Generally speaking, the term Exit Planning relates to transferring the wealth of a business while Succession Planning relates to a transfer of business leadership. Regardless of what initiates a transfer and which business exit path a Business Owner takes – scale, sale, or succession – at some point every Owner will exit their business.
Exit Planning InstituteTM statistics shine a beaming bright light on the importance of building readiness to exit:
- There is a 50% chance your exit will not be on your timeline
- More than 70% of businesses put on the market don’t sell
- 79% of Owners have no written transition plan
- 48% of Owners have done no planning at all
Exit Planning, being prepared to transition the business, is simply good business strategy. And one of the most critical roles in exit planning is building transferable value. It takes a team of Specialists all focused on the same goal – de-risking the business and creating value for the Business Owner – to effectively bridge the gap between where you are now and where you want to be when you confidently and successfully exit. This effort is diligently orchestrated by a Vision Champion and starts with getting educated on the business transition process.
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