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Everyone will exit their business at some point – it’s inevitable! Most contractors, with no exit plan will simply close their doors leaving years of good will, established contractor and supplier relationships, and dedicated employees to simply go away when those company doors close.
There is another way! When thinking about leaving your business, there are 3 primary things to consider:
- Selling your business when you want
- For the money you need
- To the person you choose
Contractors can remove themselves from daily operations, increase company revenue by adding company “value-drivers,” and create an end-goal of a sale or transfer to a qualified party, but this doesn’t happen by chance. Like any good construction project, it occurs when a solid plan is thoughtfully and strategically put in place. Start now – protect your business while you are healthy by creating a business continuity plan if something were to happen to you. This protects your business and your family. Simultaneously, start planning for that inevitable “some time” in the future when you begin to step away from day-to-day operations. Like any good construction plan, it can take time. Plan for those inevitable changes. That time is now!
We offer an Exit Planning Assessment tool that allows business owners to understand the steps they need to take to where they want. By outlining the process, timeline, and necessary steps to an effective exit plan, owners can gain a clear understanding of the path ahead and the action items that will need to achieve an owner’s goals for their future and that of their company.
What to Expect from the Exit Planning Assessment. These are the questions that we will address:
- Owner’s objectives and financial resources
- Maximizing and protecting business value
- The steps to ownership transfer
- Business continuity and estate planning
