Do You Need a Full Team of Experts on Your Exit Team? / by Kerri
We’ve gone through a long list of experts.
I hear you saying:
“But Kerri, I’ve never needed all these people before, why do I need them now, when I’m getting ready to get out of business?”
It’s a normal knee-jerk reaction to resist bringing so many people to the table. You need this full team of experts now to:
- Build a strong deep foundation
- Accelerate growth
- Protect all intellectual property
- Get all governance up to date and compliant
- Get the books meticulously clean ready for an audit and due diligence
- Maximize valuation
- Get all your financial advisors: your accountants, tax advisor, estate attorney and wealth advisor, on the same page – early
- Expand exit options
- Ensure the business is buyer ready
- Transition your role from operational to strategic demonstrating that the value is in the business, not you
- Prepare you, your team, your family for your exit
- Prepare you and your family for your reinvention
- Document and codify every system, strategy, process and procedure in the business.
It does cost money to exit well, but it does not cost more money.The return on your investment in your team is much greater too, when you bring a full team to the table.
The cost to you, your legacy and your family will be compounded and the possible returns reduced, if you abdicate and don’t act now.
When you surround yourself with experts to support the process, your business will be stronger, demonstrate appealing growth projections, will have a higher valuation than otherwise possible, and become buyer attractive.
As a result, you can and will be able to exit your business by intention on your terms instead of closing the doors with no monetary gain by default.