Business Exit Planning

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Working Backward: 3 Questions to Ask About Your Planning

Do you remember trying to solve a complex maze as a child? You'd start at the beginning, trace a line toward what you thought was the correct path to the end, only to run headlong into a wall. So, you'd start again, only to run into a different wall. But then, someone who had experience solving complex mazes may have suggested, "Start at the end: I...
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Incentivizing Your Best Employees to Stay

When thinking about business planning, one aspect you may be tempted to overlook is the contributions of your key employees. Key employees are the lifeblood of well-run businesses, and they play an important role when owners begin to plan for their businesses' futures, especially when owners begin to plan for their inevitable business exits. Many o...
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3 Things to Remember About Third-Party Sales

‚ÄčAs a business owner, you're likely used to having as much control over how the business functions as possible. You're the go-to person for big decisions and you own the consequences of those decisions, whether they're good or bad. This attitude is often good and sometimes necessary for the business' success. But when you begin to consider how you will plan for your business' future, you might be positioning your business poorly, especially if you have any intentions to one day sell your business to a third party.

In this article, we'll outline three facts about third-party sales and present a few consequences you might face if you aren't aware of these facts.

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How Business Owners Are Approaching Their Futures

As a business owner, you know that planning is crucial, and that the new year is typically when you implement new strategies. As the new year begins, many business owners have begun to examine what they'll do, if anything, about the long-term future of their businesses.

Winston Churchill once said, "Failing to plan is planning to fail." Today, we'll look at what we're hearing from business owners regarding their long-term business planning to help you gauge what other business owners are thinking and doing and see where you stand.

A Gap Between Thinking and Doing:

Rarely do successful businesses simply appear from the ether without rhyme or reason. Successful businesses are often the result of diligent planning and action items that owners and their teams implement. This is especially true of long-term planning. When planning for years down the line, it's helpful to have both an idea about where you want yourself and your business to be, and the flexibility to adjust to the unforeseen.

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How to Leverage Your Strengths in a Business Exit

When preparing for a large-scale event - such as an extended trip to a foreign country, sending the kids to college, or preparing your business for the future - the planning required can sometimes look too big and unwieldy to pursue. Planning for the future of your business might be one of the largest-scale financial events of your life, which implies that planning is paramount. How can you plan for a business exit when you have so many other things to do?
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Why Maintaining Planning Momentum is Important

Planning for major events can sometimes cause a sense of dread. Whether it's planning a honeymoon, a long family trip, or a business exit, it's easy to say, "I'll do it later, when I'm less busy." While planning a business exit should never encompass your entire life, there are several reasons why you should keep your planning momentum going, inste...
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Even If You Never Plan to Exit Your Business, Exit Planning Can Still Help

 You may be asking yourself, "If I don't plan on leaving my business, why would I need Exit Planning?" Many business owners ask us that very same question. There are three key ways in which Exit Planning can help you and your business, even if you never plan to leave it.

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