Poised for Exit
Julie Keyes
Welcome to the Poised for Exit podcast! Poised for Exit is an under 30-minute strategic planning guidance podcast for busy small business owners. Each week you’ll hear certified exit planning advisor, Julie Keyes, talk with a range of entrepreneurs and professionals about preparing your business for a future transition. Guests at every stage of company ownership will share their personal stories and lessons learned about topics such as the anatomy of the exit planning process, developing a growth strategy, how to sell on your terms, exit planning for women small business owners, handling business diversity, and how to sell a family business. Whether you’re planning an exit in the near future or not, this show will provide you with the same action-oriented content that Julie utilizes while consulting with Keyestrategies clients. Building an exit strategy can be overwhelming, especially with all the decisions and details you have to consider. “Poised for Exit” will simplify the process and help you unwrap the unknowns, giving you more confidence in your planning process. Previous episodes are available for download, so if you are new to our show, you can listen to them in any order that suits you. Join us each week for timely, relevant content that will surely impact your business exit outcome! Subscribe to our newsletter below to receive your weekly episode link and stay updated on new strategic planning content. Find “Poised for Exit” on Spotify, Apple Podcasts, Google Play, iHeart Radio, Amazon Music, and others. Thank you to our Sponsors: Sunbelt Business Advisers and JAK CPA's. A special note of thanks to Tyler Keyes who produced the music for the “Poised for Exit” show.
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Top 10 Poised for Exit Episodes
Goodpods has curated a list of the 10 best Poised for Exit episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to Poised for Exit for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite Poised for Exit episode by adding your comments to the episode page.
47 - ESOP's: Are They For You?
Poised for Exit
05/05/21 • 25 min
This week on #PoisedforExit we featured Nina Hale, a pioneer in the world of digital advertising, who sold her company Nina Hale to an ESOP in 2014. The company has been renamed Collective Measures and is growing strong, with many of the same employees who worked for Nina. She now sits on several non-profit Boards and helps educate business owners on what ESOP's are and are not.
ESOP is an acronym for Employee Stock Ownership Plan.
We certainly could have extended this interview longer; there's so much to talk about. What we did cover is essential for you to know, if you are considering an ESOP for your company.
Nina said ESOP's provide for significant tax savings for a company and its' owners and creates a winning situation for all stakeholders. But ESOP is not for everyone.
It takes competent advisers and a strong leadership team to pull this off, she said, and lots of hard work. Not everyone thinks that ESOP's are a good thing, especially younger generations who think more about buying a house than setting themselves up for retirement. You really have to make sure it's the right fit for most of your stakeholders as well as for you, the owner. Thus, the need for competent advisers!
Valuation calculations also differ between ESOP's and common external options. When selling to a Strategic Buyer, a Valuation would include more of the intangibles, like customer satisfaction, brand and human capital. An ESOP's Valuation weighs heavily on the financial side and not as much on the intangible side. When stock ownership will be shared by so many, there has to be enough assets up front to support the ESOP and keep it going.
Find out if ESOP is right for you by consulting with your trusted advisers and by listening to this episode now.
Find Nina here and find Julie here.
Thank you to our Sponsors! Baker Tilly & Sunbelt Business Advisors
Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor
From The Vault: Private Investigators and Dealmakers are Teaming up More Often than Ever!
Poised for Exit
01/01/25 • 26 min
From The Vault:
Private Investigators and Dealmakers are Teaming up More Often than Ever!
We covered an unusual topic in this episode, that we learned wasn't so unusual afterall. Private investigations within the M&A space. As buyers and sellers become more leary of the trustworthiness between them during dealmaking, the advisory team is completing the circle of trust by having what they disclose verified. Our guest today is Tom Jaeb, Founder and Managing Director of JR Risk Advisors. Tom's background in private investigations goes back to working with his brother's PI firm in 1993. When that firm sold, he and his brother took a year off to honor the Non Compete and then launched J2 Risk Advisors. This time around, their sole focus is on M&A transactions, being hired by PE firms, Investment Bankers, and others in the Dealmaking space. They verify all kinds of information that has been disclosed, and watch for red flags in areas that could be missed by the untrained eye.
