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Whether
you want to transition out of your business now or ten years from now, starting
to plan your exit can never be too early. In fact, people just starting a
company would save a ton of time, money and energy if they considered their exit
options and ran their business accordingly.
There
are two key factors to consider as you develop your personal goals. The first is
your mental readiness to leave the business. Many owners simply decide one day
that they can't take it any more and want to get out - right away! That is the
most vulnerable and least productive type of exit.
Others
want to stay on, but simply want to diversify some of their wealth. All of their
money is tied up in their company and it's time to start taking care of the
family and themselves. You may be in one camp or the other, or you may be
somewhere in between.
The
other factor is your financial preparedness. Have you been building an
investment portfolio outside of your business? Are you going to rely solely on
the proceeds from the sale of your business? This factor is very important to
your goal setting and the kind of exit plan you establish.
What
kind of life are you planning to live after you leave the business? How much
money will you need? Do you plan to start another business, or do you plan to
retire? These and other questions need to be asked as you determine what your
goals will be.
Our
job is to help you define these goals. Once they are established, we can begin
to build an outline of the exit strategy. As you will see, there are many
options available to you.
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