Exit Planning is not an event, it is a process ....
Most business owners start a business for a purpose or to fulfill a mission. Invariably we all look for an exit from the business at some point. We firmly believe that all of our sacrifices and hard work will yield us a financial bounty so that we can finally step back and enjoy life.
Three critical questions you need to ask yourself as a business owner are:
- What is my business really worth? Not what I think its worth. But what the person with pen in hand and check on the table thinks its worth.
- Am I prepared financially, on a personal level to continue to live the life style I am accustomed to without the income of the business? How long will this money last?
- Am I prepared for life after I sell my business? What does day one on month three after the sale look like for me?
On the surface, these seem like 3 simple obvious questions. Answering them clearly and honestly takes a lot of work and a lot of soul searching. These are all questions you should be asking 24 – 36 months prior to contemplating a sale or other liquidity event.
Schedule a one-hour no obligation discovery call.
Do you know the true value of your business?
90% of business owners believe having an exit strategy is important for their future and the future of their business. Yet 79% of business owners have no formal plan or strategy.
They don’t have a strategy because they are misinformed about their options and they feel afraid and trapped.
Having a prepared exit strategy even if you aren’t ready to sell will still benefit you and your business. A well-prepared strategy will increase income and value., push your team to best in class, and serve as a contingency plan against the 5D’s and have you prepared for any unsolicited offers.
Schedule a one-hour no obligation discovery call.
50% of all business have unplanned exits!
One of the major challenges facing all business owners is the unplanned sale of their business. The Exit Planning Institute research shows the 50% of all exits are not voluntary. These exits occur because of one of the following reasons, referred to as the 5D’s:
- Death
- Disability
- Divorce
- Distress
- Disagreement
Having to sell your business under any of these circumstance without a plan will not allow enough time to maximize value.
Schedule a one-hour no obligation discovery call.
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3 Pillars of Strength & Stability
Most business owners are not prepared for an exit, planned or unplanned. They don’t have a realistic view of the true value of their business and are generally unaware of the options available for a successful effort.
By planning early, business owners get:
Pillar # 1 – A realistic view of the current value of their business and a clear path to maximizing the value they will receive on an exit.
Pillar # 2 – They establish alignment between their business and personal financial plans.
Pillar # 3 – Along the journey, they will enjoy the benefit of increased profits and cashflow, and the peace of mind of knowing they are prepared for whatever the road ahead brings.
Are you ready to make positive change in your business and in your life?
If so, the first step is easy — and free!
I have helped many business owners like you through the years, and I look forward to helping you.
So the first step is an initial FREE no-obligation 60-minute consult. The purpose of this first meeting is to confirm two things: that the issues you’re facing are indeed ones we can help you with, and that you (and your people) and I are a good fit to work together.
Lessons from a 5-Time Entrepreneur
Joe Gitto shares insights from decades of experience as a corporate executive.