How would you run your business differently today if you knew exactly how you would leave it tomorrow? A business exit strategy is not something you plan when you are ready to sell. It is something you build from day one. Without the right preparation, you could leave money on the table or even struggle to sell your business. In this episode of Transaction Talk, we welcome Megan Kearney, entrepreneur, franchisee, and Partner at Exit Factor Lexington, to discuss why every business owner needs an exit plan. Exit Factor is a business coaching and consulting firm that helps entrepreneurs increase profits, free up their time, and unlock their business’s true value. In our conversation, we delve into Megan’s transition from corporate life to entrepreneurship, how she identified a major gap in exit planning, and why many business owners fail to prepare for their eventual exit. We also unpack how Megan helps make businesses more sellable, explore generational differences in approaches to entrepreneurship, learn about common exit planning mistakes, and more. Tune in to learn why starting a business with the end in mind is key to long-term success with Megan Kearney!

Key Points From This Episode:

• Megan's journey into entrepreneurship and why she chose exit planning as a specialty.
• What Exit Factor does and how Megan helps owners build sellable businesses.
• Common pitfalls and why many businesses are not set up for successful exits.
• Why an exit strategy does not always involve selling the business.
• The differences between millennial and baby boomer entrepreneurs.
• A real-world case study of a flower shop that struggled to sell due to poor exit planning.
• How owners can shift their mindset to focus on long-term value.
• Reasons that building a business with an exit strategy in mind is crucial.
• Insights into what buyers look for in a business and how to foster a long-term plan.
• Why you should think about your business as an investment.

Tip of the Day: Think about your business not just as a venture to run, but as an investment to grow. Start with the end in mind to build a scalable and valuable company!

Links Mentioned in Today’s Episode:

Megan Kearney on LinkedIn

Megan Kearney Email

Call Megan Kearney

Exit Factor

Good Sports

Big Brothers Big Sisters
Jennifer Fox on LinkedIn

Eric Sigman on LinkedIn

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Welcome back to Transaction Talk! Today, we’re joined by a very special guest, Brook Hartnett, one of our top brokers from the Transworld Boston office. A U.S. veteran and seasoned entrepreneur with a strong background in the fitness industry, Brook has seamlessly transitioned his expertise into the world of business brokerage. Now, he’s helping business owners confidently navigate the buying and selling process with insight and precision. Join the conversation as they delve into his story and journey to becoming a business broker, what he would have done differently with his first deal, and what it was like to work on that deal with his mom. We share on the importance of allowing the donning of different hats throughout different phases of a process, and Brook reflects on factors that have impacted his success as a broker and entrepreneur. To hear more from Brook, including his tip of the day, be sure to tune in now.

Key Points From This Episode:

• We introduce today’s special guest, Brooke Hartnett.
• Brook shares his story, from a US veteran to the fitness industry, to a business broker.
• What he would have done differently in his first transaction process.
• He unpacks his experience working on the deal with his mom.
• The importance of allowing the donning of different “hats” during the process.
• Thoughts on what has impacted his success as a broker and entrepreneur.
• How his personal understanding influences his approach to helping sellers position themselves for success.
• Setting appropriate expectations for the sales process: why it can be crucial to get right.
• One of the worst things they see during the selling and transition process.

Tip of the Day: It’s never too early to start planning your exit. Engaging in conversations with your trusted advisors—your attorney, your accountant—can make a huge difference. Even if you’re a few years away from selling, let them know your intentions. Chances are, one of them has valuable connections that can help you take the right steps now to prepare your business for a successful sale

Links Mentioned in Today’s Episode:

Brook Hartnett on LinkedIn

Brook Hartnett

Brook Hartnett Email

Brook Hartnett Phone Number — +1 631 965 9073

Coach Brook Inside Sales

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.

Entering into a business transaction requires full disclosure, and a Quality of Earnings Report provides the perfect opportunity to bring everything to light. Matthew Allison is a Partner at Citrin Cooperman’s Tax Practice, and he joins us to talk about the importance of a Quality of Earnings Report in due diligence during a business sale transaction. We kick off our conversation by defining what a Quality of Earnings Report is and how its directive differs on the buy- and sell-side. Diving into the details, we consider how a thorough consideration of information improves relationships and how sellers can embrace a realistic mindset during the research period. Next, we discuss the impact of Quality of Earnings on sales price and how pre-exposure can increase buyer comfort level when entering into a transaction. Lastly, we get into the importance of bringing everything to light during the reporting period and presenting it with transparency. Thanks for tuning in.

Key Points From This Episode:

• Matt Allison’s broad experience in business growth, transition planning, operational finance, and more.
• What a Quality of Earnings Report is.
• The two very different directives of a Quality of Earnings Report for buyers and sellers.
• Information sellers should ask their CPAs or Brokers to prioritize.
• Having a realistic mindset leading up to a sale.
• Embracing the opportunity to examine everything during the research period.
• Examples of how Quality of Earnings can impact the sales price.
• Taking advantage of the opportunity to expose everything on the sales side.

Tip of the Day: Bad news doesn’t get better with age. There is no sense in trying to hold anything back when there is going to be significant scrutiny on everything. Hand over everything — there’s no reason to keep anything hidden.

Links Mentioned in Today’s Episode:

Matt Allison on LinkedIn

Matt Allison Email

Citrin Cooperman

Transaction Talk

Disclaimer:

The material on this site may be considered advertising under the rules of the Supreme Judicial Court of Massachusetts. This site is solely for informational purposes and provides general information only. Nothing on this site should be construed as legal advice or consultation either generally or in a particular case. Neither the receipt nor the distribution of materials constitutes the formation of an attorney-client relationship.