Your exit plan guarantees financial return and assures you of adequate stewardship of the business upon your exit. Similar to your strategic plan, your exit plan requires careful consideration of the next phase of life.
FocalPoint Business and Executive Coach of West Chester, Ohio, Todd Eppertt, has provided assessments to leaders in human resources to facilitate personal development. Todd will examine your current personal, professional, and financial standing to assist you in planning and securing your future.
What Entrepreneurs Should Consider When Exit Planning
Transferring ownership of your business requires an assessment of your desired future and your organization, operation processes, and financial reports.
To start, here are some critical questions you should ask:
- How much money do you envision receiving after your exit?
- Is your company earning the profits and sales necessary to provide you with the money you desire?
- What is the current value of your business? Is improving your business value incorporated into your strategic plan?
- Are you implementing strategies to reach your ideal customers and acquire returning customers?
- Do you want or need to sell your business and its assets quickly?
- 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?
- Can you commit to investing in outside expertise to create a sound business exit strategy?
Why You Should Invest in Exit Strategy Planning
Developing a business exit strategy is critical to receiving the most financial return when you sell your business and reducing potential losses if your business begins to experience a decline. An exit strategy also grants you more control. Whether you want to continue influencing decisions made in your company or step back and relinquish control, knowing the direction you want to take in your career will empower you to explore your options. Developing your exit plan now prevents you from being forced to exit by a buyer’s stipulations or economic challenges down the road.
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.
For exit planning services, contact Focalpoint Business and Executive Coach of West Chester, OH, Todd Eppert! To book a consultation, call 513-543-7271 or email him at teppert@focalpointcoaching.com.
