Exit Planning

So why can’t you just sell your business in a couple of months?

Much is made of analyzing the personality traits of successful entrepreneurs. 

Some appear outgoing. Others are introverts. Some lean right, others left. Some are flashy. Others are frugal with their finances.

Their diversity can lead one to the conclusion that there are no common personality traits among successful founders. 

Your age has a big impact on your attitude toward your business, and your feelings about one day getting out of it.

One of the biggest mistake owners make in selling their company is being lured into a proprietary deal.

The Definition Of A Proprietary Deal

If you find yourself in a position where your customers always insist on speaking with you directly instead of your employees, then you might want to consider shifting your structure so you can improve the value of your business.

I was re-visiting the Survey of Owner Readiness that our Exit Planning Institute (Twin Cities) Chapter published a couple of years back, and I was reminded that it says 99% of business owners agree that they should have a written exit plan.

Business owners have been known to refer to due diligence as "the entrepreneur's proctology exam." It's a crude analogy but a good representation of what it feels like when a stranger pokes, prods, and looks inside every inch of your business.

Two questions: What’s a Freedom Point and what’s YOUR Freedom Point?

The Freedom Point = when you have enough money to fund your retirement objectives. 

Many business owners talk about their business profit and the value of the firm.  There is this idea out there that if you have profit, a business would sell for some multiple of that profit.  Sounds simple, right? If this were universally true, however, then all businesses would expect to sell when the owner was ready to exit the business. Alas, that is not the case!