Taking on any large project can be manageable when you have a reliable process in place. When deciding to exit your business, for example, you will need a proven process in place to ensure you have covered all the bases.
When you started your business, it was probably obvious that you needed a plan. It may be less obvious, though, that when you leave your business,
Succession planning, Exit Planning, and business planning may seem interchangeable in most people’s eyes. However, each type of planning plays a very different role in the process of designing.
You can’t get anywhere if you don’t know where you’re going. It’s also obvious that once you know where you’re going, you need to lay out a path that will take you there.
When imagining the future of their businesses, and possibly a future that involves different ownership at some point, owners may wonder if it’s really possible to consider “insiders”.
When we start any important project, it is common to choose to plan in phases. Sometimes we choose to plan in phases because there is a certain aspect of the project that we consider to be more urgent than others.
As an owner of a successful business, it’s likely that you got where you are today through efficient planning. You may have planned out your business model, your competitive advantage, or your target customers and how you’d get them to use your products or services.
One of the most important elements of a successful business transition is transferable value. No matter what an owner sees for the future of the business, transferable value can be the common denominator that makes all goals more achievable.
Business owners have a lot of information at their fingertips. There are calculators and assessments available for just about every aspect of your business and personal situation.
Global economic disruption uniquely affects each business. Whether you are being hit with a hammer or expect to suffer a slow burn, your reaction to changes and proactive planning will play a major role in how your future unfolds.
Sometimes when planning the next chapter in your life, the most important people somehow feel left out. Deciding to transition out of ownership of your business is one of the most important decisions a business owner can make, so it only makes sense to include your loved ones in that planning.