6.1 Reasons to Join Us at Cultivate’25 and Grow Your Business
Cultivate is the event we look forward to most in our industry, so we look forward to seeing you July 12-15th at Cultivate’25 in Columbus, Ohio— the Green Industry event offering countless opportunities to grow your business and advance your career. We will be there with SIX in-person educational sessions on extremely timely industry topics such as talent acquisition, management, succession, exit planning, and more that you will not want to miss. Get educated and up-to-speed in these sessions. SATURDAY, JULY 12th Managing & Motivating the Multi-Generational Green Industry (Multi-Generational Panel) – 9:00 AM ET • Panel Discussion – Moderator: Paige Franks For the first time in history, five generations collide in the workforce: The Silent Generation, Baby Boomers, Generation X, Millennials, and Generation Z. Generation Z is quickly infiltrating the industry, and Millennials are stepping up to take over the preceding leadership positions, bringing new ideas surrounding technology, management and communication styles, company culture, and personal and professional values and expectations. In this panel, professionals across the four prominent generations in the workforce share their experiences, providing perspective and insight into what once was versus today’s reality. Join Paige Franks and a great panel of horticultural industry leaders to learn what the current understanding of the industry is from each generation’s perspective. How leaders manage and accommodate today’s workplace standards on company culture, communication, and work-life balance. Advice and insight on best practices when working alongside various generations. How generations view what is important in company benefit programs. Save Your Seat – Click here for a Session Description Game-Changing Trends in Recruiting Talent (PANEL) – Saturday, July 12 • 1:00 PM ET • Panel Discussion – Moderator: Harrison Downing What are the trends in 2025 in how we connect with potential talent to gain their interest? The latest recruiting and interviewing trends differ vastly from those in past years. But why the notable change? Along with the uncertain times we live in, we are experiencing generational workforce changes that bring with them new values, attitudes, behaviors, and expectations of employees. Change, especially with technology, is constant and faster than ever. The panel will share insights on the top trends shaping how companies in our industry recruit and assess candidates during the interview process. Attendees will learn how to optimize marketing strategies to reach candidates, how to balance virtual vs in-office approaches, how to assess candidate fit for behaviors and culture, and even what your company branding means in hiring. Save Your Seat – Click here for a Session Description Trends Changing Why Employees Stay with You! Saturday, July 12 • 2:30 PM ET • Moderator: Todd Downing Today’s workforce consists of five generations for the first time ever. Traditionalists, Baby Boomers, Generation X, Millennials, and Generation Z. These generations were raised in different social, technological, and political atmospheres. Each generation corresponds to different childhood upbringings and family environments, which create different values, behaviors, and needs as employees. How do we engage our teams to be fulfilled in their job and remain passionate about your company? The panel will share insights on the 2025 trends shaping how they keep their teams of all generations motivated, engaged, and with them! Learn why retention starts at the top, what onboarding programs are successful with retention, how Training & Development programs are changing to meet the varying learning styles of employees, and how adjustments to Benefits, such as PTO, align with what employees want in 2025. Save Your Seat – Click here for a Session Description SUNDAY, JULY 13th Growing Forward: Release and Review of the 2nd Annual State of Succession and Exit Planning in the Horticulture Industry Report – 4:00 PM ET • Speakers: Chris Cimaglio & Ken Lane How prepared are you—and your peers—for succession or exit? What does life after business ownership look like? And in today’s market, how may economic and industry challenges influence long-term business strategies? Until now, getting answers to these questions has been a challenge. In this interactive session, bridge the knowledge gap with key insights from the PivotPoint Business Solutions 2nd Annual State of Succession and Exit Planning in the Horticulture Industry Report that was sponsored by Greenhouse Grower magazine. Key Takeaways: Assess your readiness in real-time by benchmarking against your peers across eight key business drivers. Discover how critical industry-wide issues—including the impact of immigration, tariffs, climate change, insurance costs, and access to capital—may affect operational decisions. Gain expert guidance on best practices to ensure a smooth transition and avoid common regrets. Save Your Seat – Click here for a Session Description MONDAY, JULY 14th 2025 Trends in Compensation and Benefits to Attract, Retain, and Motivate Top Talent Monday, July 14 • 10:45 AM ET • Panel Discussion – Moderator: Michael Maggiotto Over the past few years, compensation has accelerated faster than historical norms. Even as the rate of compensation increases begins to pull back, many are unaware of the intricacies of compensation and benefit design. Is it just about paying a salary we once paid five or 10 years ago, or offering the same benefits every year? Well, not if we want to attract, retain, and