Decide to Exit and Plan Accordingly

August 17, 2009 by

 Start today and take the following steps:

1.       Fix a departure date.

2.       Determine your financial needs.

3.       Decide whom you want to succeed you.

4.       Have your business valued to see if: a) should you sell today; and/or b) it has the value necessary to meet your financial and other exit objectives. 

Based on your objectives and the realities of your business, use a skilled Exit Planning Professional to forge a plan with accountability/decision deadlines. 

Deciding to do something now to create the best possible exit path is not difficult. The failure to act, however, can potentially be fatal to a successful exit. The success of your business exit is simply too important to you (your family and your employees) to leave to chance. Why wait? Why decide not to decide? 

Decide to take action today. Talk with Ohio business coach and Certified Exit Planning Advisor, Ralph Berge. Call him 440.838.0991.

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What Do You Want When You Leave Your Business?

July 1, 2009 by

 Your exit plan should be focused on two main objectives:

 1) Maximizing your company’s value prior to your exit, and

 2) Ensuring that you accomplish all of your business and personal objectives as part of the exit. 

Venture capital firms and private equity groups never invest in a company without having a clearly defined exit plan in place first, why should you? It is never too earlier to create your exit plan – so act now! Ohio business coach and Certified Exit Planning Advisor, Ralph Berge can help. Call him 440.838.0991.

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Does Your Business have Value?

June 3, 2009 by

Consider this: value largely equals profit that is sustainable and transferrable. So ultimately much of the value of a business is based on its ability to continue operating profitably without its CEO. If you are irreplaceable, then your business will have a discounted value to a third party versus if you’re able to be around for 6–12 months to facilitate the transition of the company to its new ownership. Having independent management with the proven ability to take over if you’re not around makes a company more valuable. 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. Ohio business coach, Ralph Berge can help. Call him 440.838.0991.

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Why Plan for Your Exit from Business? Peace of Mind

May 29, 2009 by

Business owners are usually good planners, but the stark reality is that few business owners plan for the one thing that is certain: their eventual death, disability, or inability to work. When business owners think of exiting their business, they typically have more pleasant endings in mind. But we all know someone who couldn’t work, or someone who died unexpectedly. What we fail to seriously consider is that it could happen to us as easily as to someone else. Plan ahead by developing a succession plan for you and your business – your family and your employees are counting on you to be a leader. Most important, it means peace of mind for you. Ohio business coach, Ralph Berge can help. Call him 440.838.0991.

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Life Changes Your Business – Are You Ready?

May 25, 2009 by

An owner’s feelings about his or her business continually evolve. At some point in time, the business may not be so central to their life. When this happens, the owner will probably either want or need the flexibility and freedom not to be as involved with the business as before. This kind of change can happen as a result of a change of mind or a change of circumstance. What if the owner hasn’t planned for this? Life can change overnight and the effect can change the focus on your business. What a terrible fate it is to come face-to-face with life, and because of business responsibilities, not have the total freedom to do what you really want to do, when you really want to do it. Plan ahead by developing a succession plan for you and your business – your family and your employees are counting on you to be a leader. Ohio business coach, Ralph Berge can help. Call him 440.838.0991.

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Get More Training

April 22, 2009 by

Get more training for yourself and your sales team. Honestly assess your sales and marketing abilities, and if you need help – go get it. You will be benefiting the most by increased sales. It is not easy to get additional education and training if you are in the office doing books or answering phones. Use an Ohio business coach to help you hone your skills to enhance your own business. Call Ralph Berge, a Cleveland business coach.

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Leverage Your Business to Build Your Business

April 13, 2009 by

Leverage means doing more with less. Understanding this concept means learning how to build an efficient business model that relies on others to do the work.

Ohio business coach, Ralph Berge tells his clients that in order to move your company forward, it is critical that you start delegating routine tasks to wage earners so you can start focusing on the top-line activities that will drive revenues and add to the overall growth of your company.

If you delegate without proper planning or a system, the entire process becomes self-defeating. Delegation turns into abdication.

So where and how do you begin this process? Business owners need to focus on team building learning that strengthens the entire team to understand and implement the owner’s action plan. When they get it they can do it…when they can do, the owner has time to focus “on” other important business building aspects of the business.

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How to Exit Your Business?

April 8, 2009 by

Begin with the end in mind…in other words; plan a graceful (and profitable) exit from the start. Family business succession planning is an often overlooked, but extremely important part of any businesses’ plan. This step of your business plan outlines your exit strategy. It may seem strange to develop an “up-front” strategy to leave your business, but potential investors want to know your long-term plans. Your exit plans need to be clear in not just in your own mind, but in a written document because they will dictate how you operate the company. For example, if you plan to get listed on the stock exchange, you’ll want to follow certain accounting regulations from day one. If you plan to pass the business to your children, you’ll need to start training them at a certain point.

Here’s a look at some of the available strategies for entrepreneurs and businesses for sale in Ohio:

Potential Exit Strategies for your business plan:

Merge: Sometimes, two businesses can create more value as one company. If you believe such an opportunity exists for your firm, then a merger may be your ticket to exit. If you’re looking to leave entirely, then the merger would likely call for the head of the other involved company to stay on. If you don’t want to relinquish all involvement, consider staying on in an advisory role.

Be acquired: Other companies might want to acquire your business and keep its value for themselves. Make sure the offered sale price meshes with your business valuation. You may even seek to cultivate potential acquirers by courting companies you think would benefit from such a deal. If you choose your acquirer wisely, the value of your business can far exceed what you might otherwise earn in a sale.

Sell: Selling outright can also allow for an easy exit. If you wish, you can take the money from the sale and sever yourself from the company. You may also negotiate for equity in the buying company, allowing you to earn dividends afterwards — it clearly is in your interest to ensure your firm is a good fit for the buyer and therefore more likely to prosper.

 Talk to Ohio Business Coach, Ralph Berge about planning to exit your business

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