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A fundamental aspect of a successful business exit is assuring that your business has enough value to allow you to exit with financial security. This, coupled with wisely invested non-business assets, gives you the best chance to pursue the Exit Path you want on the timeline you want.
Planning for a successful business future is like being confronted by a bear. If you run from it, it’ll catch up to you and eat you. If you attack it without a strategy, it’ll overwhelm you. And, to stretch the metaphor, simply rolling over and playing dead isn’t in the DNA of many business owners, especially when it comes to their businesses.
Succession planning is an important concept for owners who are leaving their businesses, but this type of planning primarily focuses on the transfer of leadership and/or management from one generation to the next within the business.
For many owners, the answer to one question determines whether they can leave their companies: “How much money will I get when I sell?” This
Different Exit Paths for Business Owners Let’s begin with a fictional-company case study. Ben (55), Tom (45), and Larry (35) purchased Front Range Powder Coating