You know your business inside and out, so when it comes time to exit or transition out, why do you need an exit planner? Consider this analogy: You may be the world’s best handy-man, fixing everything that needs to be fixed in your home, but that doesn’t mean you can build a house from scratch. The foundation has to be exact, or nothing else will go right. How are your engineering skills? You can probably fix a drippy faucet, but can you handle every pipe, calculating anticipated pressure and required sizes? An electrical mistake could be life threatening.
You probably wouldn’t take on the challenge of building an entire house with handy-man skills. You’d leave it to those with more experience and expertise. Your business is no different.
Reason 1: The Stakes
You’ve spent your life building your business. Don’t risk everything as you consider exiting by going it alone. An exit planner will help ensure your legacy and that you receive maximum value for your years of hard work. You could make a very costly mistake if you take it on yourself.
Reason 2: Expertise
You are an expert at running your business, but you’ve probably learned to rely on other professionals as well. In all likelihood, you don’t file your own taxes; you leave that to someone with more expertise. The tax code is complex. Exit planning is no different. There are plenty of complexities best left to those who thoroughly understand them.
Reason 3: Money
If money is important to you, hire an exit planner. As a business owner, you do everything in your power to be as profitable as possible. Why stop now? An exit planner can help ensure that you get the best deal possible, and the return on your investment can be ten-fold.
Reason 4: Time
Selling a business takes a lot of time. How much spare time do you have? Can you afford to spend your time trying to build an exit plan rather than concentrating on running your business and keeping it successful?
Reason 5: Peace of Mind
After years, or even decades, of hard work, wouldn’t you like to exit on your terms putting the most money possible in your pocket or paving the way for smooth transfer to family or employees solidifying your legacy? Using an exit planner can help make that dream a reality.
