The $10 Trillion Opportunity: Designing Successful Exit Strategies for Middle Market Business Owners, Second Edition (Hardcover)

by Richard E. Jackim (Author), Peter G. Christman (Collaborator) "Jim Unger sat across a table from me at the University Club in Chicago..." (more)
Key Phrases: The Christman Group, Andrew Bacas, High Value (more...)

Editorial Reviews

Review
A important resource for every client-focused M&A advisor or financial business consultant. -- Joseph DiPietro, Publisher, M&A Chicago

The $10 Trillion Dollar Opportunity is, without a doubt, the most comprehensive and integrated approach to exit planning available. -- Michael R. Nall, CPA, CM&A, Executive Director, The Alliance of Merger & Acquisition Advisors

This book defines the opportunity well. It will no doubt become the seminal work in this area. -- James W. Cornell, President, Praxiis Business Advisors

Product Description
Exit planning is a hot topic! As the baby boomer generation begins to retire over 7.7 million business owners will need exit planning services.

These businesses represent over $10 trillion in wealth. Yet, surprisingly, 75% of business owners say they do not know how they will be able to retire or exit from their businesses. As a result, this book is a "must read" for all professional advisors interested in helping to ensure the successful transition and management of this wealth.

Exit planning is a comprehensive and integrated approach that helps business owners address all of the personal, business, financial, legal, estate and tax issues involved in exiting a privately held business.

Written specifically for attorneys, financial advisors, accountants, insurance professionals, and other trusted business advisors, this unique book teaches readers how to use exit planning to help exisitng clients and and bring highly qualified prospects to your door.

Now in its 2nd edition, The $10 Trillion Opportunity has been revised and updated to include an all new exit planning resource directory, a complete bibliography, and a detailed index.

Written by two of the nation's foremost experts on exit planning, this book belongs on every business advisors reading list.

See all Editorial Reviews

Product Details

• Hardcover: 250 pages
• Publisher: The Exit Planning Institute; 2nd edition (June 1, 2006)
• Language: English
• ISBN-10: 0977602303
• ISBN-13: 978-0977602308
• Product Dimensions: 9.2 x 6.4 x 1.2 inches
• Shipping Weight: 1.1 pounds (View shipping rates and policies)
• Average Customer Review: 3.4 out of 5 stars See all reviews (5 customer reviews)
• Amazon.com Sales Rank: #446,341 in Books (See Bestsellers in Books)

Customer Reviews

Most Helpful Customer Reviews

7 of 8 people found the following review helpful:

5.0 out of 5 stars Once Again an Excellent Resource!, August 28, 2006

By	Norman Goldman "Editor of Bookpleasures.com" (Montreal) - See all my reviews (TOP 500 REVIEWER)    (REAL NAME)

Every year hundreds of business books are published, however very often they are superficial-containing a great deal of hype but little substance. In many cases the author lacks expertise and the end result is a book filled with clichés, generalizations, and oversimplifications.

It is a given that the principle elements of a good business book are how worthy is the subject, who is authoring it and how is it being presented. Moreover, you can't fake interest in a subject -you have to really know what you are writing about, as the best business books are firmly grounded in research and personal experience. Readers must be confident that the author has done his or homework and has something useful to share.

Richard E. Jackim is an experienced attorney while Peter G. Christman is a skilled entrepreneur and both specialize in counseling clients in profitably and successfully exiting a privately held business. With their second edition of The $10 Trillion Opportunity: Designing Successful Exit Strategies for Middle Market Business Owners, Jackim and Christman once again have shown they know what they are talking about.

The updated edition does not vary too much from its first edition however it is shored up with a helpful comprehensive bibliography for those who wish to delve into the topic of exit planning in greater detail.
Mingling personal case studies with research, the authors have created a credible voice to an elusive subject matter that is very rarely written about in such detail. In fact, it is doubtful if anyone else has appropriated the subject in such a comprehensive and integrated approach.

