnacle Equity Solutions

John M. Leonetti, Esq., M.S. Finance, CM&AA, Certified

Business Exit Consultant™

Managing Director, Pinnacle Equity Solutions

Pinnacle Equity Solutions was founded by John M. Leonetti who, for fifteen years, has served as a

principal, a manager, a transactional advisor, a legal advisor and a financial advisor to privately held

businesses, their owners, and their advisors.

John brings to the Exit Strategies practice an extensive education to go with his hands-on work

experience. He earned his Law Degree from Suffolk University and is a practicing attorney in the

State of Massachusetts. Along with the Law Degree, John also completed a Masters Degree in

Finance at Suffolk's Sawyer School of Management. John's undergraduate work in Finance was

completed at Providence College.

Academic achievements include teaching Retirement and Estate Planning courses at Suffolk

University for those studying to earn the CFP® certification and a 'first of its kind' Private Capital

Markets course being offered in the Spring of 2007. In the Fall of 2008 John released his book,

Exiting Your Business, Protecting Your Wealth: A Strategic Guide for Owners and Their Advisors.


Exiting Your Business, Protecting Your Wealth;A Strategic Guide for Owners and Their Advisors

Part I

Planning Your Exit

Part II

Exit Options

Part III

Execute Your Exit

Strategy Plan


5© 2013, Pinnacle Equity Solutions www.pinnacleequitysolutions.com


www.pinnacleexitplanners.com

In Our 7th Year of Serving Advisors

In September 2013, Pinnacle celebrated our six (6) year anniversary

of providing exit planning education and support to advisors.

Over 1,000 advisors have been through our training programs and

we have continually updated and improved the content that we

provide.

We have consistently surveyed our Members to make sure we are

supporting them with the education / tools that they need to be

successful in the marketplace.



Agenda

1. Introduction






The Exit Planning Marketplace


There are approximately 12 million baby boomer business owners in

the United States today and, every day, 10,000 of them turn 65

years old.

The wealth that is tied up in these businesses is estimated to be in

the trillions.

Which means, over the next 10 – 15 years, most of these 12 million

baby boomer business owners will be exiting their business to turn

that illiquid wealth into a liquid form for their retirement and other

goals.

Non-Em’ee Firms: 17,646,062

1 – 19 Em’ees

20 – 99 Em’ees

4,320,290

508,249

100 – 499 Em’ees 82,334

500 – 999 Em’ees 8,326



How Many Business Exist in the United States Today?

Privately-Held businesses typically are:

• The largest asset that an owner or family will possess

• The primary source of income for an owner and family

• Vehicles for paying bills as well as accumulating and

transferring wealth

• The source of pride / legacy



So, how will millions of Baby Boomers:

• Convert their illiquid, primary asset to cash ?

• Replace the income from the business ?

• Transfer their business wealth to the next generation ?

• Protect their legacy ?



Exiting a business is a process,

not an event.

To Build an exit strategy plan you need information and

a perspective on what you are trying to accomplish.

How to Grow Your Advisory Practice

Within This Unique Planning Area


What is an Exit Strategy Plan ?

An Exit Strategy is:

The written goals for the succession of a business’

ownership and control, derived from a well thought out and

properly timed plan that considers all factors, all interested

parties, and the personal goals of the owners in a manner

and a time period that is accommodative to the business,

its shareholders, and potential buyers.




Provided by: Rob Slee

Agenda

1. Introduction






Exiting Your Business, Protecting Your Wealth;A Strategic Guide for Owners and Their Advisors

Part I

Planning Your Exit

Part II

Exit Options

Part III

Execute Your Exit

Strategy Plan


A Six Step Process

Financial Readiness

Identify Type of Exiting Owner You Most

Resemble

Learn & Choose Your Exit Option

Execute Your Exit Strategy Plan to Reach Your

Goals and Protect Your Wealth

Understand the Value of the Option You Choose

Set Exit Goals

Mental Readiness

1.

2.

3.

4.

5.

6.


