Local Business Coach Offers Exit Plan Insight
Times of transition in the business world often present struggles as the company moves on from one owner to another. Whether a business is going through a merger, an owner is retiring or even closing its doors, having an exit plan in place is essential.
While many business leaders try to go it alone through the exit planning process, a time of transition is the perfect time to enlist the services of an experienced ally who can help you plan your exit.
As a business coach in South Florida, I have worked with company leaders representing businesses of all sizes and industries to help them reach their goals. Some areas I can help with are strategic planning, valuation, creating procedures, training and exit planning.
In the sections to follow, I will discuss a few key mistakes which often plague people during the exit process and how they can be avoided. If you are considering leaving your ownership position in a business, I hope this article gives you some insight and explains how coaching can help as well.
Financial Inaccuracies
Whether you are choosing to sell your company to another business or closing the doors entirely, it’s key to have a complete picture of where you stand financially before moving into the exit process. Understanding your finances will help you decide what the best exit strategy is, and this should be done from a company level and personally as well. Your goal should be to choose the path which maximizes the financial gains as you exit, and you should also ensure you’re giving yourself enough financial runway for retirement or to get your next business venture off the ground. By working with an experienced coach, you can ensure everything is accounted for and nothing is overlooked.
Losing Sight of Goals
Each person who is making an exit strategy has a different reason for needing to leave their post. Whatever the case, you should remember you have options. Even in exiting the business, you should put your overall goals first rather than choosing the easy route or listening to those who don’t have your interests in mind. As a business coach, it’s my job to advocate for you and keep your interests at the forefront.
No “Bench Strength”
In the business world, “bench strength” refers to talented people who you are grooming to become future leaders for your company. These key people should be part of an exit strategy, and should take bigger roles when the company moves into its next phase (assuming you aren’t closing altogether). Many exit strategies rely on people who are ill equipped for leadership roles, and this is a major issue. A business coach can help identify key players and advise on when an outside hire might be best for a key role.
These are just a few examples of common exit panning errors, and a coach can be there to help face any unique challenges your company faces. To learn more about my coaching services, complete the form on my website or give me a call today.
