Prepare Your Exit Plan

Posted by: Today's Tip Contributor on May 4, 2010

The current economy has forced many business owners to postpone their exit date and focus on short-term challenges. While it’s natural and necessary to address urgent issues, it’s also imperative that you not abandon your long-term strategies. What are some steps to take now that will keep you aligned with your end game?

1. Set a target date. Whether it’s in two years or 10, establish a specific date when you’d like to leave the business. This creates a tangible goal, with milestones and accountability, that will ensure you stay on track. Keep in mind that while a set date is critical to goal achievement, it can (and often is) modified as conditions change.

2. Secure counsel from a team of advisers. Exit planning requires the counsel of trusted advisers from different disciplines. This team should minimally include your CPA, a business and estate attorney, a financial adviser, and an exit planning specialist who will coordinate the process and create a holistic game plan.

3. Write a plan and review annually. Change is constant. Economic conditions or a myriad of other factors can bring new influences and impacts to your life and on your business. Be proactive and review your exit plan each year with your advisers to determine if any adjustments are necessary.

Ted Thomas
Managing Partner
Sun Exit Advisors
Chicago

Reader Comments

Gary T. Brooks

May 18, 2010 5:59 PM

It's good to see some more light shed on Exit Planning. This is one of the best and most succinct articles I've read in a while.

I've helped sell more than 100 companies in the past 25 years, and I loved Exit Planning so much I decided to concentrate on it full-time.

If any of you out there could use a little help with tip #2, contact me at http://www.exitplanpros.com/blog

Or just check out my blog for free advice on Exit Planning.

Exit Plan Pros - We help your business GROW, while PLANNING your exit.

- Gary T. Brooks
GTBrooks (at) ExitPlanPros (dot) com

Visit www.exitplanpros.com

-Gary T. Brooks

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