Allow Us ToHelp With Your Exit Strategy
According to Wikipedia, “Succession planning is a process for identifying and developing internal people with the potential to fill key leadership positions in the company. Succession planning increases the availability of experienced and capable employees that are prepared to assume these roles as they become available.” Sometimes succession planning includes family members, an outright sale or an earn-out situation.
What IsAn Exit Strategy?
From a small business point of view, a viable exit strategy is a plan that allows the owners of or investors in a small business to walk away with what they want to walk away with.
The “what they want” at the end of their period of ownership or investment may be money. An investor is often looking for a percentage of return on her investment, for instance, and obviously a business owner who is selling a business wants to make a profit.
However, exit strategies for small businesses are not just about making money; business owners often have other goals that they want their exit strategies to accomplish, such as establishing a legacy, ensuring that the business remains in their family, or continuing to have a say in what happens in the business.
ARRANGE A MEETING WITH US
We would be happy to meet with you to discuss some of the keys to a successful succession plan or exit strategy and some of the common errors small business owners make as they leave their business. Please feel free to contact us and arrange a meeting!