Category Archives: Exit/Succession Planning

Exit/Succession Planning

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3 Steps to Exit Planning

Business Transition Planning is as Easy as 1-2-3

Business exit planning is a form of strategic planning.  Just as you would plan business growth and the structure of your business that supports that growth, exit planning provides a look at the end game so that you have a clear direction as to where you are headed and by when.

Objectives of Exit Planning

Running a business means dealing with and planning for the prevention of many different issues on a regular basis.  Exit planning deals with these same issues, but takes a longer view point.  The objectives of the exit plan are to address these issues:

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Why Do I Need an Exit Strategy?

Business Exit Planning

I’d like you to write down on a piece of paper the number of years from now that you would like to retire.  Now, if you’re a business owner, think about what your company will look like at that time.  How big will it be?  How much in sales will it have?  What will its profits be?  How much does it need to be worth in order for you to retire in the style of living you want?

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And lastly, what is your plan to create the business you just imagined and can you do it in the number of years you wrote down on that paper?

One of the biggest mistakes business owners make is that they don’t create a strategy to exit their business at the time they start their business and then never get around to creating one at all.

Why is it so important to have a business exit strategy?  Let me illustrate with a quick story.