Exit/Succession Planning – For Visionary Business Owners
What does the future hold for you? Do you have an exit or succession plan for your business? However you answer these important questions, one thing is certain; every business owner will exit his or her business at some point.
While few business owners 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. Preparing for the future requires two purposeful exercises:
- A documented post-retirement plan: 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 value: Potential buyers don’t care that this was your “baby”. They want to know two things: “Can the business produce consistent profits over the coming years?”, and “Is the business structured to run systematically, independent of the current ownership?”
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 business planning, not only increase the market value of their organizations, but insure and protect the illiquid wealth built up over years of hard work and sacrifice!.
Legacy Business Leaders offers these services for exit/succession planning:
- The Legacy 6-session Exit/Succession Planning coaching series for those who are serious about learning more and ensuring a smooth and profitable business transition
- Business valuation and value enhancement strategies. To find out what your business may be worth take our free CoreValue Discovery assessment here)
- Personal and corporate goal setting, exit planning timelines/milestones and plan development
- Assessing personal readiness and strategies to remain emotionally encouraged and energized
- Advisory board, executive board and partnership guidelines
- Guidance and training for potential successor/owners
- Conflict prevention, intervention and resolution
- Implementation of key systems to increase business value
- Family business strategies
- 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 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 and take control of your future. Fred@legacybizleaders.com