So Why Attend A Exit Strategy Presentation?
Apr 22, 2011
An unexpected event could result in an owners unplanned exit from their business. But for those who manage to survive the ups and downs of the economy and business cycles, advance preparation, the earlier the better, will greatly increase the chances of achieving their desired lifestyle after the business.
Why attend a seminar on Exiting Your Business, Protecting Your Wealth? For those that may exit their business in the next 5 to 10 years, the following may have an appeal:
- I've thought about exiting my business and I'm concerned that I don't have a written plan.
- Most of my net worth is tied up in my business and I'm frustrated that I don't know how to get it out.
- I'm not really ready to sell my business but I would like to begin to reduce the time I have to spend at the business. I am a little troubled that I don't know what options are available to me.
- I have employees that have stuck with me in the bad times as well as the good and I'm worried that they won't be protected if I sell my business. How can I ensure they are taken care of?
- Frankly, I'm a little nervous that I won't be able to maintain my current lifestyle if I exit my business.
- I'm worked hard and invested considerable time and money into my business. I would really be angry if taxes ate up my nest egg.
- There may be other reasons that owners might benefit from this seminar.
For many it is sobering to find that 80% of the businesses put up for sale will NOT sell. Early preparation can enhance the chances of you being one of the 20% that do sell. But selling is just one option, not the only option. The best option for you is one that enables you to achieve your goals, whether it is travel, leaving a legacy, providing an opportunity for your children or other desires.
Consider a couple of questions:
- If you could get a check in the mail every month, how much total net income AFTER taxes do you think you would need to be able to live comfortably?
- If you could create the perfect calendar and you could live the lifestyle you really want; if you could spend you time , talent and resources doing whatever your want to do, whenever you want to do it; if you could get rid of all the activities that you don't want to do, what would that perfect calendar look like?
These are not easy questions, but these are exactly the kind of questions we help our customers work through to define their ultimate long term vision for their future beyond the business. Several excellent resources are available to help you begin the process. Exiting Your Business, Protecting Your Wealth, by John Leonetti, The Wright Exit Strategy, by Bruce R. Wright and Built to Sell, by John Warrillow are three excellent resources.
We specialize in helping business owners craft an Exit Strategy with an emphasis on preserving their wealth. The truth is, however, not every business needs a comprehensive Exit Plan. Some are simply not in a condition favorable for an owners exit. In those situations, B2B CFO can help the owner identify and implement the changes necessary to prepare the business for the owner's successful exit.
Is B2B CFO right for you? Maybe yes, maybe no. Would it make sense for us to talk further to determine whether there is a fit? If you desire further information and getting together makes sense to you, please give your local B2B CFO Partner a call or send him an email.