• Mergers and Acquisitions/Exit Planning - QuickRead Top Story

    Options for Business Owners Exploring Exit Opportunities: Looking to Reduce Risk, and Increase Liquidity

    April 8, 2026

    Business owners have a myriad of business exit options. In this article, the author posits that selling the business may not be the best option, and discusses the options business owners may want to consider to suit their goals. The Moment You Start Thinking About an Exit It usually starts quietly. A colleague hangs up the proverbial hat and heads somewhere warm after you bought their book of business in a take-it-or-leave-it deal because you thought it would give you the boost to meet your financial goals. You watch a competitor get acquired by another competitor or bought out by…

  • Mergers and Acquisitions/Exit Planning - QuickRead Top Story - Valuation/Appraisal

    Valuation Issues in M&A: In Anticipation of Going to Market

    November 12, 2025

    Valuations performed for mergers and acquisitions are different than most of the traditional valuation work. The author of this article shares the standard of value used in these engagements, the due diligence conducted, and merits of preparing a calculation report in anticipation of going to market. Valuations performed for mergers and acquisitions (M&A) are different than most of the traditional valuation work we handle on a day-to-day basis. One of the biggest differences is the standard of value used. Typically, the valuation professional will use investment value rather than fair market value. NACVA’s definition of investment value is “the value…

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    Exit Planning: Examining Available Sale Options and Steps to Maximize the Financial Outcome (Part II of II)

    November 5, 2025

    Effective exit planning is essential for business owners to maximize financial outcomes when selling or transferring their business. This second part of the comprehensive guide explores the strategic options available, the timing required for preparation, and key value drivers to enhance sale success. Read Part I here. Effective exit planning is essential for business owners to maximize financial outcomes when selling or transferring their business. This comprehensive guide explores the strategic options available, the timing required for preparation, and key value drivers to enhance sale success. Determining the value drivers for a company is a complex issue and many issues…

  • Mergers and Acquisitions/Exit Planning - QuickRead Top Story

    Exit Planning: Examining Available Sale Options and Steps to Maximize the Financial Outcome (Part I of II)

    October 29, 2025

    Effective exit planning is essential for business owners to maximize financial outcomes when selling or transferring their business. This two-part comprehensive guide explores the strategic options available, the timing required for preparation, and key value drivers to enhance sale success. Effective exit planning is essential for business owners to maximize financial outcomes when selling or transferring their business. This comprehensive guide explores the strategic options available, the timing required for preparation, and key value drivers to enhance sale success. I have been involved in buying and selling businesses for about 25 years and have talked to countless business owners during…

  • Mergers and Acquisitions/Exit Planning - QuickRead Top Story - Valuation/Appraisal

    Emerging Company M&A: Pre-Sale Accounting Best Practices for Buyers and Sellers

    October 8, 2025

    In today’s market, it is especially important that prospective acquirers of emerging companies understand exactly what they are purchasing and how to allocate the purchase price among the assets acquired and liabilities assumed. This article discusses the importance of quality of earnings and impact on the acquisition price. As buyers tighten their purse strings in a volatile economy, parties on both sides of startup M&A deals must ensure they are prepared to effectuate the transaction from a financing perspective as well as address the related financial reporting and other accounting implications. This article discusses the importance of quality of earnings…

  • Mergers and Acquisitions/Exit Planning - QuickRead Top Story - Valuation/Appraisal

    Bridging the Valuation Perception Gap: Key Personnel Dependence in Sell-Side Business Valuation

    August 27, 2025

    This article examines one of the primary issues that CVAs encounter when advising clients who are preparing to sell. By identifying challenges early in the valuation process, CVAs can better educate sellers on weak points in their business and prepare them for potential poor reception that they may face from prospective buyers. Introduction Business owners preparing to sell often underestimate the risks that prospective buyers perceive in their companies. This misalignment stems from two primary factors: an owner’s intimate familiarity with firm operations and the buyer’s lack of direct involvement or institutional knowledge. These opposing forces prompt both parties to…