The format and contents of the second edition have for the most part remained the same, as the authors again refrain from dumping on the reader great heaps of information with little structure. They rather carefully organize their advice in such a way that their vast experience and knowledge logically unfolds toward a climax of accumulated meaning.
Beginning with a general introduction to exit planning and its importance as a business development tool, readers are then given an overview of such topics as the benefits of exit planning, the actual process, the roles of the various professionals in planning and implementing the exit plan, evaluating a business and obtaining maximum value, understanding and implementing various options, the importance of estate and financial planning, as well as other elements that are vital to effectuate a successful exit plan.

The presentation is alive and certainly not dry or abstract. Case histories are carefully integrated and effectively connected to the principle topic of a chapter. Moreover, the authors present clear directives and suggestions as how to plan your exit as well as how to put it into effect.
For example, if we look at the chapter pertaining to Business Valuation, the authors set out the vital components of an effective business valuation. A case study is presented where we read about a fifty-seven year old businessman who was ready to exit his business. He had planned to retire at fifty-five however the economy had softened resulting in a significant drop in his company's revenues and earnings. Unfortunately, he continued to work although he found it unfulfilling or energizing.
We are informed that two common mistakes were committed: first he had postponed planning his exit based on a gut feeling that things would get better and secondly he lost his enthusiasm. As he failed to secure proper business valuation, he didn't realize that the business could have been sold for much more than the asset value. Furthermore, his lack of enthusiasm prevented the business from bouncing back in the way it happened in the past. Sadly, our businessman at the age of sixty-three was diagnosed with prostate cancer and wound up selling his business for slightly less than he would have received six years earlier. From here the authors describe in detail how you can help clients avoid the same situation stressing the importance of a thorough evaluation and the different types of valuations, performed by different types of valuation advisors, for different reasons.

What I found particularly interesting in both editions of this book is the last chapter, Introducing Exit Planning Into Your Practice. For over thirty-five years I practiced law and a good part of my practice was devoted to estate planning. During the course of my practice there were many dramatic changes that affected our profession, particularly our earning capacity. Unfortunately, many of us lacked the imagination or the creativity to look around and find new specialties where we could step in and remedy our situation. Richard E. Jackim and Peter G. Christman have now provided a unique niche that as they state "will truly differentiate yourself." However, as they point out, "exit planning does not and should not replace your existing services. Exit planning is a framework in which your existing services and products provide valuable solutions to business owners."

The $10 Trillion Opportunity: Designing Successful Exit Strategies for Middle Market Business Owners (2nd Edition) is intelligently written and packed with a great deal of sound advice. As an added feature, the authors include a comprehensive glossary, a resource section and a helpful index.

Norm Goldman, Editor Bookpleasures

4 of 5 people found the following review helpful:

3.0 out of 5 stars A Play Book for Consultants, CPAs & Lawyers , February 10, 2007

By	Corky Nation "Corky" (Fall River, MA USA) - See all my reviews

The book is at best an outline for the process of business exit planning. It speaks to accountants, financial planners and lawyers to encourage adoption of a business exit strategy program to increase their professional fees.

As a business owner, I bought the book to gain insight into the best steps needed to position a company for a sale to a third party. I wanted to understand timing, selling strategies and valuation.

Heck, the book insists that a cash transaction is the best deal. I'm not a Wall Street genius, but I'd take stock of a publicly traded company if it meant a bigger payday. Just use a hedging strategy to get through the lock-up period, and then sell the stock.

If you're a business owner this book is not for you. If you provide professional services to business owners it would be a good book if you want to offer a new product (exit planning) to your clients. Personally, I'd welcome my CPA, lawyers and consultants to be experts in selling a business.

1 of 1 people found the following review helpful:

5.0 out of 5 stars Children of business owners - buy this book, August 1, 2007

By	S. Bush (Lake Forest, IL) - See all my reviews (REAL NAME)

Over the next decade nearly $10 trillion in business value may or may not successfully be realized through business exit planning. Jackim and Christman share their years of expereince in this concise guide. It's contents are essential to helping business owners and their advisors make the right choices. Don't let your parents hard earn wealth evaporate because they have not managed their ultimate business deal successfully! Buy this book!