Your exit plan guarantees financial return and assures you of adequate stewardship of the business in the next season. Like your strategic plan, your exit plan requires careful consideration and analysis and should be timebound.
Why Invest in Exit Strategies?
A business exit strategy is selling ownership of your business. Common exit strategies include selling to an investor or firm, liquidation, passing your business on to a successor, or employee or management buyouts. Developing a business exit strategy customized according to the status and value of a client’s business helps them get the most financial return when they sell their business and reduce potential losses if their business begins to experience a decline.
What Entrepreneurs Should Consider When Exit Planning
Transferring ownership of your business requires consideration and review of your organization, operations processes, and financial status. To start, you should ask:
- Do you want or need to sell your business and its assets quickly?
- What are the goals of success for all stakeholders?
- Do you want to maintain or relinquish control of your company in the next season?
- Do you have any business debt to pay off?
- If deciding on a legacy exit strategy, has your successor received mentorship?
- If considering merging with another company, what stipulations matter to you?
- Can your employees successfully fulfill responsibilities and achieve company goals in your absence?
- Is your company’s unique culture important to you? Is your team invested in sustaining it?
- Do you want to secure the positions of your team within your company after your exit?
- Can you commit to investing in outside expertise to create a sound business exit strategy?
How A Coach Guides You in Exit Planning
In exit planning, it is crucial to employ the expertise of professionals such as coaches, consultants, financial advisors, brokers, and corporate lawyers when considering deals. Coaches tailor their services based on your authentic vision of your company’s future, your organization and team environment, your financial status, and the unique market position of your business.
Certified Exit Planning Advisor and Business Coach of Hayden, Idaho, and founder of Freedom Summit Consulting LLC, Keith Atneosen, will assist you in exit planning! At Freedom Summit Consulting LLC, Keith guides business owners in preparing to transfer ownership of their companies – providing expert comprehensive exit planning services to entrepreneurs.
With a Master of Science in Financial Services, Keith Atneosen incorporates years of formal education with years of professional experience and endeavors to help clients reap the rewards of their entrepreneurial careers and confidently transfer business ownership!
Entrepreneurs who want to prepare a sound business exit strategy customized to their personal and professional goals can book a consultation with Keith by calling 208-508-2416, emailing info@freedomsummitconsulting.com, or taking the Exit Readiness Assessment!
