From Startups to multi-generational business owners, there seems to be a certain taboo to talking about your exit strategy with others. This HBR article outlines some of the taboos and assumptions that entrepreneurs make that lead them to put off formal exit planning.
In the case of exit planning, procrastination can be deadly and the best path to failure when it comes time to exit. Considering the research shows that only 1 in 10 business owners get the exit they truly hope for and that 75% of owners who do sell have post-sale regrets.
So recognizing these taboos and foolish assumptions is the first step in giving yourself the motivation to get moving in developing your exit strategy. One other big taboo and fear for most owners we've talked to is deciding who to talk to. Planning an exit and having the word leak out that you are doing so is a big fear factor for many owners. If employees find out it can make them afraid and distract them from growing the business. If competitors or clients find out then it could create some real problems in the marketplace. All of which are assumptions and valid concerns.
Regardless, a great exit needs a real plan and confidential conversations with advisors and peers to explore the outcome you want and all your options are crucial if you want your exit to pay back the full value of your life's work.
I’d like to hear your thoughts on this, please share in the comments and pass it on. You can also download the article below.