What is Exit Promise?
offers small business owners resources to Learn How to Start, Grow and Sell a Valuable Business.
Small business owners rely on us to cut through the noise, confusion and unfamiliar terminology to find and deliver experts — at the end of their keyboard — they may rely on to help them learn, solve problems and succeed.
Help for small business owners on ExitPromise comes in the form of blog posts, online tools, e-books, and access to Advisors via Q&A. And it’s free.
So, how did we get here?
How we got here will become clear if you allow me to share a story…
I’m pleased to meet you… My name is Holly Magister and I’m the founder of Exit Promise. By the summer of 2008, I had been operating my tax and financial planning practice for nearly twenty years when we began a research project with a college student intern. We wanted to learn more about the possibility of delivering financial services to business owners via the internet.
As we were exploring how the internet could help business owners, I recalled how much had changed since the start of my career. When I first began working with my tax clients in 1989, our meetings would be in my dining room and I stored their records under the table in corrugated boxes. Nothing fancy whatsoever!
I didn’t own a computer and my tools included a pencil, eraser, calculator and typewriter. So, the notion that financial services could be delivered to business owners through the internet, even as recent as 2008, seemed rather far-fetched. Now, they have a name for it — Fintech. 🙂
While working with business owners as their tax and financial advisor, I also handled many business sales in a supporting role to other advisors. Eventually, I began to represent clients as their lead advisor, or intermediary, in the sale of their businesses. It was through these experiences I recognized how virtually all of them would make a similar statement to me. It would go something like this: “Oh no, we’re going to have to change this deal. I promised two employees …” You may replace the words ‘two employees’ with ‘my wife’, ‘my partner’, ‘my children’ or whomever you like. While they were selling their businesses, the conversations with my clients would be about the ‘promises’ they made to others when they started and/or while they operated their businesses.
During these years, many business owners also expressed their deep desire to sell a valuable business when the time was right for them. In fact, they would tell me they ‘promised’ themselves they would ultimately sell a valuable business!
Equally frustrating to many of my business clients was the sad fact that their businesses were financially broken. I found many business owners, regardless of the size of their business, didn’t know the source or root cause of their financial struggles.
It became very clear most business owners did not have the financial, tax, or M&A education and experience to grow a valuable business or adequately prepare to sell their business. Despite their good intentions, keeping their promises would never be possible. So, I set out to change this.
After much deliberation, I sold my tax and financial planning practice in 2009 so I could devote myself exclusively to helping business owners prepare for the sale or transfer of their business. Sometimes the businesses are sold to third parties and in many cases, the businesses are transferred to employees, the next generation or other stakeholders.
And in 2010, we launched ExitPromise.com to help business owners online.
Today, Exit Promise offers many free tools, several hundred articles and Q&A with our Featured Advisors who are eager to help business owners succeed.
We strive to be a valuable resource to every business owner who raises their hand and asks for help. Welcome!