Diamond Shine

Ronald V. Chernak Interview – Business Exit Planning

Episode Description:

In this episode we interview Ronald “Ron” Chernak, a business owner, attorney, CPA, real estate broker and owner of The FBB Group – a business brokerage based in Colorado. Ron shares valuable tips and advice to help you prepare to exit (sell, transfer, transition, etc.) your carwash business.

[Learn more about Ron]

Ron ChernakPrior to founding The FBB Group, Ltd., Ron practiced law with a 175-member law firm in Chicago. He has a CPA Certificate (Illinois), is a licensed Colorado Real Estate Broker, is licensed to practice law in Colorado, and has a FINRA Series 79 license. Ron is also a Certified Business Intermediary (CBI) and a Merger & Acquisition Master Intermediary (M&AMI), the highest level of accreditation in the industry.

Ron has extensive experience in contract and lease negotiations, financial planning, and financing. He is very active in community activities, such as the Colorado Springs Chamber of Commerce (former Chairman of the Board), The Southern Colorado Economic Forum (Founding Sponsor), and the Rotary Club.

Ron has served as the Chairman and/or Director of the Board for numerous business brokerage committees and organizations, including Chairman of the International Business Brokerage Association (IBBA), a premier industry trade association and Chairman of the M&A Source, the country’s largest association of middle-market intermediaries.

Show Notes:

  • Ron practiced law for a large legal firm in Chicago before starting his business brokerage business. He is also a CPA, a license attorney and a licensed Real Estate Broker in Colorado.
  • Ron and David discuss the topic exiting a business (through a sale, transfer, etc.).
  • How to go about valuing a business for sale? What are the factors to be considered in determine the value of your business?
  • “Don’t use your business as a personal checkbook.” Ron offers advice on how to maintain clean financials that will in turn help you get a higher price for your car wash or other small business.
  • Ron explains how he helps carwash business owner to prepare for the transition of their business.
  • What is the current lending environment for businesses? Ron shares his view on the current capital markets.
  • Ron shares insights into the current strong market for carwash business sellers.
  • “Selling a company is a team sport.” Ron recommends that you assemble a team of professionals (including a business broker, attorney, CPA, and financial planner) to help you prepare for and conduct the sale of your small business.
  • How to manage the emotional components of selling a small business.
  • Ron explains how the business sale brokerage relationship works.
  • What should you consider when selecting a business broker to help you with the sale of your car wash business?
  • Transcript of this interview.

This episode of The How of Carwashing is sponsored by Diamond Shine.

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