Step #1: Setting Exit Goals

The Personal Assessment of the

business owner’s readiness for an exit:

1. What do they want to achieve?

2. Are they Financially Ready for the exit?

3. Are they Mentally Ready for the exit?


• Exit Strategy Planning Question to ask the exiting

owner: What would you most like to achieve with the

exit from your business ?

• The exiting owner’s goals for their exit will be the driver

behind an exit planning engagement.

Step #1: Setting Exit Goals


Financial Readiness


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A Six Step Process

Financial Readiness


Resemble





Set Exit Goals

Mental Readiness

1.

2.

3.

4.

5.

6.


Financial Readiness

• Exit Strategy Planning Question to ask the exiting

owner: What amount of investable assets in your

account will be sufficient to satisfy your post-exit

lifestyle ?

• The exiting owner’s Financial readiness for an exit will

be a strong determinant of what options are realistically

available for her exit.


Asset Base Required

$3,000,000

Savings: $ 1,000,000

Value Gap

$ 2,000,000

Financial Readiness


•

• Higher Financial Readiness =

More exit options available.

Financial Readiness


Mental Readiness


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A Six Step Process

Financial Readiness


Resemble





Set Exit Goals

Mental Readiness

1.

2.

3.

4.

5.

6.


• Because how the owner views their exit is critical to the

advice that you give.

• Too many business owners are emotionally attached to

their businesses.

• When truly seen for what a business is (which is an

investment) the business owner can make better

financial decisions.

Mental Readiness


Mental Readiness


Is the Owner Ready to Leave ?

• How involved is the owner in the day-to-day running of the

business?

• Does the exiting owner have a plan as to how he will spend

leisure time away from the business?

• Are the thoughts and habits of running a business so routine

that he won’t know what to do after the exit?

• Does he view the business as providing a good return on

invested capital, or is he more interested in the lifestyle that the

business provides?

• Will he be able to think clearly throughout the exit process so

that the decisions he makes are based on objective criteria

instead of the subjective ways in which he feels about the exit?

•

Mental Readiness


The Exit Quadrant Chart

••


A Six Step Process

Financial Readiness


Resemble





Set Exit Goals

Mental Readiness

1.

2.

3.

4.

5.

6.



Four Types of Exiting Owners


A Six Step Process

Financial Readiness


Resemble





Set Exit Goals

Mental Readiness

1.

2.

3.

4.

5.

6.


1. Sale of the Business

2. Private Equity Group Recapitalizations

3. Employee Stock Ownership Plans (ESOPs)

4. Management Buyouts

5. Gifting Programs

Five Primary Exit Options


Exit Options

The primary exit options fit into our Exit Quadrant Chart


How to Help Your Owner Choose

the Right Exit Option For Them


Exit via Sale to a Competitor


Selling the Business

Motive:

‘What the Business Owner Wants’

Conversation about Options / Value Ranges Begins the

Planning Process

‘Get Most

Money &

Retire

‘Transfer to

Em’ees’

‘Get ‘Good

Money’ & Keep

Working

‘Transfer to

Family’

‘Transfer to

Mgmt.’

ESOP ‘Mgmt. buyout’ Gifting

Program

Sale to

Outsider

‘PEG Recap.’



Sale to an Outside Buyer

• Owners may choose to exit their business via a sale to

an industry buyer.

• This type of exiting owner is generally aware that this is

the way to get the highest price.

Sale to an Outside

Buyer Synergy Value


Sale to an Outside Buyer

• Owner gets the highest value…

• …But likely loses their job.

• They give up strategic & financial control of business.

• No future value is available.

• Taxes & Fees Paid.



Exit via Recapitalization


Private Equity Group Recapitalization

Motive:



Planning Process

‘Get Most

Money &

Retire

‘Transfer to

Em’ees’

‘Get ‘Good

Money’ & Keep

Working

‘Transfer to

Family’

‘Transfer to

Mgmt.’


Program

Sale to

Outsider

‘PEG Recap.’


