Business Owners Never Get to Exit / by Kerri
“The Strongest Businesses Around The World
Reach For Big Goals And Achieve Them“
Would You Like That For Your Business?
Would You Like To Achieve Every Goal You Set?
You know that goal setting and goal achievement are two different things. Everyone can get to the starting line and set goals for their business if they choose to.
But the latest statistics prove that 95% of all businesses NEVER achieve their goals, business owners never get to exit and are leaving 30-50% of the value of their business on the table. You see only 5% of all business owners ever follow-through to get to the finish line of an exit transaction so they can transition to their reinvention.
I’m not alone in broadcasting these shocking results. According to Jay Abraham there are three reasons for that very low success rate:
- Entrepreneurs don’t start by having any goals, never mind an exit plan. They only have hopes and dreams.
- They never take action.
- They don’t have a step by step plan to achieve their goals, get out, and move on.
95% of all businesses are stuck at a point where the owner takes home enough to pay the bills – $35-40K. They are so busy in the business just meeting their expenses and covering payroll; that they never take time to look at what it would take to make their business into a multi-million dollar enterprise.
For some businesses, it could be as simple as finding ways to increase volume or to increase prices. But for other businesses, it may mean exploring how to leverage strengths, exploring how to expand into new markets or even pursuing new revenue streams or new business models.
Reports at the Exit Planning Exchange Summit 2010 substantiated this lack o f planning saying:
75% of the businesses who seek out exit industry experts (attorneys, brokers, M&A, investment bankers, wealth advisors):
- have no plan and
- don’t know what to do with the business when they do want to exit.
Settling for where you are because you don’t know how to take the next step, or you don’t have time to research your options, or you don’t have the cash flow to hire the team to achieve your dreams and goals – these are all excuses we feed ourselves.
Ask for help. Make a plan. Take one step closer to your exit goals.