What will we talk about at our Business Exit Event?
One of the things that we’re looking forward to talking to business owners about at our Eat Toast or be Toast event on May 5th is how to make an exit plan as a business owner.
There are a couple of key components we always recommend as part of forming a Business Exit Plan.
1. A Proven Process
First, you must have a proven process that will define the steps that will lead you through the creation of an appropriate exit plan. Too many times we see exit planning being done ad hoc without any formal process that is followed. The problem with that is often times too many things are missed. The organization required that they come up with the correct inclusions is often times missing.
2. A Written Business Exit Plan
Secondly, we always recommend the exit plan is written. This allows the Business owner and their advisors to memorialize the strategy that should be followed to accomplish those important goals in this transition. Of course, that exit strategy must change over time as you look to execute that exit strategy. Many things are going to change in terms of the business owners goals, the economy, employees, customers, and an exit strategy must be flexible enough to deal with these things. But memorializing that exit strategy from the start makes that strategy real and gives everybody on the team a game plan to follow.
3. Choose your Financial Advisor Wisely
Lastly, business owners should be careful about who they pick as professional partners in this endeavor. Unless a business owner wants to go it alone and some people do, you want to be sure you’re working with advisors that have the correct credentials, experience, and support to guide them through this important process.
We hope that you will join us at this event on May 5th. We look forward to seeing you then.
Published: April 6, 2016
Authored By: N. Perry Moore, CBEC™, CFP®, MBA