Which Way Out?
Forming a Blueprint for an Exit Plan Before it is time to exit.
“Whether you turn to the right or to the left, your ears will hear a voice behind you, saying, “This is the way; walk in it.”
Life goes by at a dizzying pace. Hopefully, we are diligent in the work of developing our life plan, carefully laying a foundation for our family and business, but perhaps we have not thought about the end all that much. There’s always time for that, we tell ourselves, while we continue to run on our respective hamster wheels.
But while the end seems so far away, wise planners put into motion their life plans with the end in mind.
Starting to think about your exit when it is time to exit is too late. A carefully planned exit can make our exodus a blessing rather than a burden on those who come behind us.
What should be considered as we are planning our exit? Have we done enough? How do we transfer our wealth and wisdom to loved ones and business partners? Below are articles to help you in the practical considerations for planning your exit, detailing a seven-step process for the successful transfer of the family business as well as offering eight exit paths that can be considered.
Don’t limit yourself as you consider what works best for your unique situation. In the comparison of the pros and cons of possible exit plans, seek to be objective and seek counsel.
Aiming at our End Goal.
Pray and consider what your goal is. Identify and list your goals with due dates. A goal is not a goal if it is not planned and executed consistently.
There is more than one way to achieve our goals. To successfully transfer our family business, we need to have a well thought out plan but also a well thought out backup plan. Life has curve balls. Plan for them. Then leave the rest up to God.
Article: Exit Paths for Business Owners