100% of business owners will stop being business owners at some point whether they have planned for that day or not.
Are you a business owner? What steps have you taken to prepare your business for your eventual exit from the business? Is the business prepared for a successful business sale or transfer of ownership event? Did you know that 79% of business owners plan to exit their businesses in the next 10 years, yet only 18% of business owners have talked to someone whom they considered to have training or expertise in exit planning?
There are several ways a business owner will stop being an owner -- some voluntary and some not. At LA Business Pros, we work with business owners to develop exit plans and strategies that let them sell their businesses or transition their ownership when they want, to whom they want, for the money they want or need to secure their post-business futures.
Our certified exit planners and certified business brokers use systematic processes to help business owners define their exit objectives. Then, an owner-centric exit plan is designed with recommendations specific to the achievement of the owner's stated goals. Business owners that want to work for another three or more years have more options in their business exit planning because many strategies take several years to fully implement. For business owners that want to sell their business or transfer their ownership within the next three years, pre-sale planning is used to assess and prepare for the business sale or ownership transfer.
Contingency planning or continuity planning is used to provide for the survival of a business in the event of an unexpected death or disability of the owner. Business sales become significantly more difficult without the owner's presence and involvement. A business sale may take several months and without contingency planning, the business may not survive long enough to be sold. That can be devestating to a family that relied on the business as its primary source of income.
If you are a business owner and want to leave your business on your own terms and conditions, contact us today to learn more about business exit planning, pre-sale planning, contingency planning or selling your business! You can also get a free readiness assessment which will identify areas where you are ready to exit and areas where you may want to consider additional preparation.
- Business Exit Planning is the development and implementation of a plan that allows business owners to exit from their business on their own terms and conditions.
- Pre-Sale Planning, also known as Value Driver Planning, includes pre-sale due diligence and focuses on specific areas in the business to create more value and cash flow.
- Contingency Planning, also known as Business Continuity Planning, focuses on enabling the business to continue without the owner should the owner unexpectedly become unavailable.
- Business Sales is the actual sale or transfer of the business to new ownership, completed per the business owner's prior planning, and resulting in the achievement of the owner's objectives.