Montecito Bank & Trust’s B2B Seminar Provides Insight on Preparing Businesses for the Future
The B2B series is designed to bring relevant and informative educational events to local businesses in addition to offering depository and cash management services, and financing solutions.
For the first hour, guests mingled and had the opportunity to network with each other, and make new connections. Members of the local business and nonprofit communities also had the chance to discover more about local business resources available to them, including the Santa Barbara Chamber of Commerce, Santa Barbara NAWBO, Goleta Chamber of Commerce, U.S. Small Business Administration, Pacific Coast Business Times, Montecito Bank & Trust, and the Scheinfeld Center, who each had informational booths at the event.
The guest speaker for this second B2B event was Kyle Enger, Founding Partner & Principal of BBI Financial, who presented Preparing Your Business For the Future. He specializes in providing consultation and training to companies in the areas of financial management, valuation and preparation for sale. Under his leadership, Mr. Enger has built BBI Financial into a leading provider of strategic advisory services of closely held and family-owned companies across the country. He has taken a lead role in structuring and negotiating merger and acquisition transactions ranging from $5 million to $200 million.
Earlier in the day, local business owners and associates attended a workshop entitled “Diagnose the Financial Health of your Business Rx” and facilitated by Mr. Enger. The workshop was designed to provide guests with practical tools to better manage and control one’s company finances through business-tested financial management techniques. Mr. Enger explained what financial management is, and how it can improve a company’ profitability. He also highlighted issues that can be resolved to increase viability and prescribe proactive solutions that business owners can implement immediately. Guests had time to ask detailed questions and work with Mr. Enger one-on-one.
Later, during the evening keynote presentation, Mr. Enger engaged the audience immediately with his dynamic character and informative discussion on preparing a business to sell. He explained how the economic climate is slowly shifting to a buyer’s market, and that 75% of the businesses in America will transition from one generation to the next, which will result in a transfer of over 4 trillion dollars. He emphasized the importance for business owners to build transferable value and to identify their competitive advantage. The audience reacted with amusement upon hearing Mr. Enger’s “ten biggest mistakes” business owners make when selling their business.
Mr. Enger explained that, “The most important thing while preparing to sell your business is knowing your end goal. Are you going to own your own job? Or are you building your business to sell? Once you have that end goal in sight, you’ll set yourself and your business up for a successful transaction.”
The third and final B2B 2012 event will be held on Wednesday, November 7 featuring Matt Hicks, former Facebook Communications Manager and Current Advisor, R to Z Studios. Mr. Hicks’ evening keynote address is entitled, Thinking Beyond “Likes”. A smaller limited seating workshop, Facebook 101 for Business, will be held that morning and facilitated by Lorrie Thomas Ross and Justin Seely, both successful lynda.com authors.
The third seminar and morning workshop events will be held at Fess Parker’s Doubletree Resort. In addition to the evening keynote address, guests will have time to network with each other over cocktails and hors d’oeuvres and visit related business service providers. To register click here.