As a business owner, you likely have plenty on your plate. You have a business to run, perhaps a family to care for, and many other responsibilities that require your time. So, why should you consider Exit Planning?
Whether you’re thinking about exiting your business soon or expect to stay in your business for many years, Exit Planning can have positive consequences for you, your business, and your family. Exit Planning uses an owner-centric mind-set. This means that Exit Planning focuses on your goals and desires. More specifically, Exit Planning works to position you to leave the business when you want, with the money you decide you need, and to whomever you choose.
Helps control your destiny
When owners commit to Exit Planning, they have more control over when they leave, how much money they can get upon leaving, and whom they can leave the business to. That’s because Exit Planning strategies use information about your company as it currently stands to chart a path toward what an ideal exit looks like to you.
For many business owners, their business exits are a defining event. A successful exit will represent the culmination of their lives’ work, and affect their business legacy, their families, and their communities. Exit Planning addresses these issues by examining your long term goals and developing a plan to achieve them.
Enables collaboration with your existing team
You undoubtedly have trusted advisors to whom you turn for advice. However, none of them is accustomed to focusing on exit strategies. An Exit Planning Advisor has specialized experience and will work with your existing legal and financial advisors as well as members of your management team (if appropriate) to create a long-term plan. An Exit Planning Advisor can also introduce you to specialists who can help with particular tasks that might be important for your strategy. You always control who to include and decide whether to augment your team with other specialists.
The most important criteria for advisors on your team is that they work with you to achieve your goals. This isn’t a one-and-done relationship. They collaborate with you and build relationships that facilitate the pursuit of your ideal exit. This collaboration and relationship-building often contributes to clearer and more effective strategies for helping you prepare yourself and your business for your exit, no matter when it may be.
Your business is a dynamic entity – you are certain to face new challenges and opportunities in the coming months and years. Exit Planning works to keep you in control and on course and helps you mitigate the effects of fate or chance on your exit, increasing the amount of control you have. General Eisenhower famously said that no battle plan survives first contact with the enemy – but, he insisted on meticulous planning because a plan gave him the tools to meet changing circumstances. A well thought out Exit Plan will give you the best chance of achieving your long-term goals for you, your business, and your family.