Poised for Exit
Welcome to the Poised for Exit podcast! Poised for Exit is an under 30-minute strategic planning guidance podcast for busy small business owners. Each week you’ll hear certified exit planning advisor, Julie Keyes, talk with a range of entrepreneurs and professionals about preparing your business for a future transition. Guests at every stage of company ownership will share their personal stories and lessons learned about topics such as the anatomy of the exit planning process, developing a growth strategy, how to sell on your terms, exit planning for women small business owners, handling business diversity, and how to sell a family business. Whether you’re planning an exit in the near future or not, this show will provide you with the same action-oriented content that Julie utilizes while consulting with Keyestrategies clients. Building an exit strategy can be overwhelming, especially with all the decisions and details you have to consider. “Poised for Exit” will simplify the process and help you unwrap the unknowns, giving you more confidence in your planning process. Previous episodes are available for download, so if you are new to our show, you can listen to them in any order that suits you. Join us each week for timely, relevant content that will surely impact your business exit outcome! Subscribe to our newsletter below to receive your weekly episode link and stay updated on new strategic planning content. Find “Poised for Exit” on Spotify, Apple Podcasts, Google Play, iHeart Radio, Amazon Music, and others. Thank you to our Sponsors: Sunbelt Business Advisers and JAK CPA's. A special note of thanks to Tyler Keyes who produced the music for the “Poised for Exit” show.
Poised for Exit
A Partnership Exit Strategy where Everyone Wins
A Partnership Exit Strategy where Everyone Wins
Our guest Host for today was Chris Jones, President of True North M&A. Chris interviewed his firms' advisor, Tim Schinke and Tim's client, Dan Sundin. Dan is the co-founder and CEO of Innovative Technology Partners (ITP), a managed services tech company in the Twin Cities. Dan and his partners, Andy and Mark founded the business in 2004, and grew it rapidly, utilizing the unique skill sets they each brought to the table. Andy and Mark were former employees of Dan's at another firm, which is how they initially met. When Dan approached them to discuss starting their own business, they were all ears.
They did a lot of the right things to try and stay out of the day to day of the business. They even hired outside leadership to grow and operate the company, but that plan didn't work so well, so when Dan decided he was ready to take some chips off the table, he approached his partners to see what their appetite was for selling the company. Being about 10 years younger than Dan, they were at different stages in life and were more motivated to get the most money possible for the business than Dan. They kicked the idea around for a couple of years, and then brought Tim in to talk more seriously about their options. Dan knew that his children were not interested in taking over, so an outside sale was apparent. The team at True North was able to help them structure the right deal at the right price, and everyone came away with feeling it was a fair deal.
They all still work for the firm and Dan has an equity stake. Each partner achieved their best exit outcome, and Dan says that would have never happened without the help of the team at True North M&A.
Listen to the show here
Learn more about True North M&A here
Connect with Chris here
Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor