Almost all of the business owners that we have worked with over the years are very good at what they do. They also all realize that a business is not successful or profitable simply because they might wish it to be so. It’s a basic and well understood principle of business – to be profitable and successful, you need to actively take the steps needed to efficiently provide, at a competitive price, products or services that a significant segment of the consumer or business public needs or wants.
You know you can not simply wish or hope this will happen on its own. The successful family business requires years of hard work, planning, dedication, and good business decisions. Likewise, you can’t simply wish for your exit to be successful and then expect it to be. You need to actively cause your exit to be successful.
Over the years, we’ve had the opportunity to work with our own families in a number of their business operations, which have included manufacturing, distribution, restaurants, supermarkets, ranching, farming, retail merchandising, construction and real estate. They have provided good examples of the “entrepreneur’s work ethic,” not just by working hard in their businesses, but also by working hard on their businesses.
We’ve also had the opportunity to get to know many business owners. Most business owners whom we’ve worked with tend to realize, some sooner than others, that the future outcome they want for their business (and family) will be realized only if they apply the same skills to work ON their business as they have applied to working IN their business.
How is this done? It’s done by realizing that your franchise should not rule your life. It’s done by realizing that you need to take the steps necessary to rule one of the most important but too frequently overlooked aspects of being a business owner – the proactive, successful exit process. It’s done by asking two fundamental questions and then taking decisive action based on the answers.
Question 1: What Will Be The Probable, Almost Certain, Future Exit Outcome Of Your Present Course, If Left Unchanged?
You should take some time to answer this. What will be the outcome of your present course? The probable almost certain future outcome of a business owner’s investment of time and capital depends on how well you understand this.
What we attempt to do through Transition Growth Planning is to help you to work ON your business through various business Transition Growth Planning tools and techniques which have a proven track record of producing a better outcome for those who utilize them.
Learn From The Past And Create Your Future
So, where do we begin? The first step is to understand the “probable, almost certain, future outcome of your present course, if left unchanged.” Will you be able to sell your business? Will your business be in a position to be sold at top dollar and minimized taxes when you are ready to depart. Will you have a capable successor, whether amongst your family or key employees or recruitable from outside the company? Are you prepared for the unexpected? Since you have read this far, you obviously intend to find out – and to do something about it before your exit arrives and the future is over.
_________________________________
How Are We Defining Success?
- Exit on your terms
- Tax efficient
- Financial Security
- Health intact
- Capable Successor
- Co-owner and family accord
- Business intact and growing
- Achieves the legacy you intend
________________________________
Question 2: What’s Missing, The Presence Of Which Would Make A Substantial Difference In Producing A Better Exit Outcome?
There are over 100 different Transition Growth Planning tools and techniques utilized as part of approximately 40 exit strategies which business owners are very successfully using to provide the missing components, the presence of which equips you and your business for achieving a substantially better future exit from your business. These tools and techniques can help assure that you can successfully enhance and protect your current and future business profits and value, as well as successfully pass on or sell your business upon your retirement, disability or death.
Stop, Look Both Ways, Proceed With Caution.
The purpose of The Next Step for Business Owner Growth System is to help you determine which of these tools and strategies can best assist you. Based on your particular needs as a business owner, this process might also require a certain amount of detailed discussions and planning over a period of time with one or more other professionals working together.
The Key To Success.
Our firms have helped design, negotiate and implement the purchase, sale or transfer of hundreds of businesses with selling prices ranging from a few hundred thousand dollars to several hundred million dollars. Each transaction presents unique objectives, hurdles and opportunities.
The key to success is to become engaged in the transition process. Don’t wait until your options disappear.