In a riveting episode of 'Straight Talk on Business,’ Business Coach Dan Creed discusses an often overlooked yet essential aspect of entrepreneurship - the exit plan. Creed uncovers the reasons behind the startling statistics revealing many business owners regret selling their businesses after retirement.

The Regret After the Sale

Drawing upon his experience as a business coach, Dan Creed points out a widespread sentiment among retired business owners: regret. Citing the State of Honor Readiness report from the Exit Planning Institute, 75% of business owners who sell their businesses experience regret a year later.

Crafting a Solid Exit Plan

Business Coach Dan Creed stresses the importance of a robust exit plan to avoid this post-exit remorse. Irrespective of whether business owners are nearing retirement, he encourages his clients to ponder their exit strategy early on, essentially treating it as an integral part of their business plan. He believes every business owner should know the ideal conditions for a sale, even if they never plan to sell their venture.

Four Pillars of a Gratifying Exit

Creed introduces the four drivers of a satisfying business exit, as laid out by the Exit Planning Institute. For one, a personal vision for life post-sale is crucial, keeping retirement boredom and frustration at bay. Secondly, deal flexibility, understanding various deal structures, and keeping an open mind can lead to a mutually beneficial agreement. In addition, personal detachment is essential. Too often, business owners' emotional attachment to their business can impede a sound exit strategy. A solid plan helps business owners detach themselves from their "baby," making the transition smoother. Finally, taking care of the team left behind is a concern often plaguing retired owners. With a well-thought-out plan, this worry can be addressed early on, ensuring the team's well-being. To retire without regrets, business owners must start planning their exit strategy now. It's about crafting a successful exit that promises a remarkable life post-retirement. For help planning your business exit, visit Dan Creed's website for resources and personal assistance. [csc_video src="https://cityscoop.us/phoenixaz-businesscoaching/blogs.dir/883/files/2023/06/videouser_883_10807_20230602200230.mp4"]

Transcript

Hi, this is Business Coach Dan Creed, and welcome to Straight Talk on Business. The problem with retiring is that almost everyone I know that has retired hates it. Ok, maybe not everywhere. But most of the business owners who have retired can't stand it. I hear a lot of “Gosh, there's only so much golf I can play” or “I’m bored out of my head.” However, the issue can go much deeper. Many business owners will retire by selling their business. I work with many business owners in my business coaching practice who have deeply regretted selling their business. The one primary goal in their lives, when achieved, will many times turn into a nightmare world. According to the State of Honor Readiness report from the Exit Planning Institute, a full 75% of business owners who sell their business regret selling their business one year later. 75%. Honestly, I wasn't surprised. I would have guessed that the percentage would have been even higher. I emphasize to all of my business coaching clients the importance of creating a great exit plan. And this is not a subject that I push only for business owners who are contemplating retirement. I want them to start thinking about an exit plan early from day one. Really, I want the exit plan to be part of their business plan. I believe it's that important to know where we're going. Look. The reason is simple. A business owner should always have a goal of selling their business, even if they never intend on selling it. They should always have an idea as to what the perfect conditions for selling would be if presented the opportunity. I can't tell you how many business owners I worked with were frustrated with the terms of the sale or the amount they settled for. Money was always left on the table, and there were always frustrations with the final process. The Exit Planning Institute says that there are four drivers of a satisfying exit. I want to share those with you very quickly. Number one is a personal vision. The owner has a vision for the future after they sell the company. In other words, the owner has a vision for himself and his family of what happens next. They have a plan and are excited to move on to that next thing. Frustration with retirement usually comes when the owner has no idea what's next. And I always work with my clients to understand that very early. Number two is deal flexibility. The owner is sometimes in the dark about what kind of deals can be made in the selling of their business. If they have an appropriate exit plan, then they can understand the options, and they can be very flexible and open to ideas on how a deal might be structured. Being flexible also creates an environment where the buyer wants to work with the owner to create a win-win deal. Number three: personal detachment. Many times a business owner without an exit plan will allow their ego to get in the way of a great deal. Sometimes an owner can just be too close to the deal. They can be too emotional about letting go of their baby. They begin to feel a sense of loss, and they let it get in the way of creating an agreeable plan, an agreeable deal. An owner with the plan will always understand that he is happy with his plan and thus will be happy with the outcome. With this knowledge, they build a certain personal detachment, they drop the emotions and ego, and allow the deal to happen. Number four: taking care of the team. Often the retired owner will regret the sale of his business simply out of the worry for the team he left behind. They have concerns about how the team would be treated and worrying that it would have all been better if he had not even sold. This is something that a great plant could easily address. Think about it early and plan for this to be addressed as part of any deal. Look, the idea is simple, sell your business and retire happy. The best way to do this is begin now, working on an exit plan for you and your business, no matter when or if it should happen— no concerns, no regrets. There should be a remarkable life to live upon retirement. So plan for it. Now, if you need help with finding out how to do that, please go to my website. If you need help with personal and business development for your future, go to my website; lots of resources there, and you can write me a note.

^ThePhoenix CityScoop

Phoenix, AZ - Exit Planning & Retirement Advice from a Master Business Coach

Exit Planning Tips from a Master Business Coach

The Regret After the Sale

Crafting a Solid Exit Plan

Four Pillars of a Gratifying Exit

Transcript

Recent

Scottsdale, AZ – Sales Strategy Coaching Lifts Underperforming Revenue Teams

Phoenix, AZ – Financial Management Coaching Fixes Cash Flow for Owners

Scottsdale, AZ – Public Speaking Skills Every Business Leader Should Master

Tempe, AZ - How Does Personal Development Coaching Fuel Real Career Growth Fast?

Glendale, AZ - How Do Exit Planning Advisors Prepare Owners for Profitable Sale?

Scottsdale, AZ - How Do Sales Training Coaches Sharpen Your Team Closing Skills?

Phoenix, AZ - Communication Training Builds Stronger Executive Leaders Now

Phoenix, AZ - How Certified Business Coaches Grow Local Companies Faster

LOCAL EXPERT

AUTHOR & CONTRIBUTOR

Danny Creed

Danny Creed

Leave a message

Recent

The Regret After the Sale

Crafting a Solid Exit Plan

Four Pillars of a Gratifying Exit

Transcript

“Best Business Coach in Phoenix, AZ”

Top Rated Local Business Coach / Advisor / Consultant / Firm

Maricopa County : Phoenix, Scottsdale, Glendale, Tempe, AZ

Recent

“Best Business Coach in Phoenix, AZ”

Top Rated Local Business Coach / Advisor / Consultant / Firm

Maricopa County : Phoenix, Scottsdale, Glendale, Tempe, AZ

LOCAL EXPERT

AUTHOR & CONTRIBUTOR

Danny Creed

Danny Creed

Leave a message

Recent

ABOUT THE AUTHOR

QR CODE