A ROAD MAP Exit Planning is a process that helps you choose where you want to go and how to get there.
EXPERIENCED GUIDES You must assemble a team of trained and experienced advisors to guide you toward your unique exit goals as you continue to run your company.
IMPLEMENTATION Success depends on a disciplined implementation timetable keyed to your Exit Plan. Without advisors experienced in Exit Planning, a written Exit Plan, and implementation timetable, the chances for a successful exit are slim.
Three issues confront a company whose owner dies or becomes disabled prior to a planned exit: 1. Continuation of ownership; 2. Company’s loss of financial resources; and 3. Company’s loss of key talent—you, the owner—and the cascading affect on employees and customers.
For many owners, the answer to one question determines whether they can leave their companies: “How much money will I get when I sell?” This question is critical, and answering it is Step Two of The Seven Step Exit Planning Process™.
As a member of the Business Exit Institute (BEI), my process allows business owners to plan when they want to exit and transition their business to another party. We start by discussing your priorities, objectives, and value-based goals. The plan is a living document – it’s flexible and adaptable to changes in your business environment. Planning your business exit is a process that begins 3–10 years before you want to leave. It is a multi-step process that begins with me helping you determine what your successful exit will be.
Building Rome and planning a business exit have much in common. Both require strong foundations. Both should be able to withstand unforeseen events and adapt to the needs of Caesar (i.e., the owner). Both require more than a day.
In our opinion, business exits are successful only when they meet all three of an owner’s primary objectives:
• Leaving the company on the date an owner chooses.
• Leaving the company to the successor that an owner chooses.
• Leaving the company with the amount of cash desired to secure a comfortable post-business life.
You may have additional objectives, which we will explore as we create your Plan. The foundation of your Exit Plan will be your objectives, not ours.