An Exit Plan is Critical

Do you have a succession plan in place for your business?

Have you been putting off planning for later in life, instead focusing on the here and now?

"A 2022 MassMutual study indicates that only 8 percent of business owners have a completed the process of developing written succession plan. Equally troubling is the fact that about one in four successors, those that the owner has targeted to take over his or her company, do not know that they are in the succession plan."

Many business owners don’t think about an exit strategy until they feel ready to move on. At that point, they may have already missed opportunities to get more value out of their company.

It’s critical to plan for both expected and unexpected exits:

Expected – goals with retirement or selling in mind

A planned exit can be a long-term process or a quick deal. Maybe you’ll plan to sell in ten years, or outline the steps needed if you receive an offer before then. Either way, the closer you get to the end, the harder it can be to see the best way out. Failing to plan may mean you have less control over the outcome and achieve less than optimal results.

Unexpected – we can’t schedule the unexpected, but we can prepare for it

Few business owners would have predicted a pandemic in 2020. But savvy business owners may have planned for contingencies such as supply line interruptions or workforce shortages. Pandemics, natural disasters, rent or location events, or the unexpected loss of life – these are things we don’t want to think about. But if you don’t think about them, and the unthinkable happens, how will your business hold up?

Read more succession planning tips on our website!

Not sure where to start with business transition planning?

David is an accomplished and experienced business professional who brings over 40 years of insight to the table. As a business coach, he specializes in helping business owners prioritize their business needs, identify areas of improvement to support those needs, and lead their business to its greatest potential. He can help you plan for the future of your company.

It all starts with a single, free conversation. For help with business transition planning in Ann Arbor, Call 734-726-5208 today for a free coaching session or contact David through the website. In today’s world, you need to be ready for anything.

How do You Benefit from a Carefully Planned Exit Strategy?

Have you spent time on the most critical part of business development? Writing a strategic plan means committing your business values, mission, goals, plans, and vision to paper – documenting your guiding principles.

Planning minimizes the element of surprise:

• Planned exits have better results than unexpected exits
• You’re better able to meet unexpected problems head-on (health or family, for example), without added stress
• You’ll have steps in place in case of unexpected offers
• You’ll be able to liquidate faster, if needed
• You’ll be ready for retirement, personal time off, or if you’re simply ready to move on

Including an exit strategy when you write your strategic plan ensures you’ve taken the right steps toward success, less left to chance, and are prepared to make informed, rational decisions. You won’t be rushed and won’t be as likely to make decisions based on emotions, or under stress. 

Read more about business transition planning on our website.

Not sure where to start with business transition planning?

David is an accomplished and experienced business professional who brings over 40 years of insight to the table. As a business coach, he specializes in helping business owners prioritize their business needs, identify areas of improvement to support those needs, and lead their business to its greatest potential. He can help you plan for the future of your company.

It all starts with a single, free conversation. For help with business transition planning in Ann Arbor, Call 734-726-5208 today for a free coaching session or contact David through the website. In today’s world, you need to be ready for anything.