Planning for the transition of your business is not just a milestone; it's a pivotal moment that can significantly impact your legacy and the future success of the company. Whether you're preparing for retirement, exploring new opportunities, or passing the torch to a successor, mastering the art of business transition planning is essential for ensuring… Continue reading Smooth Sailing Ahead: Mastering the Art of Business Transition Planning
Category: Exit Planning
The Purpose and Balance
Understanding Your Personal PurposeBefore goals comes purpose (per Chris Snider in his book Walking To Destiny). By understanding your personal purpose, you set yourself down a path toward a more fulfilling life after you exit your business in the future, while also creating a more meaningful life in the present. Before you exit your business,… Continue reading The Purpose and Balance
Family Succession Planning: Who Gets The Office?
Dad’s or mom’s office is usually perceived as the center of authority by employees and family members. When a parent is handing off operating responsibility, there is often a lag, sometimes measured in years, between stepping back from daily decisions and completely separating from the company. This lag is valuable because you have the owner’s… Continue reading Family Succession Planning: Who Gets The Office?
Avoiding the Word “Exit”
Most owners don’t like the word “exit”. Talking about it makes them feel uncomfortable. It’s the elephant in the room. I can somewhat understand. A life insurance salesperson doesn’t start with “so let’s discuss what happens when you die”. For owners, leaving the business is a little bit like death. Your company has been the… Continue reading Avoiding the Word “Exit”
Prepare for 2023 – Is This the Year to Exit?
What does being prepared mean for 2023 for a business owner who is approaching, at, or already beyond normal retirement age? It has become fashionable to talk about the inevitable recession this year. Inflationary stimulus and loose money supply throughout 2020 and 2021 combined with ill-advised lockdowns and geopolitical disruption, have created a slow motion… Continue reading Prepare for 2023 – Is This the Year to Exit?
FPA Owner Transitions 