Recapitalization

• Owners will not receive the highest value.

• Investment value includes a multiple of earnings, no

synergies.

Recapitalization Investment Value



Owner achieves diversification, keeps job

Fixed Income

Private Company

90%

Equities

Fixed Income

Equities

PrivateCompany

20%

Before After

Beach House / Boat



Partial Exit via Employee Stock Ownership

Plan - ESOP


Employee Stock Ownership Plan

Motive:



Planning Process

‘Get Most

Money &

Retire

‘Transfer to

Em’ees’

‘Get ‘Good

Money’ & Keep

Working

‘Transfer to

Family’

‘Transfer to

Mgmt.’


Program

Sale to

Outsider

‘PEG Recap.’


Exit via ESOP

An ESOP allows for:

• The creation of a buyer for the company shares.

• Diversification for the owner, maintain control.

• Increase Company cash flow.

• Benefit to employees.


Exit via ESOP


How the ESOP

transaction works

Bank

Business

ESOP

1. Bank lends

$$ to Business

3. Business lends $$ to ESOP

4. Note from ESOP to Business

7. Business makes annual deductible

em’ee contributions to ESOP

8. ESOP repays ‘inside loan’

5. ESOP buys $$

shares from owner

2. Note from Business

to Bank

6. Shares

transfer to

ESOP trust

9. Employees get

annual allocations

of shares to a

retirement account

10. C corporation sellers (with 30% sold to

the ESOP) elect for tax deferral under IRC

sec. 1042.

11. Diversify assets

through QRP investment


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ESOP

• Owner receives lower value.

• They do not sell control or bring in new partners.

• Owner keeps their job, salary, perks.

• Owner participates in future value of business.

• A properly installed ESOP can boost moral of employees.

ESOP Fair Market Value

Exit via ESOP


Exit via Management Buyout


Management Buyout

Motive:



Planning Process

‘Get Most

Money &

Retire

‘Transfer to

Em’ees’

‘Get ‘Good

Money’ & Keep

Working

‘Transfer to

Family’

‘Transfer to

Mgmt.’


Program

Sale to

Outsider

‘PEG Recap.’


Management Buyout

• Owner may choose to exit by selling the company to the

management team.

• A High Level of financial readiness is recommended due

to the inherent uncertainties involved with converting

employees into owners.

Management

BuyoutInvestment Value

Exit via Mgmt. Buyout


Special issues with management buyouts

• The employees don’t have the money to buy your

business.

• The managers do not take risks like you.

• Your relationship with the managers changes from

employer/employee to partners.

• You are negotiating with the people who work for you.

• The business will likely need to serve as collateral for the

exit to function properly.



MBO benefits are:

• The managers know the business, so value is

maintained through continuity.

• There is an affinity towards this group who helped build

the wealth in the company.

• A controlled exit that can occur over many years,

providing flexibility to deal structure and taxes.

• You can maintain control.

• A mgmt. buyout does not require a third party.



Exit via Gifting Program


Gifting

Motive:



Planning Process

‘Get Most

Money &

Retire

‘Transfer to

Em’ees’

‘Get ‘Good

Money’ & Keep

Working

‘Transfer to

Family’

‘Transfer to

Mgmt.’


Program

Sale to

Outsider

‘PEG Recap.’


Gifting Program

• You may choose to make gifts of stock to family members

or others.

• A High Level of financial readiness is recommended due to

the fact that the owner is gifting away assets.

• Larger estate planning techniques are likely required.

• Intra-family transfers can have lots of drama.

Gifting Program Fair Market Value



Gifting Program

• Estate Tax Issues include getting assets out of your

estate.

• Two discounts apply to the value to help move more

assets out of an estate in a tax-efficient manner.

Gifting Program Fair Market Value

Less: Discount for

Lack of Marketability

Less: Discount for

Lack of Control



A simpler way to view these transfer options is to see them as:

Internal vs. External Transfers


Internal Transfer External Transfer

Employee Stock Ownership

Plan (ESOP)Recapitalization

Management Buyout Sale to an Outside Buyer

Gifting

A Six Step Process

Financial Readiness


Resemble





Set Exit Goals

Mental Readiness

1.

2.

3.

4.

5.

6.


Affordability is determined by Value

Range of Values Intro.

Internal Transfer External Transfers

Gift,

ESOP

Fair Market Value

Private Equity Group

‘Recap’

Sale to Competitor

“Market Value”

Exit Options Exit Options

Discounts may applyInvestment

Value

Synergy

Value

Management Buyout


A Six Step Process

Financial Readiness


Resemble





Set Exit Goals

Mental Readiness

1.

2.

3.

4.

5.

6.


Exiting Your Business, Protecting Your Wealth

A Strategic Guide for Owners and Their Advisors

Part III: Planning Your Exit, Protecting Your Wealth

Ch. 11: Deal Structuring and Taxes

Ch. 12: Exit Strategies and Estate

Tax Planning

Ch. 13: Legal Agreements

Ch. 14: Forming an Exit Strategy

Advisory Team

Ch. 15: Pulling it All Together


Be a Solutions Provider

No matter which exit option the owner chooses, you can

assist with the planning to:

• Get the owner information

• Position your advisory services

How to Grow Your Advisory Practice

Within This Unique Planning Area


The Advisory Team

• A quarterback will educate an owner on what is required

for their exit planning and execution.

• Each member of the team will play a critical role.

• No one advisor can bring all of the solutions – a team is

necessary.


Business

Owner

Exit Strategies

Advisor: CPA

Legal

Advisor

Financial

Planner

M&A Advisor

Insurance

Advisor

Deal Structuring / M&A ProcessLegal Agreements, Estate

Planning

Financial PlanningEstate Planning, Wealth

Protection

The Advisory Team


• This concludes the educational portion of today’s

presentation.

• If you are interested in learning about how we train and

support advisors who are looking at add exit planning to

their practice, I will take a few minutes to walk you

through that now.


Agenda

Agenda

1. Introduction






Pinnacle’s Mission & Vision

The vision of Pinnacle is that all Lower-Middle Market Business

Owners have an exit plan.

Our mission is to empower advisors to deliver these services to the

marketplace.



Pinnacle’s Core Values

Education

Excellence

Integrity

Creativity

Helping Others



Exit Planning

Online Workshop

Certified Business

Exit Consultant™

Course

Pinnacle’s

Membership


Application Required

Optional,

Discounted Rate

Step 1:

Step 2:

Step 3 (optional):

Core Training

Pinnacle’s Training



Content

• Twelve (12) online modules that take you through Pinnacle’s 6-step

process including a case study that represents the typical exit

planning engagement

• Five (5) copies of Exiting Your Business, Protecting Your Wealth for

you to hand out to business owners and referral sources

• One-time use of our ESS Summary Report to deliver your first exit

plan. This report is otherwise only available to Pinnacle Members.

• You will also receive a sample of the report and a sample

engagement agreement.

Learn More at www.exitplanningcourse.com

Exit Planning Online Workshop

www.exitplanningcourse.com


Exit Planning

Online Workshop

Certified Business

Exit Consultant™

Course

Pinnacle’s

Membership



Optional,

Discounted Rate

Step 1:

Step 2:

Step 3 (optional):

Core Training



Certified Business Exit Consultant™ Course




5-Days of Live Training Where We Will Discuss:

Pinnacle’s 6 Step Process

Advanced Technical Training

Engaging the Owner

Delivering the Exit Plan

Fee Sharing

Quarterbacking the Exit Planning Engagement

We also have presentations made by experts in tax, estate planning,

ESOPs, life planning, valuation, growth consulting, & more.


Curriculum

Thirty (30) hours of prerequisite work (includes the Exit Planning

Online Workshop)

5 – Days of Live Training

Final Exam

Ongoing Coaching

Six (6) group coaching calls after certification

We come together as a team on coaching calls to assist each other

with our initial plans.

