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Exit Plan – On Your Terms

Asset Protection

Exit Plan – On Your Terms

By , February 18, 2020
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What is an Exit Plan?

Having an Exit Plan has increased since the early 2000’s. Studies identified the looming mass retirement of the Baby Boomer generation.  There is a considerable ownership transition implications for the owners of small businesses:

  • A large proportion of entrepreneurs plan to rely on proceeds from the sale of their businesses to fund their retirements
  • There is the likelihood of a severe shortage of qualified purchasers for these businesses
  • Only a very small percentage have any specific plans about how and when they would exit their business; and
  • A general lack of acknowledgement of the problem and its likely consequences exists at an individual level

Are You Exit Ready?

Since the initial research, the post-2008 global financial environment forced many to put retirement plans on hold. Yet, as we look forward over the next decade, these trends are expected to persist, perhaps with greater severity.

It seems that the majority of small business owners are ignorant of what an exit plan is.  Some are dismissive of it. Either way, many run the risk of severe disappointment in a few years, unless they take action. The fact that you are reading this is a big step in the right direction.

Introducing the exit-planning concept aims at encouraging business owners to put in place structures and strategies that result in an abundance of exit-ready businesses. An exit-ready business gives its owner and other stakeholders a broader range of choices.  It significantly increases the likelihood of securing the right successor when the time comes.

 

Value Drivers

Part of a good exit plan requires an alternative perspective of your business:

  • Look at your business from different angles.
  • Understand key value drivers
  • Introduce many of the core concepts involved in the transition of ownership

Change your approach to your business means you can change outcomes for the better. Each individual’s expectations and circumstances are unique.  Success is therefore defined on one’s own terms and not by others.  Reinforcing the need to consider the many and varied stakeholders and facets involved in planning for the change ahead.

Avoid Disappointment

The suggestions contained within this website have the potential to transform your business.  They maximise the probability of achieving your post-business goals and dreams. To avoid being one of the disappointed statistics apply what you learn and work towards your own effective, successful exit.

 

Darryl Bates-Brownsword

Darryl Bates-Brownsword

Partner | Succession Plus UK

Darryl is a dynamic, driven Business Mentor and Coach with over 20 years of experience and passion for creating successful outcomes for founder-led businesses. He is a great connector, team builder, problem solver, and inspirer – showing the way through complexity to simplicity.

He has built 2 international multi-million turnover businesses; one now operating in 16 countries. His quick and analytical approach cuts through to the core issues quickly and identifying the context. He challenges the status quo and gets consistent, repeatable and reliable business results.

Originating in Australia, Darryl’s first career was as an Engineer in the Power Industry. Building businesses bought him to the UK in 2003 where he quickly developed a reputation for combining systems thinking with great creativity to get results in challenging situations.

A keen competitive cyclist, he also has a B Eng (Mech) Engineering and an MBA.