Over the past several years, we have spoken with business owners around the country who had decided they had reached the point of being ready to leave their businesses. However, no one was stepping up to provide them the exit results they wanted. These owners had spent all of their time aggressively working in their business, but had spent little time aggressively working on how they would eventually exit their business. They found themselves late in the game with few options to achieve their exit objectives. Simply put, they were too late.
The failure of a business owner to properly plan for his or her transition and exit is often cited as the reason for such failures.
What follows are 12 of the principal reasons we've seen where business owners have failed to plan, which has caused their transitions and exits to be unsuccessful. Each of these reasons impacts the company's ongoing profitability as well as an owner's future exit results.
In the context of successful business owners exits, the type of planning which is needed is Transition Growth Planning (which encompasses Succession Planning, Transition Planning and Exit Planning).
The purpose of Transition Growth Planning is to lay out a systematic approach which helps assure that you timely and thoroughly take the steps needed to achieve success in accomplishing your personal, financial, transition and exit objectives.
The Transition Growth Planning process provides a means for business owners to help see the status of their own transition and exit situation and will show you the steps needed to actively do something about it. This is not a plan to read and then put on the shelf. It's a plan that is intended to help business owners address the call-to-action every business owner needs to undertake.
A Transition Growth Plan will address the above 12 problem areas and will help you avoid these pitfalls and mistakes. This plan provides you with a tailored roadmap for how you will achieve your transition and exit successfully, on your terms and on your timetable.
Nicholas K. Niemann, ESQ and Andrew D. Horowitz, CPhD are the founders of East West Publishing LLC and the Co Authors of "The Next Step for Business Owners" book.
The Next Step for Business Ownersbook provides a roadmap which will help you successfully chart a course for your eventual exit from your business. While it presents a proactive plan for your exit, it also addresses contingencies for early death, disability, departure, divorce or burnout. The objective is to maximize your net value, minimize taxes, maintain your control of the process and help assure personal, financial and legacy objectives are met.
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