Roofing Contractor Sponsors Exit Planning and Business Valuation Online Workshop
TROY, Mich. — Roofing Contractor and Heatspring Learning Institute are teaming up to offer an in-depth online course on Exit Planning and Business Valuation. The course will be led by Kevin Kennedy and Joseph Bazzano of Beacon Exit Planning, a consulting firm that specializes in helping the owners of closely held middle market companies monetize their businesses and successfully transition into retirement.
This online workshop is a rare opportunity for business owners to work with experts to craft a business exit strategy and maximize their company’s value. The course will run from Sept. 8 through Oct. 17, 2014, and includes an individual 30-minute conference call with Kennedy and Bazzano to discuss any questions and specific issues attendees might have. Because of the in-depth nature of the workshop, participation will be limited to 60 business owners. For more information and to register, visit www.heatspring.com/courses/exit-planning-and-business-valuation.
Kevin Kennedy, the founder and CEO of Beacon Exit Planning, specializes in exit and succession planning for private business owners. He navigated the process firsthand when he sold his 63-year-old business along with two other owners to the company’s fourth-generation team of owners. “The largest pocket of wealth of a business owner is trapped inside his/her business,” he said. “The challenge for owners is how to unlock these dollars without being clobbered by taxes (which can exceed 50 percent), replace themselves, retire and not outlive their income. The exit plan seminar helps owners understand the blueprint that charts this complicated process and coordinate all the moving pieces to meet the owner’s goals. Without a plan you may join the statistic of 70 percent of the owners who settle for a liquidation price (10 percent of the company’s value).”
Joseph Bazzano, chief operating officer of Beacon Exit Planning, is a Certified Public Accountant, Certified Valuation Analyst and a Certified Business Exit Consultant who has more than 25 years of experience in public accounting, valuation and exit strategy services. “As soon as you enter your business you should be thinking of a way out,” Bazzano said. “Learning about exit planning is much more than the exit. It includes valuation principles, asset protection strategies and the ever-present taxation. Each can have a devastating effect on an owner’s post-exit lifestyle if not properly addressed.”
According to Kennedy and Bazzano, business owners need to understand five things:
1. Typical business owners have 70 percent of their wealth trapped in their business. Many don’t know how to get it out.
2. Fewer than 30 percent of businesses sell/transfer into the second generation.
3. Your company can have several associated values based on your exit strategy.
4. Taxes can account for 0-55 percent of the gross proceeds from the sale of a business.
5. Getting a business ready for transfer can take 7-12 years. An outside sale can take approximately 1-3 years.
“There is one thing I can promise you: Every owner will exit his business someday — voluntarily or involuntarily,” said Kennedy. “Don’t wait until it’s too late to set up an exit strategy.”
Roofing Contractoris offering the course in partnership with the Heatspring Learning Institute. To receive the Early-Bird discount, register at www.heatspring.com/courses/exit-planning-and-business-valuation.