January 8 / 6-8pm EST
Although it may sound like shooting down a dream, a sustainable operation plans for its entire life-cycle. This includes sale or closure of the business. In this 2 hour Zoom, you will be guided by Maggie Longo of the Small Business Development Center and Rachel Wyman, formerly of Montclair Bread Company, and currently the owner/operator ofRabble Rise Doughnuts.
By the end of this class, you will be able to:
- Understand the importance of planning an exit strategy during the business conception phase
- Learn what options are available for an owner who wants to 'quit' their job.
- Options for selling the business (broker vs. realtor vs. self-list)
- How to end a lease and liquidate equipment
- Sell/Handover to employees or family/successor
- Understand what information is required to sell/hand-off a business and the timeline associated with a sale
- Cash vs. Loans vs. Seller Financing
- Preparing your books for the sale
- What information/data, interested buyers want to see
- PR/Marketing considerations
Maggie Longo is a highly experienced professional in the hospitality industry with a remarkable career spanning over 30 years. Throughout her extensive tenure, she has consistently delivered outstanding revenue generation and profitability results within prestigious, forward-thinking establishments. Her exceptional skills and expertise have earned her various accolades and recognition within the field.
Longo, a home-based food producer since 1982, has been a member of a collectively-run community-based bakery in Washington, DC; the pastry chef for numerous restaurants in the RI market while in culinary school at RISD; the Director of Operations of a commercial, scratch bakery, servicing hotels, restaurants, and the general public; and business-owner of RI's first Roman-style pizzeria, which lead Longo to launch a consulting practice, working with local, regional, and national brands.
In 2020, Longo joined the RI Small Business Development Center, bringing her wealth of experience to help businesses navigate the unique challenges presented by the pandemic. Her role involves providing valuable support and guidance to companies as they strive to overcome obstacles, expand their operations, and pursue growth opportunities. Her areas of specialization include strategic planning, the development of operational systems, and facilitating next-stage growth plans and project management. By leveraging her comprehensive industry knowledge and insights, she has consistently assisted her clients in achieving their organizational objectives. One area where she has focused her attention is the first-stage food maker/manufacturer sector, where she plays a vital role in assisting companies with strategic planning, operational system development, and overseeing project management for their next-stage initiatives. Maggie has recently joined the advisory board for the re-launch of RI's food strategy, Relish Rhody 2.0.
Longo's career is characterized by her deep understanding of the hospitality industry, her proven track record of success, and her ability to provide invaluable guidance to businesses in times of uncertainty and growth. Through her involvement with the RI Small Business Development Center, she has consistently impacted the success and sustainability of numerous companies.
Rachel Wyman, Baking & Pastry Faculty member at the Culinary Institute of America and Owner of Rabble Rise Bakery in New Paltz, New York, Rachel has a storied history in bread baking and recipe creation for major bakeries including Tribeca Oven, Amy's Bread and Bread Alone. She’s an award-winning doughnut baker, with a passion for dough, a knack for flavor and a talent for innovation. Her book, Will Run for Doughnuts chronicles stories & recipes from the ten years she spent growing & nurturing her New Jersey bakery, Montclair Bread Company and many beloved community events. Rachel resides in the Hudson Valley with her three kids and two pups
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