You'd think that a credit report, courthouse search, and online search would bring up enough to make a case for or against a deal going through, but J2 digs deeper. They conduct research that examines the Press, Social Media, College Degrees, and other background sources as well.
Tom says that most deals are free of 'red flag' items that would derail a transaction. However, he said that each search uncovers things that weren't necessarily discussed or disclosed, simply because the buyer or seller didn't think it was relevant. Say for instance a lawsuit settlement that the company was a party to 10 years ago. The key to deciding whether research and analysis are necessary is to determine if there are patterns of behavior or isolated incidents. When it's a pattern, it's a red flag, but if it's something that happened once many years ago, they're not going to be as concerned.
Tom shared some intriguing client stories that you will find surprising! He said that Private Investigations during the dealmaking stages are more common than you think. The point about trustworthiness can be carried over from little things to big things; it's then up to the buyer or seller to decide whether to move forward.
Listen to the episode here!
Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor
32 - Identifying & Protecting your Intellectual Property
Poised for Exit
01/20/21 • 29 min
Our guest for this #PoisedforExit episode is Steve Baird; shareholder and practice area leader for his Intellectual Property team in the Minneapolis office of global firm Greenberg Traurig. Steve's interest in the law did not follow a straight line. Being from a family of educators (his parents and siblings are all teachers of some kind) he naturally gravitated toward wanting to educate people, just not as a teacher.
He spent some time in college in a Pharmacist program and through that experience met several patent attorneys. It was then that his path to practicing law began, with a strong interest in IP.
Fast forward, Steve is a prominent leader in his department and specializes in Trademark Law and Brand protection for privately held companies. He enjoys the value he brings as a trusted legal adviser to his client relationships and uses his love for education in teaching them what, why, and how to protect their brand assets. His thought leadership and expertise are well received in his department and by his colleagues and associates. Being the recipient of many types of awards, you'd think he'd have an ego problem, but not this guy. He's as humble as they get.
His award winning "Duets Blog" boasts 900 posts over the past 12 years! He's interviewed some pretty famous thought leaders, like Seth Godin, who's also been a guest blogger for them! Steve says his guiding principles as a trademark expert and leader of his team are to help his clients understand what they need and why, without demeaning legal jargon that can drive distance between attorney and client. He also believes that creative problem solving works a lot better with creative people than forcing a remedy that no one likes or wants. You can learn more about protecting your IP by listening to this episode now.
Find Steve here: https://www.gtlaw.com/en/professionals/b/baird-stephen-r
Find Julie here: https://www.poisedforexit.com/
Thank you to our Sponsors Sunbelt Business Advisors and JAK, CPA.
Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor
05/18/23 • 35 min
Structuring Deals, Putting out Fires and Getting Clients to the Closing Table
We delivered a Special Edition of Poised for Exit today and had the privilege of interviewing two experts on how collaboration works and why it can make or break a deal. Brett Larson, M&A Attorney with Messerli Kramer and Colin Johnson, Managing Director at Wipfli Corporate Finance were our guests and talked about how they work together structuring deals, putting out fires and getting their clients to the closing table. When it comes to achieving the best outcome for a business exit, using the right team with essential areas of expertise makes all the difference.
Colin says it all starts by understanding and aligning with the owner's goals and sometimes he has to work to help the owner discover what they really want. Colin's investment banking skills and background make him the kind of advisor owners believe has their back. Colin won't take a deal unless he believes he can get it done.
