In the fast-paced world of business ownership, it’s easy to get caught up in the day-to-day operations and forget about the future. Surprisingly, a staggering 79% of business owners find themselves in this very predicament, lacking a formal business succession plan. This oversight can lead to a cascade of challenges, akin to an hourglass slowly filling up with critical considerations.
Picture this: a business owner, weighed down by the looming uncertainties of succession, holding their head in distress. Time is running out, and without a clear plan, the sands of opportunity are slipping away. This scenario is all too common, and its repercussions are far-reaching.
Approaching succession without a well-thought-out strategy can result in a series of perilous outcomes. From a lower sale price to a prolonged transition period, increased costs, and heightened stress levels, the risks are numerous. Moreover, unprepared heirs and managers can further complicate an already intricate process, leaving the possibility of no sale at all.
But fear not, for there is a better way forward. Picture a different scene: a well-defined path through a maze, guided by a skilled hand. This represents the journey of creating a succession plan with the assistance of a seasoned Business Succession Professional.
Embarking on this path opens a world of opportunities. A larger pool of qualified buyers emerges, each eager to invest in the potential of your enterprise. The result? A higher sales price that reflects the true value of your hard work and dedication. As the sands of time continue to flow, costs are reduced, and flexibility in timing becomes a reality.
One of the most invaluable outcomes of this guided approach is the preparation of heirs and managers. They step into their roles with confidence and clarity, ensuring a smooth transition that safeguards the legacy you’ve built.
So, how do you begin this transformative journey? It’s as simple as opening the door to your ideal exit. This is not just our tagline, but a call to action. It’s an invitation to take control of your future, to shape the destiny of your business, and to secure your legacy.
In conclusion, the statistics speak for themselves – 79% of owners have no formal business succession plan. But you have the power to defy the odds, to rise above the uncertainty, and to forge a path that leads to a prosperous exit. With a Business Succession Professional as your guide, the possibilities are boundless. Don’t let time slip away; take the first step towards your ideal exit today.
It can be too late to start that planning, but never too early. Don’t run out of time!
Douglas Cook is a Certified Exit Planning Advisor (CEPA) and is the Senior Value Advisor at Headwaters Strategic Succession Consulting, LLC. He specializes in helping business owners formulate exit strategies while helping to increase the transferrable value of their companies.