The 7 Simple Truths About Exit Planning
All business owners will need to (one day) exit the business.
All business entities have some value (even if it is net assets) that can be sold or transferred to someone else.
Preparing in advance for this event will significantly increase the value that could be transferred.
Preparing in advance for this event will significantly increase the probability of a successful outcome.
A business built for exit (and maximize value) will be a better run business that will allow you to make more profit and reduce your stress.
Planning for exit means personally planning your finances and your “life after” plan, which will result in improved personal wealth and happiness.
The value of a business can, in some cases, be over 50% of the business owner’s personal wealth. Therefore, we have a responsibility as a business owner to think carefully about this transition, for the sake of ourselves, the family, and other stakeholders.
Republished from MAUS Business Systems.
Publication: Peter Hickey/MAUS ValueMax Workbook
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