Brett agreed that the owner's goals are at the top when helping them decide the right path for exit. Brett and Colin have a clear understanding of how to work together collaboratively. Sometimes Brett is driving and sometimes Colin is in the lead yet each know when to step back to let the other take over. Brett says that when an owner comes to him late in the game, for instance already having a Letter of Intent, he needs to "get smart fast" on what's happening with the owner's business and the owner in terms of assessing and mitigating risk as much as possible.
The key to keeping momentum going and to avoid deal fatigue is to have the right people on the team. With the right expertise at the table, the flow of the transaction takes less time thereby reducing cost and stress for the owner and everyone else.
Listen to the episode to learn more about their take on market conditions and what owners should do to prepare themselves for a future sale.
Contact Brett Larson here and Colin Johnson here
Connect with Julie on LinkedIn!
It's never too early to plan for your future exit - grab a copy of Julie's 'Free Ebook' here.
Thank you to our show sponsors! Sunbelt Business Advisors and Trust Point
Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor
107 - Structuring Capital With Honour
Poised for Exit
07/28/22 • 23 min
Our #PoisedforExit show today featured Tim Olson, Business Development professional at Honour Capital. Tim's background in equipment sales uniquely positioned him as a great fit for the typical client at Honour Capital, a firm getting its start just after the pandemic hit, but whose growth has seen quite a trajectory!
Honour Capital's motto is "purpose driven capital". Part of the business model embodies a give-back philosophy. The company started that right out of the gate in partnering with some of its favorite local charities.
Honour Capital would be considered 'middle' financing for companies, in that they work alongside the business owner's bank, and finance what the bank won't or can't do. They don't take an equity position, just simply a private financing source for businesses who seek to grow, acquire, or recapitalize. Since they are not regulated by a bank, they can get more creative in the types of deals they do, and being industry agnostic makes them an option for just about any owner looking for business financing. All loans are tied to tangible assets like equipment, vehicles, buildings, etc. and have fixed rate, short term loan parameters.
Tim shared a couple of interesting client stories with us and some other great tips for owners looking for financing! Listen to the episode now.
Find Tim here.
Find Julie here. Thank you to this month's sponsor:
Sunbelt Business Advisors
Upcoming events and programs:
BTR program: https://keyestrategies.mykajabi.com/ks-landing-1
Owner's Forum Registration: https://exit-planning-institute.org/events/event/epi-twin-cities-metro-area-october-2022-chapter-event/
Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor
114 - Pre Due Diligence Leads to the Best M & A Outcomes!
Poised for Exit
09/15/22 • 34 min
Pre Due Diligence Leads to the Best M & A Outcomes!
This #PoisedforExit episode features a conversation today with KG Graminschi, Senior Associate with True North M & A. We talked about how the work I do as an Exit Planner impacts an owner's exit outcome and how being prepared well in advance ensures that the owners will have more options and sell for a higher multiple!
KG says that most owners he works with are somewhat prepared, but don't always have outside advisers working with them regularly who could take them to the next level of valuation, which is where I come in. Working with owners to maximize strengths, improve weak areas and capitalize on opportunities for growth will naturally flow through to a higher bottom line and higher net proceeds.
What is "readiness"? Well, it's not when the owner 'feels' ready, unless they've done the work to get themselves prepared and their business is turnkey. KG says that owner centricity and customer concentration are common pitfalls with the clients he's worked with, but it's not in their area of expertise to work with owners like I do to eradicate those issues. The M&A advisor simply assesses the owners readiness and identifies the areas needed for improvement and informs the owners when they deem they're really not 'ready'. KG says that if the owners had an exit planner on board the positive impact would be significant.
TNMA (True North M & A) has a motto for their potential business buyers that says "overwhelm them with yeses!" In other words, say 'yes' more than 'no'. Buyers want to hear 'yes' whenever possible to keep their interest and ensure a successful closing.
There's a lot of extra content to this show, so listen to it here!
Get your complimentary Valuation from KG by emailing him at [email protected] or calling him at 507-351-2994.
