Posts tagged with: personal goals
You may ask if it is possible to achieve both sets of goals. I say you must achieve both in tandem to achieve either one well.
There are many commonalities to balance both business and personal goals in exit planning. To achieve your business and personal goals in parallel, here are a few core strategies to use:
Document Your Exit Plan – to include the growth strategies that will maximize valuation on your timeline. Get the plan out of your head. This will make it tangible and real for everyone. It takes the decisions to be made out of the realm of emotions and dreams and makes the concrete actionable tasks.
Protect And Maintain The Value Of The Business that you can monetize at exit. Minimize the risk that any growth strategy you invoke will negatively impact the growth curve you are forecasting for the buyers.
Train and Delegate Move key employees into positions of operational responsibility and reward them for results. When you both train and delegate, you add immediate value to the employees directly, motivate them to stay and demonstrate to buyers that the value is in the business, not in you, the exiting CEO.
Evaluate All Your Primary Exit Options (financial or strategic sale, employee or management buyout, transferring ownership within the family) thoroughly, not just to fulfill your dreams but also to ensure the ongoing success of the business and job security of your employees from the growth trajectory you’ve put in place.
Activate Your Team Seek out and build a powerful team of experts, multi-disciplinary advisors to help you achieve your goals. Whether your business value is $2M or $50M, you’ll face the same issues along the way. Start with an exit strategist who can look at the whole business, not just the exit transaction right through to implementing your next steps, your reinvention after a successful exit. Your exit strategist should be a masterful quarterback and facilitator for your team of experts, allowing you to focus on building value in the business.