Exit/Succession Planning – For Visionary Business Owners
What does the future hold for you? However you answer that question, one thing is certain; every business owner will exit his or her business at some point. The more important question (one that is usually avoided) is “Am I ready?” While a few think about this eventuality, even fewer do anything about it. The complexities of exiting, selling or transitioning a business to future owners are many. Will you simply close the doors and liquidate? Will you hand off the reins to a family member or attempt to sell the business outright? Is there a key employee being groomed to take over; and if so, what exactly will that look like? What about a management buyout or ESOP (Employee Stock Option Plan)?
One question leads to another, often creating confusion and frustration. Consider how much more stressful in the event of a forced exit due to an unplanned emergency. Asking “Am I ready?” requires two purposeful exercises:
- My post-retirement plans. After a lifetime in business it can be challenging to consider what life after business may look like. How will your life change and what can you do to proactively plan for it to ensure peace of mind and protect your legacy?
- A realistic assessment of the business from an outsider’s viewpoint. Potential buyers don’t care that this was your “baby”. They want to know two things: “Is the business producing consistent profits over the past 3-5 years?”, and “Is the business structured to run systematically on its own independent of the current ownership?”
Any investor willing to consider buying a business must have those questions answered with a very clear “yes” before moving forward. And any business owner desiring to transition ownership to family will absolutely want to answer “yes” to both questions as well, not wanting to pass on the burden of an unproductive business to an heir or management team.
To ensure the successful transition of your business, whether 10 years from now or in the event of an unexpected emergency, exit/succession planning cannot begin too soon. Owners who approach the inevitable as a routine part of running their businesses leave legacies of professionalism and a real concern for others; especially families and employees.
Legacy Business Leaders offers these services for exit/succession planning:
- Business valuation and value enhancement strategies
- Personal and corporate goal setting, exit planning timelines/milestones and plan development
- Assessing personal readiness and strategies to remain emotionally encouraged and energized
- Creation of the Partnership Pact, advisory boards and executive boards
- Guidance and training for potential successors
- Conflict resolution
- Implementation of key systems to increase business vlaue
- Family business strategies
- Creating corporate governance structure
What will your legacy be?
Succession and exit planning is nothing more than sound, proactive business planning supported by a knowledgeable advisory team. Legacy Business Leaders is committed to being that resource and providing the guidance you need to step into the future with confidence and peace of mind.
To ensure your legacy, call today and begin preparing for a very, very bright future.
Legacy Business Leaders is a global organization committed to helping business owners flourish on the bottom line, excel in the quality of their lives, and become agents of positive influence in their communities.
Call 330-470-1300 to begin planning for the inevitable.