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
How to Best Utilize a Board of Directors for your ESOP Company
How to Best Utilize a Board of Directors for your ESOP Company
Today's show featured a return of CFO, Andy Yetzer of YTS Companies and one of his Independent Board Members, Ken Saddler, who's also a Fractional CFO and former guest as well.
We covered a topic on how best to use your Board in an ESOP. YTS Enterprises is the owner of three companies and is an ESOP. Andy said that deciding to add Independent Members (meaning advisors outside of the business with no relationship to it) has been a big game changer for YTS, and has credited the expertise of Ken and the other member Nick for being the kind of fit they were looking for in Board Members. Ken said that it boils down to three criteria when choosing someone for your Board: Values, Background, Trust. He also says that establishing good Board Governance is essential for a successful Board and therefore a successful ESOP.
Andy said that the trust level he has with Ken and Nick are the foundation for why it works for them so well. Their backgrounds, expertise and networks have also been integral to the company's growth and success. Andy knows that when Ken or Nick make a connection to someone in their network, they're going to have a highly qualified, like minded person to work with.
If you have or are considering an ESOP form of business transition, you'll want to listen to this episode here
Connect with Ken Saddler here
Connect with Andy Yetzer here
Connect with Julie Keyes, Keyestrategies LLC
Founder, Consultant, Author, Pod-caster and Instructor