The CBEC™ maintains its integrity when the planning service is

delivered effectively




Upcoming Course

• Next CBEC Course will be held on November 11th – 15th in

Dedham, MA.

• Only two (2) seats remaining for the November course.

• Discount for CPA Academy Attendees

• Regular Price: $3,750

• Special Offer: $2,000




2014 Certification Courses:

• January 27th – 31st, 2014

• Early Bird Deadline is December, 13th, 2013

• Be prepared to have the exit planning conversation when

you meet with your clients for tax season

• May 5th – 9th, 2014

• July 21st – 25th, 2014




Exit Planning

Online Workshop

Certified Business

Exit Consultant™

Course

Pinnacle’s

Membership



Optional,

Discounted Rate

Step 1:

Step 2:

Step 3 (optional):

Core Training


In order to become a Pinnacle Member, we required that you are

accepted to one of our Certified Business Exit Consultant™ courses.

Once you have applied and been accepted into our Certified course,

you have the option of coming into our Membership program.

Pinnacle’s Membership – Tools & Support


Pinnacle’s Membership Program

Newsletters

Pinnacle ‘ghost writes’ newsletters for Members to send to business

owners twice per month.

The newsletter program leverages time by creating professional

letters on this topic that serve as your ‘drip’ marketing campaign to

owners and other advisors.

Six (6) new Exit Strategies Newsletters each quarter that can be

customized with your company information and logo.

The 1st month of each quarter is designated for newsletter training.




Case Study Series

Every Quarter Pinnacle creates and distributes an exit planning case

study for our Member’s continuing education.

Pinnacle also hosts Member case study solutions calls where

Members call in with their solutions to the case to educate other

Members and promote their practice within our network.




Business Exit Readiness Index™

Lead generation tool for Members to use in getting the exit planning

conversation started with business owners

Gets the owner to start thinking about their exit plan using a twenty

(20) question online survey that measures the owner’s mental and

financial readiness for an exit.

The business owner receives a ‘score’, is plotted on the Exit

Quadrant Chart, and is sent a report with detailed information about

their exit readiness and the planning steps they should be taking.

Provides you as the advisor with a template to work from when

discussing why this particular owner needs to start planning for their

exit.




How to Get Started Today


If you are interested in attending our Certified Business Exit

Consultant ™ course in 2013, you may apply for our November course

and join us for five (5) days of high level training. Only two (2) seats

remaining.

• The course will be held on November 11th – 15th in Dedham,

MA.

• Discount for CPA Academy Attendees

• Regular Price: $3,750

• Special Offer: $2,000

Contact Pinnacle today to sign up – 781-821-2608

Brett Mirliani - [email protected]

2014 Certification Courses:

• January 27th – 31st, 2014

• Early Bird Deadline is December, 13th, 2013

• Be prepared to have the exit planning conversation when

you meet with your clients for tax season

• May 5th – 9th, 2014

• July 21st – 25th, 2014

For more information and apply visit -

www.certifiedbusinessexitconsultant.com







Limited time offer – Through the end of the day Thursday,

October 31st, purchase the Exit Planning Online Workshop

at the Pinnacle Member price of $497 – 24% off the regular

price of $650.

Regular Price: $650

Special Offer: $497

Agenda

1. Introduction






Concluding Thoughts


• You can add value to your conversations with owners by

understanding their exit needs, options, and special

planning issues.

• Education is the key to having this conversation.

• Differentiation is the key to you working with owner’s on

this specialized need.

Thank You for Attending

Questions?


Pinnacle Equity Solutions

www.pinnacleequitysolutions.com

399 Neponset Street, Suite 202

Canton, MA 02021

(781) 821-2608

[email protected]

[email protected]

mailto:[email protected]

mailto:[email protected]




Limited time offer – Through the end of the day Thursday,

October 31st, purchase the Exit Planning Online Workshop

at the Pinnacle Member price of $497 – 24% off the regular

price of $650.

Regular Price: $650

Special Offer: $497

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