According to the Business Enterprise Institute, a whopping 81% of business owners want to stop working in their businesses before the decade closes—and two years of pandemic problems have only thrust this desire into overdrive. But while business owners are dreaming about “getting out,” 79% are missing one make-or-break element: a Master Exit Plan. And that’s a huge problem.
An unplanned exit can have devasting financial consequences. You might pour your capital, sweat equity, and tears into building a business and not be positioned to attract buyers upon your exit. You could sell your business but not have nearly enough to retire. Or unforeseen events could shutter your business long before you receive any return on your investment for all of your efforts.
“Most business owners are far too busy running their companies to plan for an exit they don’t believe is imminent. But if you wait until you’re forced to go to market or receive an unsolicited offer, the chance of being able to successful sell your business is less than 20%. The key to success is proper planning
Joining us for our discussion on Cashout from Your Businesss is CHRIS VANDERZYDEN, CPA, CVGA, CEPA, an author, speaker, and leading educator on exit planning and mergers and acquisitions. She is a founding partner of Legacy Partners, LLLP, an exit planning and M&A advisory firm dedicated to creating and executing exit strategies for privately held business owners. Vanderzyden speaks internationally on exit planning and mergers and acquisitions, is an expert contributor for media outlets, a guest lecturer for Harvard University’s Entrepreneurship and Innovation class, and the bestselling author of 7 Steps to Entrepreneurial Victory. Her newest book, Master Your Exit Plan: Sell Your Business, Preserve Your Legacy Welcome to Mastering Your Money, Chris Vanderzyden