Successful business transitions hinge on three universal goals: achieving desired financial security, establishing a departure timeline, and selecting a successor. Owners should clearly define these goals to guide their exit planning and ensure a fulfilling transition.
The retirement of Baby Boomer business owners marks a significant generational shift, with over 12 million businesses at risk of unprepared exits. Proper planning can ensure favorable conditions for owners and opportunities for younger entrepreneurs.
ExitMap®'s 2025 survey highlights the rising importance of exit planning for business owners beyond Baby Boomers, emphasizing the growing demand for advisors, their diverse specialties, and the necessity of early strategic planning to maximize business value and facilitate smoother transitions.
The text discusses the planning fallacy, where business owners, lured by potential valuations, overlook the rigorous effort needed for substantial growth. It emphasizes that achieving a significant increase in company value requires realistic planning and commitment, supported by trusted advisors, rather than merely hoping for the best outcomes.
Business Goals Goals are typically focused on a particular outcome and so should be specific. It’s worth the time to get into the details. If you intend to increase the company’s cash flow, how will that be done? If it’s by boosting sales, what has to change to make that happen? You could add a new product… Continue reading Goals and Resolutions
FPA Owner Transitions 