Don’t muck up your exit ! “The proper man understands equity – the small man, profits” Confucius 551 – 479 BC

According to the most recent research from the Exit planning Institute state of owner readiness survey – 64 % of privately owned businesses in the USA are owned by Baby boomers ( aged between 51 and 69 )  and significantly 80 % of their family’s total wealth is tied up with the business and related assets.  In many cases the business was started 20 years ago and has grown significantly, over that period the owner has purchased assets – buildings, equipment etc sometimes in the trading entity but often in separate entities and structures for asset protection and taxation. In addition any lenders have taken security over various assets within the group.

This is a massive issue for baby boomer business owners who have not spent any time effort or money on exit planning ! Imagine running a successful business for 20 years and building up a substantial pool of assets and messing up the exit and therefore failing to crystallize that value and achieve a successful exit.

“The proper man understands equity – the small man, profits” Confucius 551 – 479 BC – this quote, though very old, focuses on this exact problem !

Maximizing the value of your business and achieving a successful exit should be the ultimate test for any business owner –

“Having an exit strategy is the ball game for any entrepreneur… the idea is simply to build, grow and sell – whether sell means list, pass on to family, merge, sell to employees or trade sale, there has to be a strategy!” Michael Gerber

Dr Craig West

Founder & Chairman | Succession Plus

Dr Craig West is a strategic accountant who has over 20 years of experience advising business owners.

With a background as an accountant in practice and two master’s degrees, Craig formed a strong view that the majority of business owners (and often their advisers) were unprepared and unaware of the steps required to prepare for exit. He then designed and documented a unique 21-Step Business Succession and Exit Planning process to assist owners and their advisers in navigating this process.

Craig now acts as a strategic business and financial mentor for mid-market business owners. Craig has written four critically acclaimed books educating business owners on employee incentives, succession planning, asset protection, and exit strategies. Additionally, he has completed doctoral research on Employee Share Ownership Plans (ESOPs) for succession.

Craig is a Member of the Forbes Business Council where he leverages his extensive experience to contribute valuable insights on helping business leaders navigate the complexities of growing and exiting their businesses.

In April 2024, the Exit Planning Institute admitted Craig to the International Exit Planning Circle of Excellence.