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Planning for a Future Exit, Part 2 – Teamwork Works
"None of us is as smart as all of us." – Ken Blanchard
The point of exit planning is to position your company as a great opportunity. An exit strategy has various aspects: legal, financial, operational, and emotional. Once a business owner has decided to plan an exit strategy, a team of trusted advisors must be assembled to assess each dimension. Make sure you choose people who will work toward your best interests and can be honest with you.
Your team may include your current CPA and attorney, or you may need to identify professionals who have specific experience with exit planning. In addition, your team should include a valuation specialist, financial planner or wealth manager, insurance agent, and investment banker or business broker depending on the size of your company. A relationship with a good business broker will guide the timing of your future sale.
One person should coordinate the team, construct a plan, and work toward the milestones that dictate the next stage. That individual will hold onto the big picture and protect your well-being through all the transitions. Usually the business advisor or coach fills this role.
A long-term focus (five or more years) will put you in the best position to exit. I cannot stress enough that sufficient time gives you power and control over the exit process. Planning insures that you are not a victim of circumstance.
Here is how an exit team works together:
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