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3 Key Business Succession and Exit Planning Messages
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Business Owners

3 Key Business Succession and Exit Planning Messages

By Dr Craig West, January 30, 2017
sp-capitalgain

According to an August 2016 survey by PWC – The Missing Middle: Bridging the Strategy Gap in US Family Firms – nearly 44% of those surveyed say that succession planning will be a “challenge” within 5 years and just 23% have a robust, documented succession plan in place.

Some interesting changes have also occurred in terms of the exit option preferences of the owners. 41% plan to pass the business on to the next generation (down from 52 % in 2012) and 30% wish to sell to an outside party (up dramatically from 12% in 2012).

Overall, this highlights three key messages:

  1. Start now – good strategy takes time.
  2. Sale/Investor/Exit readiness is smart for all business owners.
  3. The missing middle is the gap between current reality and future goals/outcomes – it does not close without attention.
Craig West

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.

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