Best Practices for a Successful Business Exit

If you're an entrepreneur who's considering selling your business, tune in to gain valuable advice and insight into preparing for and going through the process. In this episode of Off the Wall, hosts David Armstrong and Jessica Gibbs welcome Kevin DeSanto, the Co-Founder, Managing Director, and Investment Banker at KippsDeSanto & Co. Kevin has broad experience providing advisory services to companies going through mergers and acquisitions and working with business owners looking to sell their business. By the end of this discussion, you'll learn some of the biggest mistakes people make when selling a business and how to avoid them during your own business exit. Kevin breaks down the required planning and preparation along with the step-by-step process from attracting investors to completing a transaction. He also highlights the factors that influence the valuation of your business, your options for receiving the proceeds of the sale, and much more. "When you're thinking about going through a process of potentially selling your business or bringing an outside investor in, you have to think about your business as an actual full-scope lifecycle business, not just a capability or a solution. It's a very different way of thinking. It's a very different way of articulating your story."  – Kevin DeSanto Episode Timeline/Key Highlights: [01:00] Introducing Kevin DeSanto & The topics of today's episode. [02:40] Breaking down the process and timeline of a business sale transaction. [11:09] The benefits of getting a business valuation and managing expectations before selling. [14:54] Preparing for the emotional side of selling your business. [17:03] Major mistakes entrepreneurs make when exiting their business. [23:08] Options for receiving proceeds from a sale: Cash, earnouts, retained ownership, etc. [35:21] The role of the M&A attorney and investment banker in a business sale transaction. [39:04] Tips for maximizing the efficiency and reducing the cost of a business sale. [40:58] Why the last few days of a transaction are the most intense. [43:09] About KippsDeSanto & Co. [46:27] Is the business sale process for large companies different for small businesses?   Resources Mentioned: KippsDeSanto & Co.: http://bit.ly/3Ef78Tv   About Kevin DeSanto: Kevin DeSanto is the Co-Founder, Managing Director, and Investment Banker at KippsDeSanto & Co., where he focuses on executing and providing advice on M&A and financing transactions for companies in Government Contracting, Aerospace & Defense, and Technology. Kevin leverages his unique combination of investment banking and entrepreneurial experience to help clients make informed decisions around selling a business. He leads teams that advise senior management, boards of directors, and shareholders. He helps companies assess value and make strategic decisions while quarterbacking them through the exciting yet cumbersome M&A process.   Connect with Kevin: Connect with him on LinkedIn: https://www.linkedin.com/in/kevin-desanto   Connect with Monument Wealth Management: Visit our website: https://bit.ly/monumentwealthwebsite Follow us on Instagram: https://bit.ly/MonumentWealthIG Follow us on Twitter: https://bit.ly/MonumentWealthTW Connect with us on LinkedIn: https://bit.ly/MonumentWealthLI Connect with us on Facebook: https://bit.ly/MonumentWealthFB About "Off the Wall": Off the Wall is a podcast aimed at helping you answer the questions: What is the point of my wealth, and what actions can I take to accomplish that purpose? Your answers to those questions will be different from everyone else's. As Wealth Managers, we're skilled at helping our clients think through these challenging, but important, questions.  Learn more about our hosts, Dave and Jessica on our website at https://monumentwealthmanagement.com. Please see important podcast disclosure information at https://monumentwealthmanagement.com/disclosures.