Posts tagged with: taking action
Most owners and entrepreneurs never get to liquidate the assets in their business. It’s true. Here’s why:
- 95% do not plan how or when they’ll get out. They postpone, procrastinate, avoid and deny the need to plan their exit. We’ll get into more statistics later.
- Without a contingency plan, the family often cannot pick up the pieces and keep the business viable.
- Without a succession plan – a buyer can’t see the value in the business without you.
- With all the effort that went into starting and building the business, there was no forethought on how to get out, how to get their wealth out, how to transition to their reinvention.
- Even with a team of expert advisors, the owner has never had a joint discussion with all of them to develop an integrated selling strategy.
When it comes to your exit essentials, let me tell you the questions I would ask and the questions I doubt if you would think you need to ask that you should….
In my whitepaper: Don’t Murder Your Business, I raised awareness of the four key flaws that challenge all CEOs. I also identified three broad areas of blinders that CEOS/owners/leaders put on themselves, often without recognizing them. I won’t repeat them here, but you can get a copy of this whitepaper to the right of this article.
However, it is essential for you to recognize your own excuses that prevent you from doing what you need to do now to get what you want when you exit.
Not taking action is can be as restricting as settling into habits you can’t break.
Inaction can become a general habit that causes you to:
- Leave unfinished projects lying around your office
- Do meaningless busy-work instead of important money-making projects
- Wait until the last minute (or even later) to file your taxes
- Sometimes pay bills late
- Show up for important meetings after the program starts
- Make a to-do list, and then ignore it
- Intend to make a budget and a marketing plan for the year and never get around to it
- Set annual and long-term goals that would prepare the business for your exit, and never use them in operational decision-making
The question isn’t what to do. You already know that. It’s actually doing it that’s the problem.
If you have any questions relating to exiting your business, please email me. I’d be happy to assist in whatever way I can.