Josh Bobich, a partner in our Business & Corporate Law practice group, was interviewed on the March 30, 2022 episode of Julie Keyes’s Poised for Exit podcast titled, “When is it Time to Explore ‘What’s Next?’” The episode focused on how “What’s Next?” can mean different things to different generations, and depends on the meaning of work in your life and how you prefer to spend your best years after business.
“It’s a more holistic question than I’m ready to sell my business,” Josh says. “You might be selling or transitioning your business, but that’s one piece of a much bigger puzzle. Where are you going from here, and what happens when it’s gone? Especially with closely-held businesses and family-owned businesses, it’s such a personal thing. More often than not, people in that position are much more worried about what’s going to happen to their employees and to their legacy than they are about, ultimately, what they’re receiving out of the transaction.”
Josh and Julie talk further about the market’s current state, and how forward-looking and future dependent deal structures are leaving less in the pocket of the seller at the time of closing. When asked how to prepare for such a scenario, Josh stressed, “Have your team in order, your team of advisors. Not only your legal advisor, but your accountant, your personal wealth advisor, and any consultants or exit planners. Having that team up to speed and knowing what your business is dealing with, and getting their assessment of where you sit is probably the most important thing that you can do.”
The Poised for Exit podcast is a show for business owners who want to achieve a successful future exit based on their own terms. The topics and guests featured, and the stories they share provide valuable ideas and strategies to improve operations and grow enterprise value so you can achieve the best possible exit outcome.
Best & Flanagan is a proud sponsor of the second edition of the Poised for Exit book, which includes a legal assessment tool written by Josh. The resource is available for download on the Poised for Exit website, and the book is available as an ebook or in paperback.