Business Exit Planning!
Business Exit Planning!
Exit Planning is more than thinking and talking. It is taking the action necessary to enable you to reach all of your Exit Objectives. These objectives include leaving your business when you choose, to the successor you choose, for the amount of cash you desire while paying the least amount of taxes.
Preparing your business for a successful future often goes hand in hand with preparing your business for a successful sale. No matter whom you sell to—and even if you believe you’ll never sell your business—you should focus on catching Deal Killers. Deal Killers are things that can affect your business’ value and future. Let’s look
Setting goals is a catalyst for success, especially if you’re planning for the future of your ownership and the success of your business. The strongest goals tend to have five aspects that help you guide the process for achieving them. In other words, when you set goals, you want to set SMART goals: Specific Measurable
Successful business owners often want more than just the maximum amount of money they can get. These owners have deeply ingrained values-based goals that guide why and how they do business. But many of those same owners don’t apply an appropriate amount of weight to values-based goals until it’s too late to achieve them. Some
For nearly 5,500 years, human beings have written things down. From Hammurabi’s Code and the U.S. Constitution to your personal business plans, writing things down helps people follow rules and best practices, and pursue goals and action items. However, many successful business owners don’t have any written plans they can follow to help them achieve
Planning for a successful future without your business is a smart strategy. One of the traps that business owners commonly fall into as they begin planning for their successful future without the business is seeing what they need to do and trying to do everything all at once. However, much like your business didn’t spring
“All those years of work are thrown away. To ease your mind is that all you can say? But what about that grandson on your knee? Them railroad songs, Tom would sing to me.” –Robert Plant Many business owners dedicate decades to making their businesses successful. Far fewer owners plan for how they and their
As a business owner, you manage all sorts of complexity in your work. Goals, expectations, and the people who help you meet them may change. But even though things constantly change, you can still adapt, thanks to smart and focused business planning. After all, if your company couldn’t adapt to change, it likely wouldn’t be
Over 20million businesses in operation
Have a written plan to transition ownership
Of owners want to stop working in the next 10 years. *
* Source: Business Exit Institute, Exit Planning Solutions, 2020