Will your business exit support the future life you want?
Significant research supports the reality that many (80%) business owners will fail to grow or achieve their financial and personal goals when they attempt to sell or exit their business.
Although each exit is a unique and personal event, there are some common challenges and reasons for failure, such as:
Exiting might take more time and effort and return less value than expected,
Being unable to find an outside buyer or have heirs or employees step into ownership,
Experiencing gaps in personal, financial, tax and estate planning that significantly reduce proceeds,
Being ill-prepared for life after ownership and lacking purpose or direction, and
Being ill-prepared for unexpected adverse events that force an early exit.
Worse yet, research across North America consistently shows that:
Even among those owners who managed to exit their business, 75% expressed regrets and "Seller's Remorse" within a year of their departure because they and their business were not prepared.
(Exit Planning Institute, 2013 State of Ownership Readiness Survey Report)
Are you ready? Take this free short Readiness Quiz.
How does Exit Planning help?
Effective Exit Planning creates value and leads to success by:
Focussing on owner and family needs & goals at all times,
Empowering the owner to take control and make informed decisions,
Optimizing business operations now to maximize business value at exit,
Coordinating the owner's advisors to deliver an integrated plan,
Managing unexpected opportunities or adverse events, and
Integrating logical & well-defined steps into the day to day running of the business.
Owners who are most successful at achieving a rewarding business exit follow this formula and create an exit plan long before the eventual exit.
A high number of owners who enter the exit phase without an exit plan experience challenges and outright failures when attempting to sell or transition their business.
The Exit Planning Process generates an exit plan that ensures both the owner and business are ready when the time is right to exit.
Like a 3 legged stool, an exit plan keeps 3 key facets in balance
A personal plan for "What's Next?"
Learn more about Exit Planning by downloading this free whitepaper from EPI
Expertise + Experience + Proven Processes = Results
There is a gap between where you are 'today' and your successful transition to a post business 'what's next'.
Consider this gap an expedition to a desired summit, where business value is maximized, the future of your family is secure, employees and customers are protected, and your destiny and legacy are secure.
Basecamp4 is the guide, applying proven processes called the Expedition Program, to help get you and your business through the gap from where you are to where you want to be!
Click here to learn about the Expedition Program
As a member of the Exit Planning Institute and Certified Exit Planning Advisor (CEPA), I draw on proven processes and over 20 years of business consulting experience to help owners create, manage, and execute effective exit processes that ensure wealth, security, and peace of mind for the future.
Jeffrey D. Cullen, MBA, CEPA, PMP, P.Eng
Contact Jeff at (780) 469-3535 or hit "Contact Jeff" to start a discussion about you and your business!