motivate top talent, it isn’t. Attendees will learn 2025 trends affecting compensation design to attract talent and keep up with the cost of living. Gain knowledge in identifying what benefit trends are working well in attracting and, importantly, keeping talent as generations of workers shift. Understand strategies to keep a company competitive without breaking the bank! Be ready to share, as we will be looking for the audience to provide their best practices–after all, you are the ones who drive the trends. Save Your Seat – Click here for a Session Description TUESDAY, JULY 15th Succession & Exit Planning: What’s Your Endgame for a Regret-Free Business Exit (Extended Session & Workshop) Tuesday, July 16 • 9:00 AM ET • Speakers & Moderators: Chris Cimaglio, Ken Lane, Larry Turow, and an Expert and Peer Panel “Begin with the end in mind.” What’s your endgame? Every business owner will eventually
Planning for Life After Business: Achieving Your Freedom Point
Spring marks the peak selling season— and a time to dream about the future. For many horticulture business owners, 80–90% of their net worth is tied up in their business. Yet, according to the 2024 State of Succession and Exit Planning in the Horticulture Industry survey, 54% of owners lack a formal business valuation. To turn your retirement dreams into reality, you need to determine your Freedom Point— the moment when selling your business provides enough resources to sustain your ideal lifestyle. Understanding Your Freedom Point Your Freedom Point is unique to you. It represents the financial threshold at which selling your business generates enough cash to maintain your desired lifestyle. To determine your Freedom Point, consider these three key factors: Current Business Value – What is your business worth today? Financial Needs – How much do you need for a comfortable retirement? Value Gap – The difference between your business’s worth and what’s needed to fund your future. Start by adding up your savings, including investments and retirement funds, and estimate your expected proceeds from selling your business. The net proceeds from the sale will depend on EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization). The EBITDA multiple determines the price a prospective buyer may offer. Next, calculate your anticipated post-retirement expenses, including everyday costs and bucket-list goals, up to age 95 (gulp). Unlike your grandparents, if you live to 75, there’s a good chance you’ll reach 95. Lastly, you will need to pay 5–15% in transaction costs and advisor fees, and expect to pay Uncle Sam his share using your current tax rate. What remains after subtracting your expenses, retiring any remaining debt, transaction costs, and taxes is your Freedom Point! Sounds simple? It’s not. To quickly estimate your Freedom Point, use the complimentary online Freedom Point Calculator: CLICK HERE! It takes less than 10 minutes and provides a full, confidential report. The Importance of Early Planning Many business owners delay exit planning, but starting early provides flexibility and control. Preparing years in advance allows you to increase profitability, strengthen management, and improve operational efficiency. A rushed sale often leads to lower valuations, fewer buyer options, and missed financial opportunities. Think of your exit strategy as an evolving process rather than a last-minute decision. Strategies to Maximize Business Value The pool of potential buyers in the horticulture industry is limited. How can you make your business stand out? Achieving your Freedom Point requires preparing your business for a profitable sale. Focus on these 10 essential steps: Get a Business Valuation – Obtain an independent valuation to understand your business’s current worth. Be prepared to share at least three years of financials and tax returns. Increase Profitability – Optimize sales and cost efficiencies to enhance earnings. A clear sales growth strategy sets your business apart from others on the market. Organize Financial Records – Ensure key financial statements and tax returns are accurate, up to date, and easy to explain. Separate non-recurring expenses, such as bonuses or personal costs, to present true profitability. Improve Cash Flow – Minimize large expenses unless they are mission-critical. Buyers don’t want to make significant investments on day one of ownership. Strengthen Your Management Team – Reduce owner centricity by developing strong internal leadership. A management team capable of running the business without you makes for a smoother transition. Diversify Revenue Streams – Mitigate risk by expanding your customer base and product offerings to reduce dependency on a few large customers or products. Document Standard Operating Procedures – Well-documented processes decrease owner dependency, increase business value, and simplify the transition to a new owner. Enhance Customer Loyalty – Loyal customers are valuable assets to potential buyers. Know your Net Promoter Score (NPS)—if it’s below 9.0, fix it. Strong customer relationships add significant value. Develop a Clear Exit Strategy – Exit planning is a team effort. Involve professional advisors, your management, employees, and family to plan your transition well in advance. Address Legal and Compliance Issues – Anticipate issues surfacing during due diligence. Resolve outstanding contracts, licenses, and legal matters to avoid roadblocks during a sale. When done properly and in a timely manner, these steps help bridge the gap between your business’s current value and the amount needed to fund your future lifestyle, ensuring you achieve your