On Wednesday, April 15th, Exit Planning Institute CEO, Scott Snider, participated in his quarterly closed-door meeting with his formal CEO peer group. Here are a few of the very valuable thoughts shared by the various CEO’s in the group.
COVID-19 Effect on CEO’s
Each person shared how they were dealing with the pandemic in their personal life and their business. On the topic of income: 25% of the CEOs on the call had experienced increased revenues since March 11. The next 50% remarked that they had seen a 1% to 15% revenue loss. The remaining 25% were significantly under duress; reporting revenue down by nearly 85% in some cases.
“Protecting what I have…”
When the moderator asked the group, “What are the top things you need help with right now?” the responses were not about recovering revenue or gaining more. It was all about how to “protect what I have.”
Top 4 Areas of Need
Here were the top four areas that lower to middle market business owners said were essential areas of need right now:
- Current tax situation and short/long-term tax planning
- Contingency planning
- Reliable advice and trustworthy information to help protect business value and stabilize during volatility
- Best practices for leading through crisis, including financial planning, operational health, cash flow management, and focusing on creating a business that can weather any storm based on its transferable knowledge base.
If you identify any of these areas of need in your business, think about engaging with a Certified Exit Planning Advisor (CEPA) for help.
Scott Snider is not affiliated with LPL Financial.