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The Importance of Exit Planning for Small Business

It’s estimated that 75 percent of business owners regret selling their businesses within the first year.

Sourced through Scoop.it from: northbaybiz.com

The writer of this article is my mental doppelganger. He’s on the West Coast and I’m on the East Coast. Absorb his sage insight, then give him or me a call to get your exit planning ball rolling.

The Five Years’ Fallacy: Exit Planning Facts vs Fiction

Much of the conventional wisdom suggests you should start serious planning no earlier than five years before you are ready to exit. This misperception is so common; we call it the Five Years’ Fallacy.

Sourced through Scoop.it from: www.navixconsultants.com

Initially, the title of this article was contra-intuitive. But a quick read makes it the opposite: Five Years is too little time for most businesses. EGS teaches Begin with the end In Mind.  Happy holidays to all.

Top 7 exit strategies for your business – AU BizBuySell

While the number of bankruptcies across Australian businesses has dropped since mid 2014, there are still around 500 companies a month going under, according to the Australian Securities and Investments Commission.

Sourced through Scoop.it from: www.aubizbuysell.com.au

Very short article from Australia offers worthwhile reminders to stave off “going under.” The key is planning first, execution next. Both of these are core capabilities at EGS.

How to Sell Your Business – Transition360 Business Development & Broker

One size does not fit all…
Every company is different, so as a result various phases are used depending on the need to optimize the value and the transition of a business from the owner to the buyer with little or no stress.

Sourced through Scoop.it from: www.transition360.com

Here’s a quick but clean view into the selling process from a Seattle agency. We’re particularly fond of the short section on Exit Planning. It’s some of what we do best at EGS.

A One Year Exit Strategy Plan – Quiet Light Brokerage

Planning matters. Even if you have no intention of selling your website, positioning it correctly in the event that you one day need to sell can result in a significant difference in your overall value.

Sourced through Scoop.it from: www.quietlightbrokerage.com

Although this article is about preparing a WEBSITE for sale, many of the enumerated tasks apply to all businesses. It’s complicated, too. EGS is your ally to de-complicate.

Managing the Emotional Toll of Selling Your Small Business

Many buyers desire that the previous owner remain with the business, on a consulting basis, for three to six months after the transaction, to help ease the transition. Make sure that you’re emotionally prepared to play this role in a professional manner.

Sourced through Scoop.it from: www.inc.com

Here’s an interesting look at the emotional side of selling your small business. EGS practices positive reinforcement to maximize smart decisions. Our insight is waiting for you during a courtesy consultation.

Exit Planning | The Vantage Group, Inc.

“An exit plan asks and answers all the business, personal, financial, legal and tax questions involved in transitioning a privately owned business. It includes contingencies for illness, burnout, divorce or death. Its purpose is to maximize the value of the business at the time of exit, minimize taxes, and ensure the owner is able to accomplish all his or her personal and financial goals in the process.”

– Exit Planning Institute

Sourced through Scoop.it from: vantagegroupinc.com

Solid insight in this article by The Vantage Group in Michigan. Contact EGS to actualize the advice beginning with a courtesy consultation.

Making a gracious exit from your business and finding a successor

It’s come to that moment. You feel like it’s the right time to leave your business that you’ve put so much work into over the years.

Sourced through Scoop.it from: www.altusfinancial.com.au

Gracious exits take planning. Here’s good advice from an Australian firm. Planning? That’s what we start with at EGS.

Exit Planning: A Process NOT an Occurrence

Successful leaders of companies are often said to be visionaries. The pioneers who have empowered their companies and employees with objectives and values from which the companies were built. Why is it so often that these so-called visionaries lack the sagacity to treat exit planning as a multi-stage process as opposed to an occurrence?

 

Sourced through Scoop.it from: www.exitplancapital.com

Short piece underscores the wisdom of colleagues. At EGS, we treat exit planning as a process. Contact us to learn more at no charge.

 

Exit Strategy: Know How You Will Leave Your Business | Investopedia

Yes, starting, scaling, running and now exiting your business is a ton of work. But as with most things in life, if done well and planned for, the things we put our heart and soul into tend to work out better than if we just shoot from the hip.

 

Sourced through Scoop.it from: www.investopedia.com

At EGS, I’,m partial to simple, easily understood opinions based on experience. Here’s one. I’ll give it a little air time because it repeats good advice.