Freedom Point. Your business is your legacy. Plan ahead, maximize its value, and secure the future you’ve worked so hard to build. Are You Ready? Take Our Complimentary Assessments Let’s find out— They take about 15 minutes or less, but are incredibly insightful as you begin your succession and exit planning journey. Take the assessments today, and let’s have a confidential discussion about the future. Personal Readiness</> PREScore™ is an 8-minute, online questionnaire that evaluates a business owner’s readiness to exit their company on a personal level. Using an exclusive algorithm, it calculates an owner’s readiness by identifying their status on four drivers of a satisfying exit. PREScore™ determines the at-risk areas and provides personalized recommendations for improvement, helping owners create a personal plan that ensures a happy exit. TAKE THE PRESCORE™ ASSESSMENT Business Readiness</> ExitMap® examines your and your company’s exit preparedness across four key categories: Operations, Planning, Finance, and Revenue/Profit. It consists of 22 multiple-choice questions, typically taking only 15 minutes to complete, and does not require any confidential information. A full-color, 12-page summary report will be emailed to you upon completion, and we will send you a full comprehensive report with your answers. TAKE THE EXITMAP® ASSESSMENT Financial Readiness</> The Freedom Score (Your Freedom Point) is a 10-minute online questionnaire that evaluates your financial readiness to fund the next phase of your life after your business. It calculates your Freedom Point, which is when the sale of your company will generate enough to fund your desired lifestyle for the rest of your life. Discover how to achieve financial independence, reduce financial risks, and live worry-free in the next chapter of your life. TAKE THE FREEDOM SCORE ASSESSMENT Let’s Talk We are happy to
BEST Receives the Certified Value Builder™ Designation
BEST invests in current and future business owner clients with the addition of a Certified Value Builder™ (CVB) Designation BEST keeps getting better – BEST Human Capital & Advisory Group proudly announces that Managing Partner Chris Cimaglio, CEPA, has earned and received the respected Certified Value Builder™ (CVB) designation from The Value Builder System™. Chris now joins an international community of trained business advisors, which incorporates the world’s leading thinkers in building value in companies for their owners and stakeholders. Chris earned his designation as a Certified Value Builder™ to support our clients’ transition goals and maximize the value of their businesses. According to The Exit Planning Institute, 76% of business owners plan to exit their business in the next ten years, and many will turn to an advisor for help. For the last four years, BEST has become very involved in the succession and exit planning process to better prepare its clients for the eventual leadership transition of their business. It was a natural extension of their Executive Search services. Many owners came to BEST looking for successors to lower their company’s dependence on themselves and assist with leadership and family succession. Other engagements arose from BEST’s HR Advisory services. BEST has now integrated The Value Builder System™ into its strategic advisory services for small and midsize business owners and CEOs. The Value Builder System™ incorporates several diagnostic tools, including the Value Builder Score, an evaluation system driven by an algorithm that evaluates a business on the eight core values acquirers consider when buying companies. The Value Builder Score provides a comprehensive assessment of the “Sellability” of your business, whether you want to sell next year or to know that you’re building a valuable asset for the future. As CEPAs and Certified Value Builders, our team is qualified to interpret your Value Builder Score. Those businesses that achieve a Value Builder Score of 90 or greater are worth double the average-performing company. In our Succession & Exit Planning Advisory at BEST, our mission is to dramatically increase your business’s value, anticipating a future sale or inevitable ownership transition. After completing a Value Builder Assessment, a confidential report measures the owner’s readiness. The report provides a process for the organization to achieve full value before selling a business. The “Sellability” of your company is not determined by the owner, your revenue, or your impressive list of customers. The buyer determines it. The Value Builder Score is based on eight factors that make a company attractive to buyers and maximize what a buyer is willing to offer. Sound like something you want to know? Then let’s get started. The single largest transaction and transition of your life deserves special attention. At BEST Human Capital and Advisory Group, we are committed to helping our business-owning clients succeed in their business and personal lives. Unfortunately, we see clients working so hard in their companies, and too many owners delaying their happiness and financial savings. Many do not have family interested in the business, which brings the question of succession planning when there is no succession? Many owners arrive at the end of their careers and find out the company is not positioned nor ready to successfully transfer to a new owner. As a result, these owners missed the opportunity to grow transferable value. On the flip side, BEST has also experienced working with owners who try to handle the business transition by themselves, which usually leaves money on the table and leads to regret.
