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EXIT STRATEGIESFOR BUSINESS

Brian Weatherdon, MA, CFP, CLU, CPCA., MDRT.

Author of: A Lifetime Of Wealth -- And How Not To Lose It

Founder of: www.GuaranteedIncome4Life.ca

EXIT STRATEGIES FOR BUSINESS

• DOZEN REASONS PEOPLE OFFER FOR DELAYING THEIR EXIT PLAN

• SUCCESS YOU CAN ACHIEVE FOR SALE/SUCCESSION, STAFF, FAMILY, AND FUTURE INCOME & ESTATE

Exit strategies for business support the lifestyle

you choose, independence you can preserve,

income that will last abundantly, and an estate

to preserve family and philanthropy.  Healthy

strategies toward sale of a business are also

vital to communities that want to protect and

increase employment.  Everyone wins when we

can get this right.

• Exit strategies for business ...since 'opening day'

• A business owner was sharing the challenges that arise for an owner to exit their business – and a question of when they should begin this journey.

• Exiting the business was on Sue's mind from the first day she opened it!  Somehow she knew her role in building the business was to sell it.  She told me people have been shocked at her perspective; they say there's always too much to do, and never time to think of preparing for sale.  But Sue has been wise.  She built a business for a purpose and service in community, and kept in mind she would someday need to unlock this value so she could move into retirement when she chooses.

DOZEN REASONS TODELAY YOUR EXIT

While a business owner may want the pride and joy of unlocking their fortune as they sell and exit the business, they may experience internal and outside forces locking them into never preparing for the sale or succession of their business.  Here are a dozen reasons people have shared with me through the years:

1. I'm busy today and don't want to stop what I’m doing.

2. I can't afford to retire -- I don't have enough money.

3. My wife said I can't retire -- that we don't have enough money.

4. I don't know what I'd do with myself when I eventually sell my business.

5. I'm waiting for my children or team members being ready to head the business.

6. I haven't prepared a way to mentor my children or team to take over the business.

7. I've checked, and my business isn't attracting the price I want, what I feel it's worth.

8. I've don't want to stop paying some of my personal expenses from the business.

9. I want to keep my health coverage ...which is inside the business.

10. Someday if I get a major health problem, then I'll sell.   (ouch!)

11. My family or partners can sell or close this down after I die.

12. No one else can keep this business going like I can.

We could discuss any of these excuses for delay, and come up with better solutions to protect the owner(s), their family, as well as the community value of this enterprise and today’s/future employees.  

None of the above excuses or delays should be allowed to bottle-neck sale of a business.  Preparing allows you to attract value and terms you’ll be grateful and willing to accept.

A couple of real-life stories . . . . See more at: www.GuaranteedIncome4Life.ca

And the book: www.ALifetimeOfWealth.info

A STORY TO CELEBRATE RESULTS

Tom wanted to sell his business.  Buyers weren't offering the price Tom felt he needed.  We looked at income strategies to fulfill lifestyle and bucket-list goals to age 95+ ....based on offers he had been receiving.   This gave Tom and his wife the freedom to negotiate with less pressure about the price.  

(See more at  http://www.ALifetimeOfWealth.info/)

ANOTHER STORY TO CELEBRATE RESULTS

Beth cleaned up her share of bottle-necks and gained $3Million after tax.  With this she secured income-mandates with $2Million while targeting $1Million for a venture among her children.  Beth freed herself to travel widely and enjoy life as she chooses, while also being an angel and mentor for the next generation's enterprise.  

(See more at  http://www.ALifetimeOfWealth.info/)

A STORY TO AVOID (don't get stuck)

Fred in his role as controller said the business would never sell as the owners wanted nearly double what the market would pay.  The owners' personal identity, comfort in showing up at work, habit of drawing large sums of money out at will, and an absence of other things to do in life, contributed to an out-sized opinion of what they felt their business was worth.  

(See more at  http://www.ALifetimeOfWealth.info/)

ANOTHER STORY TO AVOID

Another told me at 82 he'd never sell. He said, "I have to keep working another 9 years because then all my staff will have retired and I can close this place."  I admire the loyalty he and his staff have for each other.  But what if fresh hands could build existing strengths into new product lines and wider footprint! 

(See more at  http://www.ALifetimeOfWealth.info/)

Death and delay are not the best exit strategies for

business.  Such will sabotage the value you can

unlock for your own life and for family and

estate.  And remember the other families whose work,

home payments, lives today and future, depend on

how successfully you can prepare a healthy exit.

See more at  http://www.ALifetimeOfWealth.info/

Design your own exit and team to build results

What is your story and how are you moving forward?  Are you preparing how you'll shed your daily stress to enjoy the life you choose?

What can you learn about exit strategies for business which will assure the value you want, supporting a lifestyle you will enjoy?

Have you envisioned how to enjoy life beyond this

business?  If that's what holds you back I‘m sharing

other resources here to help people create their story

so you can envision the future of your dreams.

Is a certified financial advisor helping you align the life

you want with the wealth you've created?  You’ll need

professional guidance to assure a life-income that will

last beyond you, and an estate for your loved ones.

Besides yourself, also consider your own family,

your staff and professional team members, friends

and everyone who can add to your resources for

this journey.  

Are you consulting these people to equip you and

ensure you're moving ahead with strategies and

solutions to secure the results and the life you seek?

 

There’s more hereyou can enjoy & share…

Additional resources for everyone and for professional advisors: Educational website: www.GuaranteedIncome4Life.ca Amazon/Kindle: A Lifetime Of Wealth -- And How Not To Lose It. Review of book contents at: http://www.ALifetimeOfWealth.info/

Brian Weatherdon, MA, CFP, CLU, CPCA, MDRT

Linkedin: http://www.linkedin.com/in/lifestylesanddreamsTwitter: @BrianWeatherdonBlogs: http://www.guaranteedincome4life.ca/blog/