“Begin with the end in mind.” -Steven Covey
After working hard all his life, Ben had created a profitable manufacturing company that employed 940 people. He had strong relationships with his customers. He knew his craft better than anyone in the company, probably better than anyone in the industry. He prided himself in being the first to arrive and the last to leave. His employees loved him and worked extra hard for the company because of it.
Sadly, when Ben received a life-changing medical diagnosis, he was suddenly forced to retire and decided to sell the company. When he put his business on the market, he discovered buyers were not willing to offer the amount of money he thought his business was worth. Why not? The foundation for the company’s value was Ben: his contacts, his skills, his knowledge. Without him, it was a shell of a company. If only Ben had thought ahead and had put a succession and employee retention plan in place. If he built a company that had value that wasn’t dependent on him, buyers might have lined up to pay him what he thought his life’s work was worth. Because he didn’t do this, everything he had built fell apart when circumstances beyond his control forced him to move on to another chapter in his life.
The Exit Plan Building Block
Your business is likely your biggest asset and you don’t want it to lose value due to lack of planning. Have you considered how it will help you to achieve your life goals?
While many business owners fail to plan for their exit, along with the estate plan and financial security plan, it is one of the cornerstones of The Ultimate Business Owner’s Plan.
You have to structure and manage your business differently depending on whether you want to sell your business to the highest bidder, pass it on to your children or employees, or transform it into a legacy for multiple generations.
So, to achieve your goals, you must determine what you want to get out of your business and develop a roadmap to make it happen.
How Our Exit Planning Service Helps
We can help you to determine your goals for your business and create a plan to achieve them:
- Goal 1: Sell the Company and Live the Good Life
To achieve this goal, we’ll help you create lasting value by creating the following and more:
- Retention incentives for key employees
- Succession plans
- Buy-sell agreements between partners
- Goal 2: Pass the Business on to Your Children or Employees
It takes passion, skills and experience to run your business successfully. So, if you plan to pass it on to your family or employees, you need to get them involved, develop their skills and ensure they are ready to take over the helm when you leave.
- Goal 3: Leave a Lasting Legacy
You’ve built wealth, and you want it to have a positive impact on the world. Today and tomorrow. That takes inspiration, vision, planning and implementation.
We’ll help you to:
- Determine your mission
- Engage your family in the process, instilling your values in the next generation
- Research charitable organizations and select where to donate your money
- Develop a philanthropic strategy for you to give, enhancing your leverage to ensure your money supports your mission
Plan Your Exit
We’ve worked with business owners for over a quarter century to ensure smooth business exits. Whatever your goals, we’ll help you craft an exit plan that works for you. And we can review other aspects of your business to ensure you have all the building blocks of The Ultimate Business Owner’s Plan in place, enabling you to maximize your success.
If you’d like to learn more about exit planning and how to unlock the awesome potential of your business, schedule a complimentary consultation.