14 Apr Create the Road Map to Business Independence-Exit Planning
Ask yourself, what is Exit Planning? Is it a Process or a Transaction? It is the Process of an Owner obtaining their definition of Business Independence.
Now ask yourself, how does Exit Planning and Business Independence blend together? The explanation: Exit Planning is a journey to build a strong & sustainable business that does not rely on the Owner’s daily management; Business Independence.
Because Exit Planning is Long Term Business Planning, encourage yourself to begin planning for your Business Independence now, at least 6 – 8 years before you actually, physically plan to leave.
Now is the time to move forward with planning and preparation and to explore your possibilities. Take time to learn about your options and envision and decide what you want for your business and yourself.
In order to begin the Exit Planning Process, introduce these four elements into your process- Goals, Cornerstones, Execution and Transition.
Goals- Set goals to help you understand the ways to someday leave your business and ask the questions of yourself to be able to create Business Independence. Remember, you are the CEO-Chief Exit Officer to lead an Advisor team to help assist you with both your personal and professional goals.
Cornerstones – Follow the four important cornerstones to begin building your foundation, leading to business independence while recognizing your key employees and planning for and dreaming of your personal life plans.
Execution- What you envision, your ideas and concepts. Be in control of your selling power and to whom and remember to stay true to yourself and the integrity and value of your business.
Transition- Business Exit Planning is about the Process and the Transition; don’t treat it as a Transaction. The Transaction is not the end of the plan, but living the life you have envisioned for yourself will be the completion of a successful journey.
The process of planning is a road map to your Business Independence. This map charts the path the owner has chosen to take, the steps necessary to get there and who will help you on the various steps of your journey.
Give yourself plenty of time (measured in years), to Plan, Prepare and Execute.
Over the next few weeks, we will be examining each element of the Exit Planning Process, hoping to spark your willingness to plan the discussion within yourself and with your business, igniting the energy to move forward with planning for your Business Independence.