Exit Planning
Exit planning writing: strategic vs financial buyers, multiples, deal structure, and the 90 days before signing.
15 articles
Working Capital Adjustments: The Number That Changes Between Signing and Closing
Working capital adjustments are where 5-15% of deal value gets negotiated after the headline price is agreed. Most founders do not understand this mechanism until closing day.
When the Best Exit Is Not Selling: Dividends, Recapitalisation, and Holding
When annual distributions exceed 5% of the offered purchase price, the mathematics favour keeping the business. Dividend recaps and building for optionality.
Managing Wealth After a Liquidity Event: The First-Year Playbook
Do nothing for 90 days. Assemble a wealth team. Separate operating capital from investment capital. Avoid the common post-exit financial mistakes.
The Psychology of Selling Your Company: Identity Loss and What Comes After
The emotional dimension founders underestimate. Identity loss, grief, sudden wealth syndrome. Plan for the psychological transition before the financial one.
Small Business Exits Under $10M: What Is Different and What Still Matters
Most exits happen at this size. SBA-financed buyers, SDE vs EBITDA, owner-operator transition. Typical multiples: 3-5x SDE.
Handling Unsolicited Acquisition Offers Without Leaving Money on the Table
An unsolicited offer is a signal, not a timeline. How to evaluate, respond, and either engage or defer. Never negotiate from weakness.
The Two-Year Exit Countdown: A Quarter-by-Quarter Preparation Timeline
24-month roadmap: months 1-6 assessment, 7-12 remediation, 13-18 positioning, 19-24 execution. Start preparing today whether selling in two years or ten.
QSBS: The Most Valuable Tax Provision Most Founders Miss
Section 1202 Qualified Small Business Stock can exclude up to $10M or 10x basis from federal capital gains. Must be structured correctly before exit.
The Confidential Information Memorandum: How to Write a CIM That Sells
The CIM is your company's first impression on potential buyers. Structure, content, and what to leave out. Investment thesis backed by data.
How to Create Competitive Tension in Your Exit Process
Running a structured sale process with multiple interested parties drives up price by 20-40% compared to single-buyer negotiation.
Earnouts, Escrows, and the Money You Might Never See
The 30-44% gap between headline price and what hits your bank account. Escrow holdbacks, earnout structures, working capital adjustments, and seller notes.
Reducing Founder Dependence: The Twelve-Month Roadmap to a Sellable Business
Founder dependence is the most common value destroyer under $50M. The typical penalty: 1-2 full turns of EBITDA. The two-week absence test proves progress.
Customer Concentration Risk: How It Destroys Exit Value and How to Fix It
If a single customer represents more than 15% of revenue, expect a multiple discount. Over 40%, many buyers walk away entirely. Remediation takes 12-24 months.
Why Most Founders Leave Money on the Table When Selling Their Company
70% of founders spend no time on exit planning. The cost: lower valuations, worse deal structures, and avoidable tax burdens. Exit is a 24-month process, not an event.
Exit Proceeds Estimator: How to Calculate Founder and Investor Payouts
Liquidation preferences, participation rights, waterfall calculations, and what founders actually take home after preferences and escrow.