Texas-wide · Exit planning
Who provides business exit planning in Texas for owners approaching retirement?
Who helps a retiring Texas owner plan the exit, how the advisors fit together, and a timeline that works back from the day you want to stop.
By Michael D. Rubin, CEO & Founder · September 2026 · 920 words
Exit planning for a Texas owner approaching retirement is usually done by a small team: an M&A advisor such as MDR & Associates for value and the sale, a CPA for tax, an attorney for the legal and estate side, and a financial planner for what you need to retire. No single profession does all of it well. What matters most is starting 12 to 24 months before you want to hand over the keys, because that is how long the changes that raise value usually take.
Here is what each advisor does, a timeline that works back from your retirement date, and where to start.
Who does what on an exit planning team
- M&A advisor. Tells you what the company would sell for today, what would raise that number, which buyers would want it, and eventually runs the sale.
- CPA. Cleans up the financials, explains how the structure of a sale affects your taxes (for example, an asset sale versus a stock sale, or payments spread over several years), and prepares you for what the buyer's accountants will check.
- Attorney. Reviews contracts, leases, the company's legal structure and anything that could slow a sale. An estate attorney handles trusts, gifts and your will.
- Financial planner or wealth advisor. Works out how much you need, after tax, to retire the way you want. That figure decides whether any gap in value matters.
Start with two numbers
The first number is what your company is worth today. For a business with $3 million to $100 million in revenue, buyers most often pay three to seven times adjusted EBITDA: earnings before interest, taxes, depreciation and amortization, restated to remove your personal and one-time expenses. A free opinion of value tells you where in that range you sit and why.
The second number is what you need from the sale, after taxes and fees, to fund your retirement. If the first comfortably covers the second, your plan is mostly about timing and a smooth handover. If it does not, your plan is about closing the gap, and closing it takes time. Owners who skip this step often discover the gap only when the offers arrive, which is the worst moment to learn it.
A timeline that works back from retirement
| When | Focus |
|---|---|
| About 24 months out | Opinion of value; identify what lowers your multiple; decide what happens to any real estate you own; start building a management layer |
| About 18 months out | Clean books that reconcile to tax returns; stop running personal expenses through the company; document how the work gets done; reduce reliance on your largest customer |
| About 12 months out | Key managers handling customers and decisions; contracts and leases reviewed; tax planning with your CPA |
| 6 to 9 months out | Engage the M&A advisor; prepare the marketing package; go to market |
| Closing | Funds wired; your agreed transition period begins |
What usually needs fixing before a retiring owner sells
The biggest issue for most retiring owners is that the company depends on them. Customers call you, key suppliers know you, and nobody else can price a job or sign off on a large order. Buyers discount that heavily, because the value may walk out the door with you. The fix is to hand those relationships and decisions to a manager, visibly and early, and let two or three years of financials show the company performing without you at the center.
The other common problems are books that do not tie to the tax returns, one customer carrying too much of the revenue, equipment that has been patched rather than maintained, and handshake arrangements that should be written contracts. Each is fixable with time, and each is far cheaper to fix before a sale than to explain during one. Our long reads on preparing your business for sale and when is the right time to sell go deeper.
Decisions only you can make
A few questions belong to you, not your advisors. How long are you willing to stay after closing, and in what role? Do you want the company to keep its name, its location and its people, and how much would you trade on price to protect that? Would you consider keeping a small stake, or do you want a clean break? Do you want to sell the building with the company, lease it to the buyer, or keep it as income? Your answers shape which buyers fit and how the deal is structured, so settle them before the first buyer conversation.
Do not wait for one more good year
Many owners near retirement delay because next year looks better. Sometimes it is. But a health problem, a lost customer or a downturn can force a sale on worse terms, and buyers pay for a steady trend rather than a promise. Planning early gives you the option to sell when you choose instead of when you must.
Where MDR & Associates fits
MDR & Associates is a Texas M&A firm founded in 2008 that represents owners of profitable companies with $3 million to $100 million in revenue. Our pre-exit consulting covers the 12 to 24 months before a sale and is a separate, optional service with its own price. When you are ready to sell, we run the sale on a success fee that is owed only if the company sells. We work alongside your CPA and attorney rather than replacing them. A good first step is the free, confidential valuation snapshot, which gives you the first of your two numbers.
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