24 Apr Baseball, Spring and Your Business
With Spring finally here and the start of Baseball, as a business owner, take the time to remember the importance of starting anew when it comes to you and the future of your business.
Take the time this season to think about the direction of your company, your team. The mentality of no succession plan needed is old news, and smart owners need to begin planning and building value…with a thorough business plan, a key employee incentive plan and a succession plan…even if you have no desire of leaving your business anytime soon.
Ask yourself, do I want my business to succeed? Is it time to start building my exit plan?
The exit plan is a custom strategy for your defined independence from the business, created by using a logical and systematic process. Over the years, focusing on one core principal: When a thoughtful exit strategy is conceived and put in place, it nearly always multiplies the business’s chance of success.
And, as the planning process is a crucible for the ideas of an entire team of resources working on the business owner’s behalf, the benefits are not just long-term – the business often sees return from the effort almost immediately.
The exit plan is built first by creating & putting into place the four cornerstones of exit planning, which are:
• your Business Contingency Plan,
• your Business Independence Plan,
• your Key Employee Plan and
• your Personal Life Plan
Upon those cornerstones you then build your long term exit strategy to leave your business based upon your definition of Independence.
Matters of this complexity demand solutions developed by a team of knowledgeable, thoughtful people working together. It is critical that you build your succession plan with a team of advisors who can provide you with their expertise in all of the areas that need to be addressed in your exit plan.
Your role is the CEO – the Chief Exit Officer. You set out your goals & objectives and then hold your team of advisors accountable for developing a plan consistent with your vision. Who makes up your team of advisors is based upon your decision of what you want to do with your business and who you would like to receive advice from in connection with exiting your business. You can use your current advisors or you may need to seek new advisors depending upon your specific situation. That decision is strictly up to you. Remember-you decide on why to leave your business, the when to leave your business and the how to leave your business.
Today, begin the process of defining how you plan to someday become independent from your business and how your business will become independent from you. Perhaps it is time to Spring Clean the office, remind others of their value or to start thinking of your future independence, whatever your goal(s) this spring, set out to achieve with yourself and your team in mind.
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