Taking the BEST Exit and Succession Planning to a New Level for You
BEST invests in current and future business owner clients with the addition of a CEPA Designation BEST keeps getting better – BEST Human Capital & Advisory Group is proud to announce that Chris Cimaglio, a Managing Partner, recently earned the Certified Exit Planning Advisor (CEPA) designation after completing the Exit Planning Institute’s (EPI) intensive executive MBA-style program. For the last four years, BEST has become very involved in the succession and exit planning process to better prepare their clients for the eventual leadership transition of their business. It was a natural extension of their Executive Search services as many owners came to BEST looking for successors and to lower their company’s dependence on them and assist with leadership and family succession. Other engagements arose from BEST’s HR Advisory services. After training and partnering with the ExitMap® and BizEquity®, this has become a growing part of BEST’s clients’ needs. After publishing several articles on the topic and speaking at major industry events, Chris decided to complete the Certified Exit Planning Advisor (CEPA) Program through the Exit Planning Institute (EPI) to serve these growing needs better. If you aren’t familiar, the CEPA Program is the most widely accepted and endorsed exit planning program in the world, focused on cross-functional consulting and value acceleration. As a CEPA, Chris belongs to a multi-disciplinary network of high caliber, collaborative advisors in our area and across the globe. According to Chris, “This is personal for me, and I am passionate about it. I grew up in a family business and have worked with hundreds of them throughout my career. I have seen succession and exit plans work well, and others fail miserably. As a CEPA, we can now apply tested methods and approaches to change the outcome for these owners. We can do it together, collaboratively, and offer a more holistic program that helps business owners maximize the value of their business and personal financial plans to the next level and be prepared for what adventure comes next after they exit their company.” There is one indisputable fact – 100% of owners eventually will exit their business. It could be through family succession, sale, liquidation, closure, death, or any number of reasons – many of which are outside the owner’s control. According to an EPI report, over 75% of business owners who have sold their business profoundly regret it within a year after the sale. 50% of exits will be involuntary, and 40% of business owners lack even a basic business continuity plan should something happen to the owner (death, disability, divorce, or illness). BEST Human Capital and Advisory Group is committed to helping their business-owning clients succeed in their business and personal lives. They see clients working hard in their companies and too many owners delaying their own personal happiness and financial savings. Many do not have family interested in the business, which brings the question of succession planning when there is no succession? Many owners arrive at the end of their career and find out the business is not positioned nor ready to successfully transfer to a new owner. These owners missed the opportunity to grow transferable value. On the flip side, BEST has also experienced working with owners who try to handle the business transition by themselves, which usually leaves money on the table and leads to regret. We know in our hearts that it doesn’t have to be that way. The single largest transaction and transition of your life deserves special attention. Are you planning to exit and sell your business? Business Exit planning is quickly becoming a buzzword in the legal and financial communities. Your professional advisors position themselves to provide tax, risk management, wealth management, and contract preparation services. BEST Exit Plan Advisor has been trained to manage your team of tax, legal, business, and financial planners to navigate your exit strategy. Click here for our Special Section on Exit Planning for more details and a video on how to get started. If you want to see how prepared you are for transition, take the 15-minute Assessment at no charge: There is one indisputable fact – 100% of owners will eventually exit their business. The Assessment is a multiple-choice questionnaire that does not ask for confidential or financial information. Nevertheless, it is a critical first step in starting the discussion and planning process. Click here for FAQs and more information concerning our free, no-obligation exit planning assessment.
