Exit strategies for small business owners the focus of new West Michigan collaborative, LifeWorks

A new West Michigan collaborative of small business specialists aims to help business owners sell their businesses, retire or leave a family business and keep the enterprise running and employees employed.

LifeWorks was formed by entrepreneurs Seth Getz, owner of Business Mastery, Ron Bullis, financial advisor for Northwestern Mutual, and Randy Rua, business broker and owner of Rua Associates. The trio, separately, advises business owners on how to build their businesses, prepare their businesses for sale and connects them with buyers. Together as LifeWorks, the three use their skill sets to help business owners transition from being the lifeblood of a business to being part of a larger entity that can survive on its own.

"Most small businesses are dependent on the business owner, because everything runs around them and needs them in order to run," says Seth Getz. Getz and Bullis are both Grand Rapids Business Journal Forty Under 40 2010 recipients.

"We help the owner learn how to make the business run consistently and predictably without them there," Getz continues. "And they need that in order for the business to sell for a good price."

With one-on-one counseling through their individual companies, Getz, Bullis and Rua help business owners get management teams in place to keep the business running, prepare financial records that are understandable to buyers, develop a presentation of the business and connect with potential buyers.

As LifeWorks, the three plan to have all that information available in one place at their first Exit Strategies Seminar on June 15, Getz says.

"The seminar is for the business owner who has a dream to sell the business," Getz says. "It might be a few years down the road, but they want to plan the business around the idea. Then, when they're ready, they can call us and we can help them."

The Exit Strategies Seminar will be June 15, 7:30 a.m. to noon at Lakeshore Advantage, 201 W. Washington Ave., Suite 410, Zeeland. To register for the seminar, email [email protected]. For more information, please call (616) 795-9755.

Source: Seth Getz, LifeWorks; Suzette Garvey, Simply Genuine Communications
Writer: Deborah Johnson Wood, Development News Editor