As a business owner, your future exit is a significant event. That's why we publish the "Exitreadiness Checklist" annually to assist you in planning.
DECIDE WHERE YOU WANT TO GO.
Establish Clear Goals and Objectives for Exit and Your Life After Exit.
When do you want to leave the business? Whom do you wish to transfer/sell the business to?
What are your values-based and legacy exit goals?
What is your post-exit life plan? Business owners often regret leaving when they lack a plan for life that replaces the sense of purpose and meaning they experienced in building their business.
Update your Personal Financial Plan. Find out how much $$$$ you will need post-exit to do all you want to do. Is there a gap?
ASSESS BUSINESS AND PERSONAL EXITREADINESS.
Without Accurate Data, All Planning Becomes Meaningless.
Get an accurate Estimate of Business Value. If the business is your largest asset, shouldn't you know what it really is worth to potential buyers?
Assess your business Value-Drivers and areas of Risk.
Review your Business Continuity Plan for life transitions and unexpected death or disability to include written instructions. Co-owners should include a review of their Buy-Sell Agreement to ensure alignment with the current goals of all owners.
Review your Estate Plan to ensure alignment with exit goals.
DESIGN AND IMPLEMENT A PLAN.
Build Transferable Value and Enjoy a Future Exit on Your Own Terms and Conditions.
Which Exit Route will best accomplish your goals? Sale to Third-Party | Sale to Insiders | Transfer to Family Members | Sale to ESOP | Absentee Owner.
Focus on growth and profitability today. Today's profitability and growth plan is at the core of tomorrow's successful exit plan.
Strengthen business value drivers. An owner with a sellable business will have more freedom in life and options for exit.
Update a strategic financial plan for business growth.
Do you have the right Team of Experienced Advisors in place for your plan design and implementation?
Who will manage the exit planning project - you, an advisor, or an experienced exit planner?
In 2024, it's crucial to start planning and seek assistance if you haven't already. If you wait until the last minute to plan your exit, you may not attain your goals for life after the business. Remember, you may not be aware of everything you need to know, and ignoring this fact could have negative consequences, just like in other aspects of life.
Below are suggested next steps:
Contact Us Today for a No-Obligation Exit Planning Exploratory Meeting.
Take the Free ExitMap Readiness Assessment and get Online Learning and Resources at exitreadiness.com.
