Many business owners fail to exit plan as they are so busy working in their business they forget to work on their business. Some of the common reasons for failure to plan for a successful exit are as
follows:
- I Am Too Busy To Take Time to Plan
While Running a successful Business is a full-time Job, planning a successful exit can be a significant event for both your customers, employees, and your financial well being in retirement. Do not become distracted with every day business concerns and fail to plan for the day when you must exit the business. - My Key Employees Will Stay as Long as I am Here to Run The Business
All to often business owners are afraid key employees will leave if the owner starts to plan to exit the business at a future date. More often key employees want to know the business will continue to operate, grow, and their job is secure under a new owner. In fact key employees staying on after a sale with a new owner most times is a significant component in the value of the existing business. - Exit Planning is Too Complicated
While exit planning is challenging, it can be completed in stages. Engage competent exit planning professionals to help you with the planning process. This way you can give adequate consideration to your exit plan and the growth of your business the personal attention they both need. A successful business owner knows the importance of planning for profitable growth in their business. It is just as important to plan for a financially successful exit from your business.
Remember failure to plan is planning to fail!