Not that talk. The talk about you and the business you own. Like it or not, one day you will leave your business. Planning for it is something many are uncomfortable with. Some never do, and that can not only cost them a great deal of money, but it can also cause a great deal of pain for their survivors. Yes, your survivors; I know a business this happened to, a 50-something business owner who one day simply fell over and died. When everything regarding his estate was completed, the family also lost the business. This was all because there was no plan for what happened when the owner no longer worked in the business. That may seem like an extreme, but it happened. I knew the family personally, and the idea of transition planning was something they didn’t want to discuss. They should have.
All businesses experience a change in leadership or ownership. All small business realizes this reality at least once. Whether your transfer or sell your business you will inevitably exit it. To exit your business in a way that is most favorable to you will involve more than you and you need a Business Exit Plan to make that change successful. It will take multiple parties, different providers, to give you and your business the best outcome from your inevitable exit. So what should you do and who should you involve? Further, when is the best time to start the exit process? When should you have an Exit Plan?