Episode 95:

Business Exit Planning

What You Will Learn:

How Danny became a business owner and entrepreneur unexpectedly by helping grow a business from seven employees to $275 million a year
Why an important piece of Danny’s success was found in always seeking to improve and strengthen the business with intentionality and purpose
Why creating a business that is highly transferable comes down to building an organization that can stand on its own without being too dependent upon you
What critical mistakes business owners often make that can hurt their ability to sell or transfer the business when they’re ready to exit
Why your financial statements need to be highly accurate, and why you need to reconcile every account on your balance sheet every single month
Danny shares an example of a business owner who failed to reconcile his balance sheet and how it created a cascading series of problems that caused the business to close
What advice Danny has to share for business owners who hope to eventually exit their business, and what steps you can take today to prepare
How Danny and his team help dramatically increase the value of businesses by teaching owners what changes to make

About Danny Wheeler:

Danny Wheeler is a Partner at FAZ Business Advisors and has over 30 years of experience as a business operator in a variety of industries and as an advisor to closely held businesses.

He has owned and been a member of the management team of Health Solutions, CFO for Hire, Ultradian Diagnostics and ATSCO Products. While Danny served as the Chief Financial Officer of Health Solutions, the company’s revenues grew from $29 million to $275 million and was ultimately sold to a publicly traded competitor. More recently, as the CEO of ATSCO Products he successfully grew the business over seven years and sold it to WB Mason.

Danny has assisted numerous other entrepreneurs in making their businesses bigger, better, easier to operate and more profitable. His clients have included businesses in healthcare, manufacturing, distribution, banking, hospitality, retail, legal and real estate. These businesses have fixed their profitability problems, purchased other businesses, sold all or part of their business and created long term plans that met the needs of the business owners. He has worked in a variety of markets including Boston, Hartford, Providence, New York, Detroit, Orlando, Miami, the Caribbean and throughout Upstate New York.

Danny is a graduate of Cornell University’s School of Hotel Administration with a degree in Finance and Real Estate. He is both a Certified Public Accountant and a Certified Merger & Acquisition Advisor.

He currently serves or has served in leadership & board roles for numerous not-for-profits, professional organizations, and community groups, including Albany Medical College, Cornell Hotel Society, Entrepreneurs Organization (EO), Juvenile Diabetes Research Foundation and the NYS Society of Certified Public Accountants.

Danny is a huge fan of football on Sundays and any kind of live sporting event or rock concert. He and his wife enjoy trips to Cape Cod and spending time with their three sons who are building their own successful careers.