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    Preparing for Sale

    November 6, 2024

    Financial Due Diligence Preparation and readiness for the sell-side process will contribute to maximizing the value of your company and mitigate the risk of surprises at the critical stages of the proposed transaction. The author shares what to expect in a sell-side engagement and what can be done to exit successfully. You have considered the pros and cons to selling your manufacturing and distribution (M&D) business and have decided that the time is right to sell.  Many entrepreneurs fail to realize that proper and timely planning and preparation for the “sell-side” process is critical to consummating a successful, timely, and…

  • Mergers and Acquisitions/Exit Planning - QuickRead Top Story - Valuation/Appraisal

    Getting R.E.A.L. in Later-Stage, Venture-Backed Companies

    April 3, 2024

    A Process to “Right” the Company Often later-stage, venture-backed companies (“late-stage start-ups”) seek advice as they find themselves languishing in the neverland between being heavy on intellectual property (IP) assets and light on commercial products or services. Typically, we are contacted by an investor or board member who has become fatigued by management’s assertions that ultimate success is ‘just around the corner,’ only to see the company repeatedly fail to achieve important milestones. The board of directors and capital sources have begun to lose confidence in management and want to get R.E.A.L. about the company’s status and prospects. Introduction Often…

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    Practice Interruption, Exit Planning

    March 20, 2024

    and Contingency Recommendations This article is authored by two Litigation Forensics Board members who have also created a survey to help practitioners with the process of exit planning. Have you thought about what will happen when you exit your current position or consider selling your practice? Here are some questions to ask yourself: https://www.surveymonkey.com/r/LFBSurvey. Now that awareness has been created, let’s discuss what you need to begin the process. Considerations Cost: depends on what you need and supply yourself. Case file records: all documentation and access to records, computers, etc., and all details so you can continue business to contact…

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    Adding Success Fees to Starting the Exit Planning Conversation

    March 4, 2024

    NACVA/CTI BVFLS Conference Presentation Summary This article is a review of a session involving exit planning that was covered in a highly interactive, standing-room-only session from the NACVA/CTI BVFLS Conference in Fort Lauderdale, FL on December 14, 2023. This article is a review of the topics covered in the highly interactive, standing-room-only session from the NACVA/CTI BVFLS Conference in Fort Lauderdale, FL this past December 14, 2023. John Leonetti and Erin O’Leary from the International Exit Planning Association were invited to speak at the December NACVA/CTI BVFLS Conference. The topic of the presentation was ‘From Success Fees to Starting the…

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    Business Owner Exit Planning Engagement Tools

    September 27, 2023

    More Than Just a Conversation What tools are available to assess an owner’s readiness to exit a business? What process exists to enable professionals to assist an owner with exit planning? This article is based on three tools presented and discussed at NACVA and the CTI’s July 2023 Business Valuation and Financial Litigation Super Conference. Those three tools are the Business Exit Readiness Index (BERI), the Owners Dependence Index (ODI), and the Growth Planning Index (GPI). These three owner survey tools deliver actionable information for the advisor(s) and the business owner client. These tools are useful at different points of…

  • Mergers and Acquisitions/Exit Planning - QuickRead Top Story

    Is Non-Traditional Debt Financing Right for You?

    January 4, 2023

    A Five-Step Process to Secure Debt Refinancing For anyone dealing with a company that has a troubled balance sheet, maintaining cash flow is critical to determining an optimal go-forward approach. In many cases, the go-forward involves a transaction such as a merger or sale. But, to get to that point, a stressed or distressed company must maintain the liquidity it needs to continue running the business while positioning itself to satisfy its debts—often to a primary lender—and proceed with the intended transaction. Preparing your company for non-traditional debt financing is a lot like online dating. You need to like what…

  • Mergers and Acquisitions/Exit Planning - QuickRead Top Story

    Updates in the Exit Planning Market

    September 21, 2022

    Third Quarter 2022 2021 was a significant year for business owners who chose to exit via a sale of their privately held businesses. The government’s response to the COVID-19 pandemic pumped billions of dollars into the economy, helping to drive a robust mergers and acquisitions market led by aging baby boomers preparing to retire and concerned about the prospect that the Biden administration was potentially eliminating the favorable capital gains tax. This article is written to provide an exit planning market update following this historic M&A cycle against some economic headwinds and challenges in today’s market. The article focuses on…

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    How Selling a Business is Like Running a Half Marathon

