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Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Matt Goldston, an Entrepreneurial Advisory Services director and one of the faces of PKF Texas’s Transaction Advisory Services team. Matt, welcome back to The Playbook.
Matt: Thank you, Jen.
Jen: So, we’ve spent a number of segments talking about the process for getting ready for a sale, so how does an owner really capitalize on that call, whether it’s planned or out of the blue, like we’ve discussed?
Matt: Planning for the call is important and being prepared for it is another. What I like to do is work through the process to prepare for the process, but in doing so, have all the information that you need ready so that when that call comes, you’re able to respond quickly, as needed.
Jen: How do you need to have your team prepared for that call?
Matt: Certainly. Having the team ready, and we’ve talked about having a management team that’s sustainable beyond the owner reporting daily. So, establishing procedures and working through business processes that allow the business to continue to go on, because certainly, even in a process, you don’t want to fall short of your operational goals.
Jen: Right. And working with your CFO – I would assume that’s very important.
Matt: It’s very important. It’s important to the point of, if a client doesn’t have a goal-oriented CFO or needs to support their current accounting team, hiring a Fractional CFO is a great idea.
Jen: Great, any last tips for a business considering a sale?
Matt: Certainly. Whether you’re considering, or preparing, or thinking about it, it’s a good time to act now to prepare for that. I’ve seen a lot of missed opportunities throughout the years because of people not being ready but ironically, having a desire to sell. I think knowing value, being prepared, setting up the company for a transaction, all of those things are not difficult, but it takes effort to do so. I’m certainly glad to be a part of that process.
Jen: Great, perfect. We’ll get you back to talk a few more transaction advisory services topics in a future episode.
Matt: Thank you very much, Jen. I appreciate it.
Jen: Thanks. For more information about this topic, visit PKFTexas.com/TrasactionAdvisoryServices. This has been another Thought Leader Production, brought to you by PKF Texas – The Entrepreneur’s Playbook. Tune in next week for another chapter.