Succession Planning

Everyone Needs An Exit Strategy

For years I’ve heard a similar story from almost every business owner I’ve worked with:

“I’ve spent my entire career building a business. Now I’m thinking about retirement, and the biggest obstacle between me and an enjoyable retirement is this business.”

This raises some important questions. Do you have family involved in the business? And are they interested in running it? Do you have partners who might buy you out? Are you comfortable retaining ownership but not running the business?

Your answers help you form your exit strategy.

How To Start

Once you know the answers to those questions, it’s time to begin work on a plan that allows you to leave with minimal disruption. Even if you’re years away from retirement, you should be building a business that (1) someone would like to have and (2) is transferable.

I can help you evaluate these factors:

• Risk to the business if you leave today
• What drives value today and in the future
• What capabilities exist today
• The Human Organization

`From there, we work together to create a plan that

• Mitigates risk
• Drives value
• Maintains existing capabilities of the business and builds for the future
• Enhances the Human Organization
• Allows for a successful exit

Where To Start

In a few hours, I can listen and help you talk through the situation. Then I will provide you with a summary report and prioritized recommendations.

This is a great intermediate step because it clarifies your thoughts and provides you with a third party’s perspective.

How Long Does A Succession Plan Take?

I generally recommend three- to five-years to fully implement the plan.  It can be done in less time, but that may involve more advisers and have a higher cost.