From Successful to Significant
We have all heard the phrase, "Don't let the door hit you on your way out."
The topic of exiting your successful business probably gives you the same uncomfortable feeling as that common phrase. Explore the methodology for exiting your business that does not feel so awful. Learn how to take your business from successful to significant.
Is exiting your business a Taboo topic? Let's look at exiting another way....
Business owners have a lot of guts, stamina and determination to bring their dreams to reality. They are driven to keep going, tackle issues as they arise and pursue a business they are proud of. So talking about stopping or exiting can feel uncomfortable because it goes against their very nature. Their pursuit may not be linear but it keeps going and doesn't stop. To stop can imply many things to many people so it is better to just not stop. What will my employees think, will my core people leave if I start to talk about exiting? What will my customers think, will my best customers shop elsewhere if they hear I am discussing exiting? What will my family think, will they worry that I am ill or becoming incompetent?
Let's set all those worries aside and look at Exit Strategy as a Business Strategy.
75%
Business owners that are dissatisfied with their exit*
80%
Business placed on the open market but failed to sell*
* Source is Exit Planning Institute (EPI)
Working with a Certified Exit Planning Advisor (CEPA) helps you define a method to move your business from successful to significant.
As a business owner, having a Business Exit Plan is Good Business Strategy. Exit planning is a comprehensive strategy that prepares you both personally and financially to exit the business on your terms.
A well designed and implemented exit strategy can help create a clear path for operating your business to one day passing the business along, selling the business or allowing someone to seamlessly operate the business if you are no longer able.
Exiting has a different look for each business owner. Owners who engage in the planning process, will receive a custom-designed road map that integrates the business with financial and personal goals and needs.
Like drafting a will, it may be uncomfortable to admit the path is needed but once the process is complete you are relieved you did it on your terms.
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All information on this website is for informational purposes only.
No information constitutes an offer to sell or buy a security or is a form of investment advice.
Securities offered through LPL Financial, Member FINRA/SIPC. Investment advice and exit planning services offered through Total Clarity Wealth Management, Inc. a registered investment advisor and separate entity from LPL Financial.
The LPL Financial registered representatives associated with this website may discuss and/or transact business only with residents of the states in which they are properly registered or licensed. No offers may be made or accepted from any resident of any other state.
The 5 D’s infographic and Owner Dependency Infographic were provided by the Exit Planning Institute.
Information and interactive calculators are made available to you as self-help tools for your independent use and not intended to provide investment, tax, or legal advice. We cannot and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.
Total Clarity Wealth Management and LPL Financial do not provide business valuation or legal services. Please consult your legal advisor regarding your situation.
