Updated: Oct 20
Every business owner deserves a great exit. But, a great business exit doesn’t just happen. It is a conscious transformation done well before the deal, with a disciplined “Know to Grow to Sell™” process that gives you the personal & financial legacy you truly want from your business. You want to be able to sell on your terms, recognizing the more time you give yourself the greater the value you can grow in the business to sell. Leaving your exit planning to the last minute is setting yourself up for failure, especially considering that; only 1 in 10 small-medium businesses sell as planned; that 85% of most business owners' net worth is tied up in their business; that 40% of small-medium businesses will be going up for sale in the next 5 years (creating an oversupply in the M&A market); & that 70-80% of businesses put up for sale don’t sell. If you can’t exit, what happens? What would be the effect on you, your family, your staff, your customers, your suppliers & your community? Don’t leave it to chance! Failing to plan is planning to fail when it comes to selling your business.
So how do you ensure a great exit? It starts with your plan. If you don’t have an exit plan already, then you need one ASAP. In fact, a great exit requires two plans. This article outlines the 2 plans every owner needs, the Owner's Exit Plan & the Business’s Growth Transformation Plan, & how together they set you up for success. You must be proactive because if you give yourself at least 2 years before your exit to plan & execute a strategic transition, it will give you the most options & the greatest payout.
Make sure you are the 1 in 10 who knows how to plan & execute in transforming your business to grow regardless of your involvement, which is how you ensure a great exit.
You can download the full article below. Let us know what you think & please share it if you like it. Also, we offer an Exit Planning 101 Workshop every month where you can learn the details of the Know to Grow to Sell process.
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