Start with Early Exit Planning / by Kerri
Working out an exit strategy the best way to start your business
Here’s an article after my own heart on early exit planning by Chris McBrien. As Chris says:
“People go into business for a number of reasons. Just as relevant are the reasons that the get out of business. Having an idea of your ‘end game’ can be an important piece of the puzzle.”
He offers 7 areas for reflection every owner should take to heart.
- how you start your business
- what kind of business you start
- your purpose in starting the business
- likelihood you too will go public with an IPO
- business legacy you want
- your involvement beyond the sale of your business
- seeking ideal buyers
The outcome of each of these points can vary widely depending on whether you address options and decisions early or late. Early exit planning lays the foundation for every decision you make. The earlier you start exit planning, the more options you have, the more control and leverage you maintain and the more likely you will succeed at achieving your ideal exit strategy.
“Whatever you envision your eventual ‘exit strategy’ to be with your business, it is often a good idea to give it some consideration early on in your venture. It may help you in steering the ship and may also provide an additional goal to assist in your overall vision and planning.”
is on point. When your compass heading is defined, clear and focused, it’s easier to steer where you want to end up. It’s easier to make short-term strategic decisions when you know the long term strategic milestones you want to hit. The end does not have to be a black hole, but can be a specific target you are aiming for with a strategy to get there.
For any business owner curious about their own early exit planning situation, we offer a free 30 minute readiness conversation. Contact us or call 508.820.3322.