Posts tagged with: exit

Leaders Exit Decisively

exit signs

Leaders exit decisively.   They know when to leave a situation or relationship or role or job.   Exiting can be painful, unexpected, frustrating and dramatic.   Exiting can also be exciting and challenging. Exiting can be both good and bad. There are ex-jobs, ex-companies, ex-spouses, expats, ex-presidents, ex-players and more.  Leaders actively look for the next door to walk through by exiting the previous one.   A great leader consciously exits and has an exit plan. A good leader doesn’t slam the door shut completely but leaves a connection to the past in place. The connection could be in lessons learned or in relationships.   Leaders are active and decisive in exiting one door and entering another. What do you need to exit and what’s your exit plan?

Star Dargin
www.starleadershipllc.com

Kerri Salls is host of Exit This Way on the UR Business Network

URBNlogo3

I’ve been hosting the radio show, Exit This Way on URBusinessNetwork for going on a year now. We’ve produced over 130 interviews to help owners of privately held businesses, like you, to understand and prepare for the biggest payday of your life – selling/ scaling/ cashing out of your business on your terms on your timeline.

URBusinessNetwork today posted an extensive blog about the Exit This Way show and what we do at This Way Out Group. Check it out: http://urbusinessnetwork.com/kerri-salls-is-host-of-exit-this-way-on-the-ur-business-network/

Having a show on exit strategies sounded like a narrow topic but Kerri has recorded over 100 shows and continues to amaze us with her continuing to produce relevant content. She has introduced us to Lawyers, Accountants, Investment Bankers, Business Experts and entrepreneurs from across the world. Her message is that it’s never too early or too late to plan your exit.

If you have an exit story you’d like to share, or you know an expert who can contribute to the discussion of  what owners like you need to know now, have them contact me. I always welcome new  interesting guests for a conversation you need to hear to prepare for your exit, whether in three years or thirty years.

At This Way Out Group we believe an owner should not try to sell/scale/pass on their business to a successor on their own or with just one or two expert advisors. We know it takes a team. And to be successful achieving your optimal exit, that team must be coordinated to cooperate and collaborate in your best interest.

The second part of our new paradigm is advocating that every business should have an exit plan from day one, as a framework for every decision you make. If you didn’t start with a plan, start now.

The third leg of our new approach is educating you that early exits are in your best interest ( the owner).

Listen to the shows we’ve recorded on Exit This Way. Our guests contribute to this new paradigm shift. Down load them to your Ipod and listen in the car. You will get an unparalleled education you cannot find anywhere else.


To learn more about how our new model can work for you, your business, your family and your legacy, email me or call.

Your Real PayDay

PayDay

Most entrepreneurs know they can make a good income running their business day-to-day, but SOME OWNERS INSTINCTIVELY know that their real payday will come only when they exit the business, most likely by selling the business.

That’s when they can access
multiple millions of dollars from their business.

  1. Is this something you have thought about?
  2. Do you want your business to produce a multi-million dollar windfall?
  3. Do you think it’s possible for your business to fund a multi-million dollar reinvention for you?
  4. Do you know how much your business is worth right now?

95% of all business owners do not have an exit plan – because most owners don’t know what their business is worth. As a result, most owners are walking away with only 50-70% of what their business is worth.

Sadly, most owners and entrepreneurs fail to achieve their dream and get out the way they want to just because of a lack of planning, and forethought. It’s totally preventable.

Those CEOs who invest the time, effort and expertise to plan their exit and make their business appealing to buyers are among the 5% who achieve their dream and the lifestyle it offers.

To discuss how you can be among the 5%, call or email me. Let’s explore strategies to identify what will work best for you.

If you cannot execute a plan now to achieve these objectives, you can’t afford to wait. Call today.

After Your Exit Transaction – What’s Next?

I am pleased and honored to contribute to the discussion going on in your head; ignite more confidence, competence and possibility thinking; inspire you to greater strategic planning and more leadership initiative; and enable any entrepreneur or CEO to exit their business by achieving every goal they set.

All of which I hope this blog is accomplishing.

If you’ve been reading this blog for any length of time, and if I’m doing my job, you’re not exactly the same business thinker you were a year ago.

