Exit Planning Means Choice for the Business Owner

One thing that many business owners have in common is that they find more satisfaction in staying active in their companies than any alternative they can consider. For this reason they avoid succession planning for their business. Engaging in comprehensive exit planning doesn’t mean that you have to have an ironclad departure date from your business. You can continue to be as active in your business for as long as you wish to be active. In a nutshell, exit planning is largely about having choice and flexibility. Why? So that no matter what your current departure intention is, you have prepared your business for the day when your attitude or life experience changes. One of the goals of exit planning is to position your business to carry on without you. Can your business do this today? If not, we recommend that the shareholder(s) and management jointly develop a corporate contingency plan for the business.