- They are too excited about building something – why would they plan to get rid of it?
- They are passionate about the products they produce or the service they provide and feel like they will always want to do it
- They like serving their customers needs, wants and desires – that’s why they went into business.
- There is a ‘movie’ going on in the back of their head that they will grow this amazing empire.
- There will always be time to think about how to exit. There is just too many other things to think about to grow the business
- The growth of the business may not be balanced. Systems development is a powerful tool that will enhance the value of any business. Most new businesses don’t invest the time to create those systems thinking that there will always be time later.
- Succession plans to move the business to a family member or key employee are undefined, unclear and confusing. You run the risk of loosing good people
- The measures of Success are part of that exit strategy – and how do we know when we achieve success if we don’t know what to look for?
- There is a significant change in perception when you know you’re only going to be doing something for a specific period of time – as opposed to ‘forever’
- Key Family Members
- Key Employees
- Accountant / CPA
- Business Consultant
- Executive Coach
- Business Attorney
- Financial Advisor
- Business Insurance Agent
The process of successfully planning a succession plan and an exit strategy requires time, the right team of advisors, and the focus on achieving your goals. A simple process, but not always easy. But making the decision as far in advance of the transition date as possible will increase the likelihood of achieving the exit plan.
If you’d like to know more, please contact me at firstname.lastname@example.org or call Advanced Business Coaching at 262.293.3166