The thought of leaving your business is hard. It’s been your life’s work and has afforded you the ability provide for and raise your family. Its been your passion and the crowning achievement of your career. In many ways it has been your identity. And now, the thought of selling or transferring this business to someone else is bittersweet. On one hand, so much of you is tied up into that business that it is hard to tell where it ends and you begin. On the other hand, the long hours and the sacrifices were not just to build a legacy; it was to create an asset that would take care of you for the rest of your life.
Figuring out how to exit your business requires as much thought, planning and execution as building the business. It’s not necessarily hard but it requires a clear understanding of the financial, planning, revenue/profit and operational preparedness of the company. Although your company may provide a comfortable living for you does not necessarily make it attractive to a buyer. Without proper planning and a clear strategy is to clear why only 1 in 5 small and medium size businesses placed on the market ever actually sell1. The rest are either liquidated or die with the owner.
The first step in a successful transition plan is The ExitMap Assessment©. This 22-question multiple-choice Assessment is FREE and focuses on the current state of your company and your future goals and plans. It only takes 15 minutes to complete and it delivers a 12-page summary report broken down into the four critical areas most important to business owners: Operations, Revenue/Profit trends, Planning to date, and your Financial preparedness.
Start the Assessment HERE. Enter your email address along with the code provided by your advisor. If you do not have a code, simply enter EXITMAP in the code field but be sure to include Dan Elliott as the advisor where requested.