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How to Exit Your Business and Accomplish Your Goals

Livia Jenvey |  Sep 28, 2020

If you're seeking to exit your business and accomplish your goals of achieving high financial gains when you transition out of your business, having an exit plan is vital. 

 

What is an Exit Plan?

 

An exit plan is a comprehensive road map to exit a private business successfully.

 

It asks and answers all of the business, personal, financial, legal, and tax questions involved in selling a privately owned company.  

 

What does an exit plan do for a business owner? 

 

Here are the top five benefits of having an exit plan for business owners. 

 

1. An Exit Plan Reduces Risk

 

An Exit Plan helps Business Owners control and reduce the element of chance in successfully exiting a business.

 

2. Exit Plan Controls Timing

 

That means that business owners have control over their exit timing, allowing an owner to exit when business when they are ready.

 

3. Exit Plan Allow Business Owners to Achieve Personal, Financial, & Business Goals.

 

Exit plans ensure a business owner achieves their three basic goals: life after exit, financial security, and ownership succession.

 

4. Exit Plans Provide ROI Today

 

Exit planning ensures business owners receive financial security after they exit. It also provides an increase in value today. 

 

Here's a simple client case study results:

  • Before: $5.4MM
  • After: $15MM 
  • Value-added: $9.6MM

 

Professional planning and implementation almost tripled the value of this client's company in 24 months! 

 

5. Mitigate Issues That Arise When No Strategic Exit Plan Is In Place

 

75% of business owners report regretting selling their business 12 months after the closing. (Source: PriceWaterhouseCoopers, Whose Business Is it Anyway?)

 

WHY?

 

They failed to correctly line up the Personal, Financial, & Business goals they wanted from selling the business. When an exit plan is in place, a business owner mitigates becoming another person in this statistic. 

 

To begin developing an exit plan, consider working with a Certified Exit Planning Advisor (CEPA). 

 

A Certified Exit Planning Advisor can help an owner:

  •  Understand the value of their business, both tangible and intangible 
  •  Determine how ready and attractive their company is currently 
  •  Identify the owner's three gaps (value, wealth, profit)
  •  Identify the Range of Value of an owner's company. What is it worth today and what is it potentially worth
  •  Understand their exit options and how they apply to their company and exit goals 
  •  Better understand their vision and personal financial needs
  •  Align their business, personal and financial goals  
  •  Create, deliver and maintain 90-day action plans to help an owner de-risk their business and grow value 
  •  Bring the advisory team together and the owner's internal team together to work towards common goals and better collaborate 

 

To learn more about how Jenvey Consulting's Certified Exit Planning Advisor (CEPA) can help you exit your business and accomplish your goals, schedule a strategy call with one of our team members today. 

 

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