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Sep 3Jeff Matthews

The Exit Strategy Handbook – The Success Team™

Sep 3Jeff Matthews

We are exploring the recently released book, “The Exit Strategy Handbook” by Jerry Mills, the founder and managing partner of B2B CFO®.  

The exit process can be very distracting for the business owner.  Owners need to get the best advisors to assist them through the process.   Jerry Mills coined the term The Success Team™ for this group of advisors.  The Success Team™ should include:

Title

Role

Goal

Business Owners Direction and final decisions Increase sales and company value
B2B CFO® Team Manager Coordinate the Team, assist with the process
M&A Company or Investment Banker Advice about potential buyers Find the best buyer
Attorney Legal Legal documentation and advice
Tax Specialists Tax planning Tax planning
Auditors Auditing Examine the financial statements
IT Specialists Software and hardware Documentation and advice
Wealth Manager Money management advice Pre-sale advice and post-sale wealth management
Appraiser Appraise the company The business value and the primary methods of valuation
Insurance Advisor Insurance advice Advice on current and future risks
Banker Lending advice Assist with lending activities
Key Employees Support Information and transition

[1]

As the business owner, your most effective role on The Success Team™ is to:

  • Select outstanding professionals
  • Delegate key tasks to these team members
  • Use our process to track their progress
  • Spend most of your time in Finding activities[2]

 

Too often sellers get what a friend recently referred to as “senioritis”.  They shift into sales mode and fail to devote enough time to the continuing success of the business.  Owners need to focus on increasing sales and value so that they can receive the maximum selling price.  At B2B CFO® we refer to these responsibilities as Finders roles. [3]

In conjunction with “The Exit Strategy Handbook”, Mills also built dashboard software designed to be used by the owner and The Success Team™ to track the completion of steps in the sales process.   B2B CFO has made this software available for a small licensing fee and encourages those selling their firms to take advantage of this easy-to-understand tool.  The software is available at www.TheExitStrategyHandbook.com .

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B2B CFO® has over 200 experienced chief financial officers who have deep knowledge of transactions and business improvement that can be tapped to help you sell your business.   You can explore the backgrounds of our team at www.B2BCFO.com/index.php?page=cfo-directory


[1] Mills, Jerry L. (2013). The Exit Strategy Handbook. ISBN 978-0-09886932-1-0, Jerry L. Mills and B2B CFO, LLC., chp 3.

[2] Mills, Jerry L. (2013). The Exit Strategy Handbook. ISBN 978-0-09886932-1-0, Jerry L. Mills and B2B CFO, LLC., chp 3.

[3] Mills, Jerry L. (2006). The Danger Zone – Lost on the Growth Transition. ISBN 0-615-13318-5, Jerry L. Mills and B2B CFO, LLC., pp 25-29

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