An overarching theme for me this past week was education and conversation around exits, succession and business transfer. Beyond a bit of irony mom and I laughed about related to events in our own life. I welcome the experiences and growth opportunities for me to enhance my toolbox as invaluable going forward!
In a commitment by the Small Business Development Center to facilitate a knowledge exchange program for its Advisors, I took part in a 1 ½ day session that kicked off with a condensed version of the Certificate in Exit Planning Program. Scott Snider, VP of the Exit Planning Institute, professionally and skillfully took us through it. To quote him, “If you have one take away, make it, Exit Planning is Business Strategy”. A comment worthy of paying it forward.
You might envision that this statement is supported, by the ideas of best practices, be prepared and active communication. Demonstrating the value around these ideas, we engaged in a group activity to determine the company appraisal of a real-life case study. It was interesting how 9 groups, with the same information was primarily in alignment, but not without a few conversations to get there and some curious outliers to consider. Advised that a right wrong outcome was irrelevant, perception and interpretation became clearly pertinent. Reaching a perhaps obvious determination that value is in the eye of the beholder, and potential inheritor.
With the enormity of this topic, justice cannot be done in a few paragraphs. I admit I have simply flirted with you. However, not to leave you dejected, reimagine the following.
*Does your business operate at a level day in day out worthy of high multipliers when being evaluated for non-capital value? Are you consistently demonstrating best practices?
*How would a single incident alter your strategy and or operations? Are you prepared for the unplanned or unexpected in the moment, but more importantly beyond the immediacy of the significant event?
*Has ownership/management engaged in conversations and documented thoroughly visions? Are the key players communicating thoughts on and needs for future personal and business goals?
There is an abundance of possibilities for these answers. More questions and more responses. A trusted and qualified Advisor/Coach, an effective choice as a knowledgeable partner to work with through these essentials. When the work is done, success may be measured by the gap of multiple perceptions and personal interpretations as a manageable crack to fill in through thoughtful negotiation.
ReImagine Possibilities, Inc. would like to encourage individuals, families and businesses (teams) through advising/coaching. Want to discuss "exit planning as business strategy"– please reach out to start a conversation.