Why You Should Have an Exit Plan Even When You Have No Plans to Exit Your Business
Anyone who pushes you to exit your business before you choose to is clearly out of line. After all, if you’re the founder/creator/owner of the business, shouldn’t you also be the one who gets to say when you should leave? I think so. Over the years, I’ve learned that it is a big mistake to push a business owner to make a decision to leave a business before he or she is ready. However, as a business owner and leader, you have a responsibility to prepare the business for the inevitable. There’s no escaping the reality that someday you will leave the business voluntarily by retiring and turning it over to someone else (possibly staying on with the new owner for a period of time), or by starting a new business, or involuntarily due to an illness or a life-and-death crisis. The result is the same: we all have to leave someday; it’s unavoidable.
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Are You and Your Business Headed in the Right Direction?
With all the uncertainty in today’s world, now is a good time to reflect on whether your life and your business are headed in the right direction. While the getting was good, as it was up until about 12 months ago, it was human nature for some of us to veer away from the goals we had set for ourselves. Many others are still wandering aimlessly because they never took the time to think about what they wanted to accomplish in their lives.
This article is not about telling you, the business owner, how you should live your life. Instead, it recommends a process that will enable you to identify where you want to go both in life and in your business. This process can help you to determine quickly whether you are on the right path at any given moment.
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About This Newsletter
Lyons Solutions is pleased to bring you this monthly newsletter devoted to topics related to the important field of Exit Planning. This and future issues will contain information and articles written by Lyons Solutions and other Certified Exit Planning Advisors. Please feel free to forward the Newsletter to your clients and associates.
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Certified Exit Planning Advisors (CEPA) and Acquisition Specialists
Jack Lyons and Bill Quish are part of an exclusive group of business advisors worldwide who have received the Certified Exit Planning Advisor designation. They are uniquely positioned to guide you through an Exit Planning process that is designed to accomplish your personal, business, financial, charitable giving, legacy and retirement goals. A customized Exit Plan can provide a significant return on investment when you sell your business.
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