Find KG Graminschi here and find Julie hereThank you to this month’s sponsor! Sunbelt Business Advisors and John A Knutson & Co, PLLP, JAK + CoUpcoming events and programs:
BTR program
https://keyestrategies.mykajabi.com/ks-landing-1
Owner's Forum Registration | October 6
https://exit-planning-institute.org/events/event/epi-twin-cities-metro-area-october-2022-chapter-event/
Business Transition Readiness Workshop | October 19
https://www.eventbrite.com/e/business-transition-readiness-tickets-404152690577
Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor
01/24/24 • 29 min
Replacing Fear with Courage: A Fresh Look at Employee Development
Sarah Line, CEO of Boredroom Breakouts joined us in this episode and how intriguing was our conversation!
Sarah's background as a Mission Trip coordinator and leader provided the foundation for the work she does now as a corporate change management expert. Many corporate leaders struggle with how to equip their teams with strategies to manage change; like M&A Integrations for example. There's no wonder the failure rate of M&A Integration is so high, when alignment of culture, values and team building take such a backseat to other acquisition factors. When "change navigation" can be documented as in the work Sarah and her team do, it adds to the value and transferability of the business. When teams can resolve conflict because they understand each other better, and can communicate openly, the results are only positive for everyone.
Among the many ways Sarah works with leaders and owners to develop stronger teams and adaptability to change is by coordinating and leading corporate retreats using a creative fusion of science and fun!
Sarah says there are 5 Core Human Fears that are foundational in fostering change, and that she works with each person to help them identify what their primary fears actually are. Sometimes what we think it is, actually turns out to be something that pertains to one of the 5 Core Fears.
Learning how your brain is wired to manage change and stress, and that you are capable of not only coping but thriving can be a breakthrough experience for her participants.
Sarah is currently working on a digital form of her content, which is slated for launch on March 1! You can find out more about her and her programs here and listen to the episode here!
Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor
Overview of the 7th Annual Owner's Forum: "Go or Grow!"
Poised for Exit
08/22/24 • 23 min
Overview of the 7th Annual Owner's Forum: "Go or Grow!"
We had the pleasure of hosting Todd Krough in the studio today. Todd is a wealth manager for MN Bank and Trust, and is also the incoming President for the Twin Cities Metro Area Chapter of the Exit Planning Institute. We discussed highlights of previous Owner's Forum events and what to expect from our upcoming event on October 3, 2024 at Midland Hills Country Club, 2-6 pm.
We recalled our first Owner's Forum in 2016, which was held at the University of Minnesota's McNamara Center. We had 150 attendees and collaborated with several firms who led various breakout sessions. For our first annual event, it was very well attended and received, so we decided to host another (and several more since)!
It's been a popular event for business owners and advisors alike, and Todd believes it's because we deliver relevant, timely content in a non-threatening, "No-Sell Zone" for business owners. We're all there to learn first and network second. (The food and drinks are pretty good too, though!)
We recalled a couple of memorable stories shared by panelists from previous Owners Forums. Their not-so-good exit outcomes and what life was like after the sale are etched in my mind. As they say, you could've heard a pin drop. This is the kind of learning we offer at every Owner's Forum event, with a chance to ask questions and get answers from the experts.
We're bringing back Sean Hutchinson from Ready For Next to lead us in another interactive Case Study. The feedback from Sean's presentation last year was so positive that we had to ask him to join us again. Sean will share critical information about the company, and it's up to the people at the tables to figure out the best path for a successful exit.
We also have Chris Jones, President of True North M&A and Sunbelt Business Advisors, as our fearless Keynote Speaker. Chris will discuss what owners should be doing right now to get ready for a future exit. Chris is always entertaining, informative, and engaging. He's back on stage for a good reason; he knows the market and what business owners need to do to prepare for what Buyers want in today's economy.
With these two powerhouses of knowledge, we've given owners compelling reasons to attend! It's going to be our best event ever; don't miss it!
