Have you lost sleep wondering what will happen to your water treatment business when it is time for you to retire? If you don’t have an overall plan for your exit strategy, it’s time to get one. Even if you don’t plan to exit for a long time.
In this episode, Michael, President and Co-Founder of the Sylmar Group, speaks with host Trace Blackmore, industry expert and President of Blackmore Enterprises. Trace Blackmore, CWT, LEED AP, is one of the water treatment industry’s leading experts and the host of “Scaling Up!,” a podcast for water treatment experts and novices alike that is quickly becoming the go-to resource in the industry. It’s the podcast for water treaters, by water treaters.
Trace is CEO and founder of Blackmore Enterprises, an industry leader providing outstanding water treatment consultation and services to industrial and commercial customers in Metro Atlanta. He calls on his more than 25 years experience and role as a trainer with the Association of Water Technologies for an evolving list of podcast topics and industry information.
Trace is a past president of the Association of Water Technologies and currently serves as chair of AWT’s Education Committee. He credits his father, the late Ray Blackmore, for instilling in him a great respect of the water industry, and a thirst for knowledge about it.
In this episode, we talk about some different options for exiting your business when that time comes. It’s so important to be comfortable and confident in your long-term plan, and in today’s episode, we talk about how to make that happen. Enjoy!
Introducing Michael Warady [10:30]
Starting The Sylmar Group [17:25]
How to plan for your business after your retirement [22:54]
What are some of the ways to valuate a business? [29:15]
Transitioning to a more formal balance sheet and income statement [33:39]
What to do when someone reaches out to you about buying your company? [37:24]
Top concerns when it comes to selling your business [40:51]
What is the first priority if you want to exit your business soon [46:41]
A real life example of one of The Sylmar Group’s customers [51:45]
“Water is the one irreplaceable thing on earth.” -Michael Warady
“What is the type of business I want to pass onto the next owner?” -Michael Warady
“A typical sales process is a six to nine-month process.” -Michael Warady