Business Succession Planning When There is No Succession
Insights into Preparing for the Business Transition and Transaction of Your Life The phone call was a jolt and shook us to our core. Tragically, we received news that a grower we had met during our Succession/Exit Planning Seminar at Cultivate ’21 in July was killed in a car accident. He was a good man, who had built a fine operation, but the business was highly owner-centric – everything passed through him. He had no accountant, lawyer, financial planner, or exit plan advisor and certainly no business continuity plan. We had a few discussions with him after the Seminar, but he had put things on hold. Now a strategic partner of ours is helping the family, amidst their grief, with the disposition of the business. Unfortunately, there is a long and challenging road ahead. There is one indisputable fact – 100% of owners eventually will exit their business. It could be through family succession, sale, liquidation, closure, death, or any number of reasons – many of which are outside the owner’s control. According to the Exit Planning Institute (EPI), 50% of exits will be involuntary, and 40% of business owners lack even a basic business continuity plan should something happen to the owner (death, disability, divorce, or illness). Suppose there is no family to take over the reins? In that case, the logical choices are to transition the business to new leadership and/or your employees (often through an Employee Stock Ownership Program, or ESOP), sell the business outright (to an investor, competitor, or investment group), or close up shop and liquidate. Since a company can often represent about 80% of an owner’s net worth, we will address the more wealth-saving and positive options of transitioning and/or selling the business. 48% of business owners don’t know how or have even thought of preparing for the sale of their company (PWC Family Business Survey). We have found that the best business transitions begin early and have a team of people working in tandem to maximize the value of the business and get you and your business transition ready. The Challenges “If you fail to plan, you are planning to fail!” – Benjamin Franklin The numbers are staggering. 10,000 Baby Boomers hit retirement age every day, and 60% of all business owners are over age 55. Yet, according to EPI, PNC Bank, and Kent State surveys, 80% of business owners have no transition plan or have not documented or communicated a succession plan. Furthermore, 80% of these businesses are not saleable, nor do they have a proper talent or family pipeline to continue. Of the remaining 20% sold, 12% will be lower than the original asking price. Even though 98% of business owners feel that succession planning is essential, they rarely have a plan. When they do have a plan, there are several reasons why they fail: Many think it is unimportant and choose to focus on the transition rather than the transactional nature of a business. Potential future leaders and family leave the company looking for greener pastures. As a result, owners do not adhere to the plan and stay long past their expected departure date. New leaders are ill-prepared to take over or do not perform to the level of the original owner. A focus on the past or a mindset fixed on “this is the way it has always been done” not only cripples future leadership but puts the future of the business in jeopardy. Time, lack of commitment, and fear. Successful Succession Planning = Transition Ready Not all hope is lost. We have been a part of many business succession and exit plans that have been and continue to be successful. We begin with an assessment and evaluation of four critical areas of personal and business transition readiness that have a direct impact on value from an investor’s perspective and the questions they will be asking: Financial Preparedness: Valuation of the business and industry comparisons, reviewing financial metrics (ratios, receivables, banking situation, and overall financial health), and the tax impact— on the owner and the business. Is the company operating at a high level and doing more with less? Planning Preparedness: Review potential buyers, professional advisors (accountant, lawyer, financial planner, exit plan advisory, and broker), business continuity planning, and addressing owner centricity. Can the business operate independently of the owner? An owner with all the key relationships and is responsible for most of the sales, especially to larger customers, can be an issue. Are customer relationships spread out among your staff? Workaholics, who are in their operations 7-days a week and micromanage their businesses, are bad bets for a potential buyer. If the owner should suddenly leave or pass away, how easy would it be to transition to new leadership or potentially sell the business for a high return? Revenue and Profit Preparedness: Consistent sales and profits— The ability to drive revenue but not at the expense of margin. New product/service offerings, new markets, diversification, and those elements of your operation that deliver consistent sales and profitable results. The presence of recurring revenue is also important (long-term contracts, vendor agreements, and leases). Bankability— Are there well-prepared financials and key performance metrics with predictable and reliable cash flow? Operations Preparedness: Do you have up-to-date modernized systems, and are your processes and procedures efficient? Is information readily available? Review management, systems, technology, standard operating procedures, and operational efficiencies. Are you staying on top of trends? Website, eCommerce, email lists, social media are all critical. Are there efficient processes and procedures in place that can be easily managed and communicated? The next step is to optimize and accelerate the value of the business before a sale or transition and understand that effective succession planning is more than just transitioning to new leadership. It is a process that could take several years, so it is never too early to get started. There are transactional components at work as well. Owners need to take an objective investor’s approach to their business— Is the risk at a low level, and is there a potentially high ROI? Addressing