    May 25, 2022

    Getting to the Finish Line is Exhausting In this article, the author analogizes the sale of a business to how one prepares and runs a half marathon. Many business owners may treat an exit as a half marathon, but that is a mistake. Business owners need professional consultants to assist them with their exit plan and negotiations. The author shares his views on the negotiation process and stresses that business owners must prepare and expect changes to successfully conclude a sale. 2021 was a record year for business sale/exit transactions in the lower-middle market (businesses with valuations between $10 million…

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    Outrunning Inflation to Achieve a Successful Exit in 2022

    April 6, 2022

    Rising Levels of High Mental Readiness for an Exit Business owners often-times see exit planning as a complicated, overwhelming, and emotional process. Accordingly, few owners adequately prepare for this significant event. However, an exit plan is essential to help business owners manage the illiquid wealth in their businesses, particularly in turbulent times such as these marked by strife that is present in local and global economies, national and international politics, and market disruption. The International Exit Planning Association sees the present challenges as an opportunity to provide advice to these owners considering an exit. This article discusses the dynamics of…

  • Mergers and Acquisitions/Exit Planning - QuickRead Top Story - Valuation/Appraisal

    Analyst’s Noncompete Agreement Considerations in Corporate Acquisitions

    February 16, 2022

    (Part I of II) This is a two-part article that focuses on the situation where the target company is a private corporation, and the sellers are employee/shareholders. This discussion summarizes the taxation and valuation considerations related to a transaction where employee/shareholders are selling the private C corporation stock to a C corporation acquirer. Some of the taxation and valuation considerations also apply to the corporate acquirer’s purchase of the corporate subsidiary stock of a parent corporation seller. However, the principal focus of this discussion will be on valuation and taxation guidance related to the employee/shareholders’ sale of a closely held…

  • Mergers and Acquisitions/Exit Planning - QuickRead Top Story - Valuation/Appraisal

    How to Maximize Sale Value When Selling a Company

    September 22, 2021

    Key Actions to Undertake to Increase the Price of a Company This article provides a brief overview covering what the author—a middle market investment banker—believes is the most worthwhile and impactful actions that anyone contemplating the sale of their business can take right now to set themselves up for success in a future transaction process. The author recommends that prospective sellers and their advisors focus on five critical steps, with the aim of having key points to negotiate the sale and commanding the highest selling price. Steps to Raise the Price of a Company Anyone seriously contemplating the sale of…

  • Mergers and Acquisitions/Exit Planning - QuickRead Top Story

    To Exit a Business for Millions, Begin with the End in Mind

    September 15, 2021

    Get Acquired for Millions—A Roadmap for Technology Services Providers to Maximize Company Value What should a technology service professional know to sell his or her company for millions. In this book review, Michael Pakter discusses Linda Rose’s Get Acquired for Millions—A Roadmap for Technology Services Providers to Maximize Company Value. Entrepreneurs aspiring to end up selling their businesses for millions should make business valuation their primary strategic imperative from start to finish. To quote Steven Covey, “Begin with the end in mind.” Those who begin to ask themselves “what is my business worth?” only when the time to sell arrives…

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    The Ticking Clock

    August 18, 2021

    The Future of Main Street Business Succession In 2001, veteran investment banker, Peter Christman, first identified the need for a holistic approach to preparing owners of midmarket businesses for sale and/or exit. He set about writing a book to address this. At the time, the first Baby Boomer was 56 years of age. Those Baby Boomers are now not so young. In this article, the author shares his impression of the challenges Main Street business owners and business succession advisors face developing a plan and executing the exit plan. A Brief History Depending on how you mark the start date,…

  • Mergers and Acquisitions/Exit Planning - QuickRead Top Story - Valuation/Appraisal

    Financial Advisory Services

    August 4, 2021

    And S Corporation Acquisitions Analysts should be aware that one transaction tax structure that is particularly popular regarding private equity firm acquisitions is an Internal Revenue Code Section 368(a)(1)(F) reorganization of the private S corporation. The article discusses several of the reasons why owners may want to sell—and why private equity firms may want to buy—an S corporation target company. The article describes what analysts need to know about the benefits to the S corporation sellers of a Section 368(a)(1)(F) reorganization as one step in the private company sale transaction. In addition, it also describes what analysts need to know…