An American Dream Cut Short
What to Consider in Addition to an Exit Strategy Plan
Russ Soukop had worked at a large corporation in Council Bluffs for a number of years where he gained knowledge in the recycling and distribution of used clothing, textiles, and goods. In 2011 Russ started his dream of business ownership, where the company filled a need in a niche market. The Company was off to a successful start and then came the dreaded call that no one wants to be on the receiving end of … Russ had been diagnosed with Pulmonary Disease.
After over a year long fight, Russ lost his battle this left his widow, Sandy, with the company. A Company in which she had never worked in or learned about. Sandy set an appointment to see their Attorney for some direction on what to do. Her Attorney, Matt Saathoff of Saathoff and Associates directed her to see a business brokerage where she could start by getting the Company valued. Upon valuation Sandy decided she would need to sell her late husband’s business.
The Company is currently listed For Sale and the family is actively seeking a new Owner. The family had an estate plan that encumbered a Will and a Trust along with the legal documents that one knows they need to have complete. It is monumentally important to not only have your legal documents completed but to have taken the time to write out and explain the inner working of your small business. Items such as a checklist of passwords and logins for email, Quick Books, Financials Records, Website, Vendor & Customer Lists. Having a write up for what employees’ responsibilities are within the business, having the pricing and bidding guidelines available, and other day to day operational procedures.