Imagine working with a client who needs you to complete a task by a certain date. What would happen if you missed that deadline? The client would likely be angry and ask why. How do you think they would feel if your answer was “I didn’t have time to do it”? It wouldn’t go well. Yet, this is how business owners often treat their own exit planning deadline.
Time and again, business owners have viewed their exits as something that will happen far in the future and thus assume they don’t need to do anything now. Often, by the time owners are ready to exit, they discover that their business is unsellable because the business relies too heavily on them for its success. This fact is a massive obstacle for a successful business exit. Unfortunately, many owners neglect to properly groom successors until its too late. A next-level management team is one of the most important value drivers for a business.
Because business owners view their exit as far in the future. Because they tend to be deeply immersed in the operations. Because they feel “I don’t have time to do it”. They will continue to wait too long to properly plan for the most important financial event of their lives – missing the deadline.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.