A new company, ExitIQ aims to prepare business executives for exit success
Salt Lake City— Exit IQTM (ExitIQ.com), the outgrowth of 30-years’ collective experience with hundreds of company owners, is now open for business, providing private business owners in the Greater Salt Lake region and Intermountain West with education and proven strategies for business exit success.
Exit IQ’s core focus is to design and execute the optimum exit plan for every privately-held business owner. The company designs and executes comprehensive exit plans from goal setting to close for internal transfers of ownership to family and partners, sale to an outside party, or Employee Stock Ownership Plans. Once closed, the relationship continues as Exit IQ provides business owners with valuable resources as they transition from entrepreneur to investor, transfer family wealth to the next generation or accomplish charitable intents. In addition to maximizing business value, they also help business owners retain their business legacy long after they exit the business that many have spent a lifetime to create.
The founding team of Exit IQ, Richard Tanner and Cory Tanner have helped hundreds of privately held businesses to successfully design and execute ideal exits from their companies. Specifically, Exit IQ navigates the transition of ownership of privately held businesses with values of $8M and up.
Most Owners are underprepared
Hundreds of thousands of businesses transition their ownership every year. Yet the vast majority of U.S. owners are unprepared. Without support, CEO Richard Tanner notes, only 30 percent of businesses that are for sale actually close throughout the nation – and of the completed transactions, the majority will sell to the first prospective buyer on the buyer’s terms. Many attempts to negotiate with highly experienced acquisition teams that have been through hundreds of acquisitions. A large number of privately held business owners are leaving millions of dollars on the table due to inexperience and lack of knowledge.
President Cory Tanner notes that privately-owned businesses will often comprise 85-90 percent of the owner’s net worth, making ideal outcomes even more imperative for the long-term financial security of company owners.
Yet research confirms 88 percent of business owners are unprepared and have no written exit plan, and the situation has become even direr through the market and economic shifts of the Covid pandemic.
Exit IQ can help
Exit IQ provides proven disciplined processes, education, due diligence, and nationwide marketing that creates a field of interested buyers. Education and multiple buyers increase the owner’s knowledge and negotiation leverage which is the leading contributor to higher values and a closing rate of nearly 90 percent.
It is time for business owners to develop “Exit IQ”
Exit IQ provides owners with a disciplined process for determining the ideal exit strategy, proven advanced planning to streamline the transition, coaching throughout the lengthy complicated sale process, and the knowledge of what is critical for closing at the highest possible value.
“Our goal is to create the opportunity for owners to exit their business when they want, how they want, and for the optimum price,” Richard Tanner remarks, noting that advance preparation is critical for a tax-efficient and smooth business transition of ownership.
To that end, the company invites you to subscribe to the Exit IQ e-newsletter, that owners can use to increase their exit IQ with best practices and thought leadership. You can subscribe to their website at ExitIQ.com.
About Exit IQ
Exit IQ is dedicated to exit planning for privately owned businesses valued at $8mm and up. The company currently serves the Intermountain West in the states of Idaho, Utah, Arizona, Colorado, and Nevada. Exit IQ, LLC, and Moreton Business Solutions, LLC are co-owned by Richard Tanner and Cory Tanner. The two partners have over 30 years of experience assisting business owners with Exit Planning, Executive Compensation, Wealth Management, and Life & Disability Key Person Insurance. For more information, readers can visit ExitIQ.com.