Listen to more about the event here!
Get registered for the Owner's Forum here!
Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor
04/21/22 • 25 min
Let’s Talk Culture with Super Bowl Champion and Chief Culture Officer, Ben Utecht
In this #PoisedforExit episode I had the distinct honor of interviewing Ben Utecht, who’s not only a Super Bowl Champion with the Indianapolis Colts, but also a winner of the Tony Dungy Award for Servant Leadership and now works as Chief Culture Officer for several mid-size firms, including my sponsor, Sunbelt Business Advisors and True North M & A.
After Ben shared how he got his start in professional sports, we talked primarily about how a company’s culture can affect far more than the internal team. Namely, how it can positively or negatively affect the business value as well as its impact on a future acquisition or merger.
Ben is involved in several endeavors, all revolving around the development of company culture. He said that his training with Tony Dungy taught him the value of serving other's needs before your own, which drew him to work in the space. His process starts with determining 3 things within a company’s philosophy:
- What you Believe
- Why you Believe it
- How you Behave
The last is driven by the first two. If an owner isn’t finding the results or productivity they really need and want in their team, it’s probably time to assess company beliefs. And, speaking of assessments, Ben has you covered. He’s part owner of a firm called Behavioral Essentials that produces assessments for companies looking to foster the growth potential in their people and in their culture. Ben said Culture is often an overlooked driver of enterprise value, yet it can greatly impact the success of a merger, acquisition or growth strategy.
One thing Ben said is that sports and business have many parallels. But what really struck me, was how he compared their approach to ‘practice’. In sports, he said it’s 95% practice and 5% performance. In business, it’s 95% performance and 5% practice (as in personal growth, professional development and learning). Wow, that says a lot, doesn’t it?!
You can listen to this awesome interview now.
Find Ben here: https://benutechtspeaks.com/ or https://www.linkedin.com/in/benutecht/Find Julie here.
Thank you to this month's sponsor! Sunbelt Business Advisors
Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor
121 - Growing up in an Entrepreneurial Family: Julie and her sisters tell their story
Poised for Exit
11/03/22 • 29 min
Growing up in an Entrepreneurial Family: Julie and her sisters tell their story
Today's show is an extra special edition of #PoisedforExit! I invited my sisters, Connie and Wendy to talk about being raised in an entrepreneurial home and how it impacted our lives as entrepreneurs.
The lessons shared were many, but one that stood out for all three of us was how self motivation and belief played essential roles in the success of the business each parent ran. Knowing you can do it and having the drive to make it happen are the bedrocks for any entrepreneurial success story. Another lesson learned was tenacity. Having a 'never give up' attitude, even when things get tough were instilled into each of us. How different things would have been for us as working adults, had our parents not ventured into the world of business ownership. Like their parents before them (on both sides) they knew they could do better and be happier working for themselves, and that proved to be very true.
I'm keeping the show notes short so you can take time to enjoy the episode.
If you are business owner and have children, our insights might provide some comfort and validation if you're trying to raise independent thinkers.
Find Connie Herzog website here and Facebook here
Find Wendy Legeros website here and LinkedIn here
And Julie hereThank you to this month’s sponsor! Sunbelt Business Advisors and John A Knutson & Co, PLLP, JAK + Co
Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor
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FAQ
How many episodes does Poised for Exit have?
Poised for Exit currently has 242 episodes available.
What topics does Poised for Exit cover?
The podcast is about Podcasts and Business.
What is the most popular episode on Poised for Exit?
The episode title '124 - Introducing NV Brands!' is the most popular.
What is the average episode length on Poised for Exit?
The average episode length on Poised for Exit is 26 minutes.
How often are episodes of Poised for Exit released?
Episodes of Poised for Exit are typically released every 7 days.
When was the first episode of Poised for Exit?
The first episode of Poised for Exit was released on Jun 3, 2020.
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