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A GREAT EXIT PLAN REQUIRES YOU HAVE A DOCUMENTED PERSONAL FINANCIAL PLAN - I cannot believe how many business owners we talk to have a ballpark number for their exit, with no documentation to validate it. Given that 85% of most small business owners' wealth is tied up in their business, that is truly setting yourself up for failure. One of the 3 key components of an effective owner's exit plan is the personal financial plan. To set yourself up for success you must be absolutely clear and have documented your:

• Current & Post Business Personal Lifestyle Goals

• Current & Post Business Personal Financial Plan & Forecast, covering:

– Income (active & passive)

– Spending

– Saving

– Investing

– Risk Protection (ie. insurance)

• Current to Post Business Income/Wealth GAP Analysis with Recommendations

My advice to our clients is to get a personal financial planning expert (not an investment advisor) to help them with this and run through the scenarios and risk profiles that they need to truly understand. This is an investment in a financially secure future that pays off in spades. A key part of your exit advisory team.

The Financial Post article attached below emphasizes, given the long lives we are leading now, how it is more critical than ever to get your financial plan in place sooner, rather than later.

I’d like to hear your thoughts on this, please share in the comments and pass it on.

Remember, only 1 in 10 owners exit successfully, will you? If you want to exit in the next 5 years and you aren't transitioning already, you are setting yourself up for failure. If you want an outside opinion on your exit readiness and the things you can do to maximize the sale value, we have a pro-bono exit readiness assessment you can do in 5 minutes, that will give you some great insight, at no cost, no risk and no obligation.

ARTICLE - Posthaste Canadians Out of Money in Retirement - FINANCIALPOST
Download PDF • 170KB

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