Topics and Events
“What Will Your ‘Exit Day’ Look Like?”
Owners of privately-held businesses are most often consumed with the day-to-day running of their companies. Often, there is little time for advanced planning, and the five-year plan that was drafted long ago has been set idle in a file in a drawer, giving way to the needs of the business today. In spite of this reality, today’s newsletter is encouraging owners to give some consideration to their longer term planning. Specifically, what will the exit from your business look like? Or more acutely stated, “What will your ‘exit day” look like”?
What Does the Term ‘Exit Planning’ Mean to You?
This newsletter is written to help explain what ‘exit planning’ is and, more importantly, what it may mean to you and your plans for exiting your own business.
Succession Planning Without A Succession
It’s a scary thought for most business owners—the idea that the same people you rely on for the proper running of your business may be the same people who own your business in the future or leave your company to work for the competition. However, in planning for the ultimate succession of your business, these are the scenarios every business owner must play out. So the question is, how much does planning play a role in the succession of your business?
Exit Turbulence ~ Every Exit Dies Three (3) Times
If there is one word that can encapsulate exit transactions, it would be ‘turbulence’. And, one of the things about exit turbulence is that it comes in many forms and all too often tells an owner to simply ‘forget about the whole thing’. Therefore, it has been said that ‘every deal dies three (3) times’ [before getting completed]. Because so much is riding on a successful exit for millions of baby boomer owners, without some forewarning about the landmines that can be stepped on, your exit transaction may not proceed as smoothly as you like.
Let’s take a look at some infamous terms from the transactional world as a guide to setting your expectations for your exit …
Is Your Friend’s Advice Worth Listening to for Your Business Exit?
When a business owner begins to think about a life-changing event, such as an exit from their business, it is not uncommon for that owner to seek the advice and counsel of others whom they trust. However, is a friend the one who will provide you with the best advice and guidance regarding the largest financial and [likely] emotional decision of your life?