Is Business Exit Planning For You?

Is Retirement Really An Option?

The information you’ll be reading in these upcoming BLOG posts are designed for a singular group of people…. Small Business Owners.   There are many around us and they are a special group of people that we’ve had that privilege to work with and help through these past 25 years.

Small business owners rarely have a plan to Exit / Transition their business.   Planning for the time when you want to EXIT your business is not what entrepreneur’s do – until they have to.

Business owners may want to retire some day, but many don’t know how plan their exit, or how they’ll transition the business to their child, key employee, or sell the business on the open market  Being able to successfully transition your business, and allow you to meet your personal financial goals is the Holy Grail for most small business owners.

Do these things describe you?…
  • The owner/part-owner of a closely held business with less than 50 employees.
  • You want to exit your business over the next 3-10 years.
  • You’re part of the baby-boomer generation born between 1946 and 1964.
  • You’re not sure, but think you’d like to transition the business to a family member(s) or Key employees that have expressed interest in being ‘the owner’.
  • You know the business is worth something, but not sure how much?
  • You have no idea how to get the money out of the business and into your hands so that you can use it for your ‘golden years’
  • You’d like to business to continue to grow.  So you can leave a legacy and ensure that your employees and customers will be well cared for in the future.
  • You’d like to have a retirement that will allow you to be away from the business and have the confidence that it will be management well and continue to grow.
If the points above don’t describe you or the situations/emotions you’ve found yourself, then these future emails are not for you.    You may be a the C-Suite executive of a bigger company, or a branch manager of a larger operation, an independent contractor, a real estate or insurance sales person, independent financial planner or a solo-entrepreneur with no employees.  All of these are wonderful accomplishments and your achievements are legitimate and should be honored, but the information we will be sharing will have little impact on your current situation.
But, If the bullet points above resonate with you and you’ve experienced the things that create the special environment of the small business owner, then read on and we look forward to sharing this journey with you
  1. Find a pen and spiral notebook (like we had when we were in grade school) to keep your thoughts and ideas about this project.   Its only important to write down you thoughts and ideas as they arrive so that your sub-conscious mind will make room for new and fresh ideas and information.
    • Build a New Habit – Keep the notebook and pen nearby.
    • When something comes to mind that MAY apply to your future transition/exit plan – write it down.
I wish you all the insight and wisdom need to set your plans in place.  Until next week.
Health, Happiness and Abundance
Michael Stelter
Advanced Business Coaching, Inc.