Securing the Future of Your Business, Its Legacy, and Your Personal Future

As an entrepreneur you started your business journey with dreams of growth, success, and making an impact. While much emphasis is placed on starting and building your business—such as drafting a business plan, securing funding, and attracting customers—the end of the journey warrants equal attention. This end often entails an exit strategy, succession, or transition plan. Developing these plans early is crucial for many reasons, and here we will explore the benefits of starting early.

The Concept of an Exit Strategy

Your exit strategy is a roadmap that outlines how a you intend to leave your company, one that maximizes the upside, minimizes downside while at the same time providing for your personal needs, wants, and wishes. It includes the method of exit, such as selling the business, merging with another company, passing ownership to a family member, or in some way transitioning the business to another party.

Read more on our website!

If you’re feeling some need to address the long-term success of your business coupled with your post-entrepreneurial life, don’t wait – starting doesn’t take more than a brief phone call…

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 needs. He can help you develop your exit or transition plan.

Business transition planning starts with a single, free conversation. Call 734-726-5208 today for a free coaching session or contact David. Your success is waiting!

It’s Never Too Early to Take These Steps in Developing Your Exit Strategy

No matter how far ahead it is, thinking about your exit plan early is important. If  you don’t know how you will exit your business and how your exit aligns with your life goals and future needs, you may be in for some uncomfortable challenges.

• Define your goals, your personal ones first and then your business goals for your exit. This includes financial goals, legacy considerations, and desired timeline.
• Understand business valuation, which may not give you a financial value for your business, but it can help you plan for the value you most desire.
• Explore your exit options so that you can test different exit strategies and choose the one that aligns best with your goals. Consider the pros and cons of each choice.
• Create a timeline for your exit early that includes key milestones and deadlines. This helps in maintaining focus and ensuring progress towards the exit.
• Improve your business operations, financials, and market position in alignment with your personal goals, while enhancing the value of your business.
• Engage with business and financial advisors, legal experts, and other professionals to guide you through the complex process of exit planning.

At some point you will take steps to communicate your plan and ensure transparency and clarity with stakeholders such as employees, clients, and family members. This builds trust, prepares them for the transition, and helps get everyone rowing in the same direction.

You may have exit questions that are impossible to answer today simply because your life journey and your business life journeys are evolving and incomplete. In the same way you develop a strategic plan that you execute, review and adjust, your exit strategy and plan may start small and be updated as you become more certain about what your end game should be.

Read more on our website!

If you’re feeling some need to address the long-term success of your business coupled with your post-entrepreneurial life, don’t wait – starting doesn’t take more than a brief phone call…

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 needs. He can help you develop your exit or transition plan.

Business transition planning starts with a single, free conversation. Call 734-726-5208 today for a free coaching session or contact David. Your success is waiting!