Are You Ready To Exit Your Business?

One of the key elements in Exit Planning is working with the business owner to help them define and envision what they will do after they exit the business.

There are both pull and push reasons for exiting a business.

There are several pull motivators for a business owner to exit, including looking to diversity their wealth, wanting to cash out, wanting to start a new business, getting involved in philanthropy, wanting to spend more time on a hobby, and wanting to travel.

There are also motivators that tend to push the owner towards making an exit decision, including health issues, a family crisis or just being burned out.

It is critical that the owner have a clear vision on what they will do next after they exit.  Otherwise many a business owner has found buyers who wanted to purchase the company at a fair price, but did not complete the sale transaction because they couldn’t envision their life after exit.