Your Exit Strategy: Plan or Procrastinate
I recently presented this overview webinar to the PDCA Contractor College. Below is a synopsis and slides from the program.
Did you know that it typically takes five to ten years to prepare a business for sale or transition? Most business owners think that planning their exit from the business is something that they can think about later. Some may have the idea that they will pass their business on to their children or perhaps a key employee. Others may think about selling the business to a third party or worst case scenario, just liquidating the business.
All of these alternatives need a sufficient degree of planning in order for you to exit the business on your terms and with your retirement income secured.
In this overview workshop we explored:
- Critical questions you need to answer before you can start the transition process
- The most common options for exiting your business
- Key considerations when selecting the best exit strategy for you
- Specific variables that will add value to your business in preparation for sale
- Essential estate planning considerations for family businesses
In The 7 Habits of Highly Effective People, Steven Covey suggests that we “Begin with the end in mind”. It’s never too early to take that advice when it comes to what you want for your life and your business. It’s unlikely that you want to trust the biggest financial transaction of your life to chance. Take time now to start the planning process to develop the structure, systems and people you need to make a successful transition to the next phase of your life.
If this content interests you, feel free to contact me. I can put you in touch with exit planning professionals in all the areas mentioned in the presentation. As always, I provide a 30 minute complimentary consultation with real advice, not just a sales pitch.