“Procrastination is the art of keeping up with yesterday.” ~ Don Marquis
Are you really going to be able to exit when you want to? So many of you are depending on your business to fund your retirement. But are you ready? Is the business ready?
How are you going to make your business stand out? Consider – You have probably seen a variety of statistics on the number of business owners who are baby boomers looking to sell their businesses over the next 5 – 10 years. The number of businesses coming to market will be staggering. They won’t all be sold – or they will be for a lot less than the owner wants/needs!
When I speak with business owners about the need to plan for transition, the responses are numerous:
• I have time, I am going to work for X more years.
• My kids need to make their own money.
• We did our wills when we got married…30 years ago.
• I am leaving the business to my 5 kids, aged 12 – 22.
And here is the big one:
• I don’t have time for that now, I need to grow my revenue and get more profitable now!
By effectively planning for Exit and Succession, you will be growing sales, building profitability and minimizing risk today!
When we work with clients through an exit planning process, we are working on their business today: we are growing revenue today, we are building profitability today, we are managing risk to avoid disaster for today! And, yes, we look ahead to that transaction and how it might be structured. There are so many approaches to exit structure. With an initial idea of what that looks like, the day-to-day business decisions can be made with those goals in mind.
You don’t have to choose – you shouldn’t choose – between long-term exit planning and the day-to-day of your business. Both need to happen!
Exit planning includes both: 1) the financial, legal and tax structure; 2) growing your business, improving operations…all those good things you should be doing every day. It is the accumulation of all of this work, building over time, that maximizes that sale when you are ready – on your own terms. It is a process and the earlier you start, the better off you will be.
Exit Planning is NOT Just for Exit Time – Plan for Your Future While Reaping the Rewards Today
More on Exit Planning / Succession Planning: Exit and Succession
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David Shavzin, CMC
770-329-5224
[email protected]
The Value Track
Succession Planning / Exit Planning, Building Transferable Value for Sale
Atlanta, Georgia
Our BLOG // LinkedIn // www.GetOnTheValueTrack.com