You should see at least the beginnings of the expansive, non-linear, 360˚, 10,000-foot view I want you to embrace.

You should now be thinking not about what you can’t accomplish, but of what you CAN accomplish in your business and beyond and what is honestly and significantly possible to fulfill your dream on your terms, on your timeline.

I hope you have, at a minimum, the urgency of forcing yourself out of your everyday comfort zone that produces more of the same old ideas, old solutions, and tired results; and into more, extensive, three-dimensional thinking. I hope your thinking is more expansive, more creatively oriented, and you’re looking at your business, competition, and exit opportunities from a position that is brilliantly open minded, inspired, and all encompassing.

If I’ve succeeded at all introducing you to exit essentials, you’ve opened a window into a sense of much greater possibility to formulate a plan to get out on your terms, on your timeline to your reinvention.

Learn to Cash Out to Cash In

When was the last time you thought about how to cash out of your business?

Is it a topic you avoid? Do you only think about it when you are at the end of your rope after a really bad day? Is it a black hole you know nothing about?

Or do you include the long-term impact/implications in every decision you make? And tie every short-term decision and strategy to where you want to end up so you can cashout?

HARVEST YOUR WEALTH gives you the foundation for all those decisions in bitesize pieces so you can start planning early, to get out on your terms and on your timeline.

It’s never too early or too late to plan your exit. But you must make a plan and start executing on it now if you intend to cash out of your business to cash in those plans for reinvention (what comes next).

Start here, http://harvest-your-wealth.com

HARVEST YOUR WEALTH is for business owners who need to start thinking about how to sell, scale or pass on a business to successors. It’s not for advisors, transaction experts or buyers and their agents. It’s for you, the business owner who has put their life, spirit and soul into the business.

It’s only when you cash out of your business, that you can begin to cash in on the future of your dreams. To pursue that reinvention, you must have a plan to get out with the maximum value you can achieve for your business.

Sellability Score Webinar

FREE WEBINAR
Wednesday, December 12, 2012 11:00 AM – 12:00 PM EST.

Join me on Wednesday, Dec 12, 2012 11:00 AM – 12:00 PM EST for a live presentation from John Warrillow. This is a private presentation to my guests.

John is the bestselling author of Built to Sell: Creating a Business That Can Thrive Without You, will lead a one-hour presentation on building a sellable business. Built to Sell was ranked by both Inc and Fortune Magazine as one of the best business books of 2011. During this unique session, John will discuss the principles of increasing the value of your company – John will also take your questions directly.

Register now. Register here.

https://www3.gotomeeting.com/register/260767798

Take advantage of the insights and expertise of this entrepreneur, author. Join us on the 12th.

It’s All About Leverage

Leverage

 “Leverage is a vitally important fundamental concept that is central to your deal-making success.”
~ Jay Abraham

Your Real Wealth Isn’t In Starting Your Business

You will never realize your real wealth by starting your business.

In fact, your wealth won’t be made simply by growing your business either. The bottom line is that your real wealth will only be made from the profits of selling your business. Your best option is when you can sell to someone who will pay a premium for your business because they [the prospective buyer/acquirer] believes they can generate even more value from the business you’ve worked so hard to build.

The most successful entrepreneurs create exit strategy plans; plans that layout their roadmap to grow their business so they can exit [get out] for the maximum valuation (dollar amount value) within a specified time period.

You can too because when you build a business to exit (whether via an internal/external sale, IPO or an acquisition), you set very different strategies and goals from the outset than when you simply try to ‘grow’ a business.

You see, your short-term results and success, and your long-term results and success are NOT mutually exclusive. When you build your business with a strong foundation including a defined exit plan, you can maximize short-term revenues and profits, while building and aligning your company for that multi-million dollar exit on your terms.

Since 1999, we have been developing exit strategy plans for our clients. Importantly, many of these clients who executed these plans, have since realized their high dollar exit dreams, which they had not known they could achieve. They are fulfilling the precise lifestyle dream they had when they first launched their businesses.

Your real wealth isn’t in starting your business. It’s in how you exit. 

Do You Need a Full Team of Experts on Your Exit Team?

