Today’s #PoisedforExit guest featured Mary Merrill, Principal of Heritage Capital. Mary brings so much knowledge and so many lessons to share, that we decided she has to come back to the podcast!
From Buy Side, Sell Side, investor financing, bank financing and every possible way to structure a deal, Mary has the knowledge and skills to create a win win situation. Family business transitions are a specialty of hers and she shared several stories of how things can go well and not so well. In one instance, she had a client with four children who became shareholders when the founder died. Two were in the business and had voting rights and two were not. They ended up spending years and millions in a fight over control; all of that could have been avoided had they set up their partnership properly from the beginning. A lesson in being prepared from not just the founder’s perspective (which he was) but also from the successor’s (which they were not).
When a seller is looking to stay involved as an owner but is seeking investment capital along with expertise and other resources, and is willing to give up equity to achieve that, Mary is the go to for structuring a favorable arrangement. What options should a seller consider when it comes to financing the business? That depends on many factors and working with an expert to determine needs, wants and feasibility are vital to choosing the best path.
At the end of the day, having a plan that leads toward the future exit is essential. That does not mean the plan never changes, but it does mean we have a map to follow. It keeps everyone accountable and clear on where we’re headed, even when life happens and we have to shift direction.
Listen to the episode!
Find out more about Mary Merrill and Julie Keyes here
Thank you to this month’s sponsor! Sunbelt Business Advisors and TrustPoint
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Business Readiness Transition online course
For more tips, stories and advice listen to episode here
Sunbelt Business Advisors is a proud sponsor of the Poised for Exit Podcast. The Poised for Exit podcast seeks to help entrepreneurs improve, grow – and successfully exit – their businesses.
Julie Keyes, a life-time entrepreneur and founder of KeyeStrategies, understands what keeps an owner up at night and the balancing act required to work both ‘in’ and ‘on’ the business. The firm’s mission is to help business owners increase enterprise value and prepare for a future exit.
Julie believes in providing outside perspective and mentoring, which made all the difference for her while spending years growing and improving her companies before selling and becoming a business adviser in 2011.