The following is a post from over two years ago, and because we continue to hear such things from business owners, and know how damaging these thoughts and positions can be, we’ve decided to repost:
“It’s too late to turn back now.” “We’re too swamped for that now.” “We can probably do that ourselves.” “It’s crazy busy around here.” These are just a few examples of “Expensive Sentences” mentioned by my friend Jack Quarles in his latest book, Expensive Sentences, Debunking the Common Myths that Derail Decisions and Sabotage Success.
Jack explains in his book how conversations and discussions containing Expensive Sentences lead to decisions that impact the future of businesses, families, individuals and nations. How the faulty logic and false constraints of Expensive Sentences can lead to derailed and costly decisions. He describes how conventional wisdom such as “You get what you pay for” or “We can’t change horses in mid-stream” can be a very costly and destructive trap. Jack paints a picture as to how we can over time drift away from a disciplined analysis of a decision and instead be drawn by a “particular idea, as if pulled by gravity.”
When it comes to Exit Planning, or designing and implementing a plan to successfully and responsibly exit from a business, there is a seemingly endless supply of “expensive sentences”.
“I’m not ready to exit yet…I will begin planning when I’m ready to exit “
“I am confident our business would be very attractive to a strategic or financial buyer”
“I know what my business is worth…I don’t need a valuation”
“I can sell my business for enough to live on for the rest of my life”
“Yeah, I think we arranged it so that my spouse will get the business when I die”
“I’m not worried about my employees leaving if I die…I have been good to them and they’re very loyal”
“One of my friends, who is in the same business, sold for $$$$...I’m sure I will be able to sell mine for at least that much”
“I don’t need a financial needs analysis. I know about what we would need.”
“I am confident I can sell my business when I want or need to”
Business Owner Exit Planning employs a process requiring analysis that results in a strategy that will allow you to exit successfully and responsibly. Avoid the costly and destructive trap of expensive exit planning sentences and begin the exit planning process today.
Register today for our ExitReadiness® BASECAMP and address these “expensive sentences”.