Most small business owners have 80-90 percent of their financial assets tied up in their business. Yet only 30 percent or less are able to get their asking price or even find a buyer when they are ready to sell. Why? Because few have an exit strategy. To assist local small business owners in developing their succession plan, the Small Business Development Center (SBDC) at Northland Pioneer College (NPC) is hosting a four-hour workshop from 1 to 5 p.m., on Thursday, July 19, at 1360 Neil Hansen Lane in Lakeside. Rich Chanick, an SBDC business advisor who has successfully sold three major companies, will facilitate the workshop, presenting details to consider before putting a company up for sale. Chanick raised $4.5 million to start a high-tech company with clients that included Disney and Royal Caribbean. With his wife, he started and operated another business for over 20 years that INC Magazine recognized as one of the 500 fastest growing companies in the country. Other presenters include Tracy Mancuso, SBDC director and former commercial credit officer and loan underwriter, who will explain how to overcome the two primary roadblocks that keep sellers from getting their full asking price. Also on the panel will be CPA Shane Hall, discussing ways to reduce the tax liability from a sale; attorney Nick Patton on ways to structure the sale, especially if partners are involved; and asset management specialist Kahau Kai on planning how to invest the proceeds from the successful sale of your enterprise. NPC SBDC is part of a statewide network and serves Navajo and Apache counties including reservation areas, providing quality educational programs, resources and confidential, no-cost, “one-on-one” counseling focused on a broad range of business issues. The $45 fee covers up to two attendees. Register online through a link at www.npc.edu/sbdc. There you’ll also find more information about the presenters, other workshops and services available through the SBDC. The SBDC staff and consultants guarantee discussions are held in the strictest confidence, working with small businesses to maximize their successes. For an appointment, or for more information, the website or contact Tracy Mancuso, Director of NPC’s SBDC at (928) 532-6170 or toll-free at (800) 266-7845, ext. 6170.
