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Jen: This is the PKF Texas Entrepreneur’s Playbook. I’m Jen Lemanski, and I’m back again with Kimberly Wood, an Audit Senior Manager and one of the faces of PKF Texas’ Transaction Advisory Services Team. Kimberly, welcome back to The Playbook.

Kimberly: Thanks for having me.

Jen: We’ve talked a little bit about transactions. To prevent the delay of a transaction, what should a seller do?

Kimberly:

  • They want to have filed incorporation documents, board minutes, etc.
  • They want to have current buy-sell agreements with their other partners, if there are any.
  • They want to have non-competes in place.
  • They want to make sure they have a good sales team and not just rely on one superstar salesman.
  • They also want to make sure that key managers are enrolled in the selling process by having equity incentive units, and
  • For exiting owners, they want to make sure that the key managers can run the business.

Jen: And who typically compiles all of this? Is it a mix of the President or CEO and the CFO/Controller? Who handles gathering all of this together?

Kimberly: Most of this is done with the owners of the company, as well as the key management.

Jen: Well, that sounds great, Kimberly. We will get you back to talk a little bit more about some more transaction-related items. Sound good?

Kimberly: Sounds great.

Jen: For more information about this topic, visit PKFTexas.com/TransactionAdvisoryServices. This has been another Thought Leader Production, brought to you by PKF Texas – The Entrepreneur’s Playbook. Tune in next week for another chapter.