The following is an edited excerpt from the book, Buying Out the Boss: The Successor’s Guide to Succession Planning, by Michael Vann and Kevin Vann.
Written By: Teresa Shefer- BusinessExit.com
Business owners who are considering exiting their businesses within the next 5 years should become acquainted with the Offering Memorandum. The OM, also known by other industry names, is a data rich marketing document designed to highlight your company’s positive attributes to a prospective buyer. Businesses are rarely sold without the exchange and review of the OM or a version of it.
Stephen Reisler, BusinessExit.com
What happens to your business tomorrow if something were to happen to you today? Life happens and we cannot stop it – accidents, sickness, disease, and death happens daily. None of us are protected against ‘life’ but you can take the necessary steps to protect the business by creating a documented CONTINUITY PLAN.
I really appreciated the ‘Glass Door’ retreat process. I think the questions that you asked were very good and I find myself looking to the future in a different way, in much more reflective way. This has been very insightful and I can see this helping me as I look ahead to the future.
Tom L. - President