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:

  1. Build a strong deep foundation
  2. Accelerate growth
  3. Protect all intellectual property
  4. Get all governance up to date and compliant
  5. Get the books meticulously clean ready for an audit and due diligence
  6. Maximize valuation
  7. Get all your financial advisors: your accountants, tax advisor, estate attorney and wealth advisor, on the same page – early
  8. Expand exit options
  9. Ensure the business is buyer ready
  10. Transition your role from operational to strategic demonstrating that the value is in the business, not you
  11. Prepare you, your team, your family for your exit
  12. Prepare you and your family for your reinvention
  13. 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.

Is Your Business Ready to be Sold?

It’s not the same thing. How many of these 8 questions can you check off as done – to make your business ready to be sold?

  1. ___ Do you have a history of consistent sales and profit growth? 
    Documented history of sales, profits and growth which you can show buyers provides proof that can be used at valuation
  2. ___ Do you have at least 2 years of clean financials?
    Your bookkeeper and accountant don’t see the whole picture. You have other assets and contracts. All of these will be reviewed and valued. You can’t hide anything from buyers or brokers.
  3. ___ Do you have a foundation of robust systems, processes and structure and are they fully documented?
    Does your business run on consistent processes and procedures or do you run it out of your head? To be ready to be sold, all systems, structure and strategies must be documented.
  4. ___ Do you have projections showing increasing value for the buyer long after you exit?
    Buyers don’t want to buy an old tired business on its last legs. They want to know there’s more life, more opportunity for them to make a good profit for years after your exit. Can you prove that opportunity?
  5. ___ Are you ready to make the necessary changes to make the business buyer attractive?
    How much time, effort, and expertise will you invest back into the business now, as you get ready to move on? Are you willing to set the business up for even greater success without you at the helm?
  6. ___ Do you know what makes your business buyer attractive?
    You must know what it is about your business that makes it valuable enough for someone else to buy it. This is the biggest sale of your life – selling the business you built.
  7. ___ Do you know what makes your business successful in your market?
    Be sure the value is in the business and not just in you the owner.
  8. ___ Are all your stakeholders prepared for the transaction?  
    Just because you are prepared for the exit transaction on your terms and you’ve planning your transition to reinvention, – doesn’t mean all your stakeholders are on the same page with you. Before you get to the transaction, be sure all business stakeholders support the transaction so you indeed can make a successful exit from the business.

Many CEOs prepare themselves for their exit and forget to prepare the business. That can make for a very tough transition for the business, clients, team, and suppliers. All of these challenges are totally avoidable if you prepare the business for the exit transaction while you prepare yourself for your exit transition.

Business Exit Planning Is Easier Than The US Military Exiting Iraq But More Complex Than Selling A House

It’s true. Business Exit Planning Is Easier Than The US Military Exiting Iraq — But More Complex Than Selling A House.

The majority of business owners avoid, procrastinate, deny, and postpone any discussion of business exit planning. The statistics consistently report  95% of all CEOs find excuses to not plan their exit.

The anticipated fear and overwhelm are exaggerated. When you put it in perspective, exiting your business is far easier and produces many more reasons for you to celebrate, than the recent US military exit from Iraq.

No CEO Can Do It Alone.

Just like it took large teams of experts  and years to plan and implement the US military exit from Iraq; you need to surround yourself with a team of experts who know more than you do about exit strategies and achieving your exit objectives.

I concede that your business exit is not as straightforward as selling your house or buying investment property. But, with a little help from your exit strategist and your transaction experts, you can focus on what you do best in the business while your team streamlines the process of exiting your business on your terms and on your time line.

No Planning

The absence of planning is one of the deadliest oversights a CEO can succumb to. CEOs know better. They just don’t invest the time and effort to plan their exit. The default option is that you will exit your business feet first or worse, – close up shop with nothing to show for all your time, effort, expertise and resources invested. Too many CEOs resign themselves to never monetize their business, never fulfill their dreams or live their legacy.

Business exit planning is easier and much more inexpensive than the US military exit from Iraq. In fact, exit planning actually will make you money, make the business stronger and more valuable, and provide a plan for your next steps, your reinvention after you exit.

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