Follow Dallas Linkedin
Email Dallas Email
Financial
Oct 5, 2018

What Exit Planning Can Do for You

Sponsored Content provided by Dallas Romanowski - Managing Partner, Cornerstone Business Advisors

As a business owner, you likely have plenty on your plate. You have a business to run, perhaps a family to care for, and many other responsibilities that require your time.

So, why should you consider pursuing exit planning? Can it help address issues relevant to you without eating into what little time you have?

Whether you’re thinking about exiting your business soon or expect to stay in your business for decades, exit planning can have positive consequences for you, your business and your family.

Exit planning uses an owner-centric mind-set. This means that exit planning focuses on your goals and desires. More specifically, exit planning works to position you to leave the business when you want, with the money you decide you need, and to whomever you choose.

Rather than adjusting your goals to fit into a strategy, exit planning adjusts the strategies around your goals, giving you more control and freedom over how you approach your business exit, no matter which exit path you choose.

This owner-centric style of planning often leads to three positive consequences.


Keeps You in Control

As a successful business owner, you’ve likely spent most of your life calling the shots. You’ve had a vision of success and took control to pursue it. You’ve rarely left things to fate or chance.

Exit planning can extend those efforts into the future of the business and beyond. When owners commit to exit planning, they have more control over when they leave, how much money they can get upon leaving, and whom they can leave the business to. That’s because exit planning strategies use information about your company as it currently stands to chart a path toward what an ideal exit looks like to you.

From growing your company’s value, to installing strong management teams, to identifying and capitalizing on competitive advantages, exit planning works to keep you in control and on course. Exit planning helps you mitigate the effects of fate or chance on your exit, increasing the amount of control you have.


Introduces You to Proven Advisors

Exit planning requires a team of advisors, rather than one or two advisors bearing the entire load of exit planning. While your exit planning advisor will lead and coordinate your exit planning efforts based on your wants and needs, you’ll likely need specific professionals that you may otherwise not work with to move your exit plan forward.

Your exit planning advisor can help put you in touch with these advisors. Your advisor team sometimes includes advisors that you’re currently working with, too. But one of the most important criteria for advisors on your advisor team is that they work with you to achieve your goals. This isn’t a one-and-done relationship.

The advisors on your advisor team collaborate with you and build relationships that facilitate the pursuit of your ideal exit. This collaboration and relationship-building often contributes to clearer and more effective strategies for helping you prepare yourself and your business for your exit, no matter when it may be.


Helps Pursue Your Wants and Needs

For many business owners, their business exits are a defining event. They’re the culmination of their lives’ work, and they often affect their businesses, their families and even their communities. Few, if any, want what’s essentially their lives’ work to be done in vain.

Exit planning addresses this by drilling into what you need and want for you to consider your business exit and post-exit life successful. This includes instances in which your wants and needs change.

It’s fairly common for owners to change their minds about what they want – whether it’s when they want to exit, to whom they want to leave the business, or otherwise – in the middle of the exit planning process.
Exit planning is dynamic, not static, and gives you options to pursue the things that matter most to you.

If you’d like to discuss the positive consequences of exit planning or how exit planning can potentially fit in your busy schedule, contact us for a consultation today.

© Copyright 2018 Business Enterprise Institute, Inc. All Rights Reserved

As a member of the Business Enterprise Institute (BEI), Cornerstone Business Advisors is an authorized distributor of BEI’s content and Exit Planning Tools.

The Cornerstone team includes former C-Level executives, successful entrepreneurs and advisers who offer unmatched experience in delivering advanced, custom-tailored, results-oriented solutions for business leaders. We developed the Performance Culture System™ to help clients implement best practices and drive high performance throughout their organization. For more information, visit www.launchgrowexit.com, call (910) 681-1420 or email [email protected].

Other Posts from Dallas Romanowski

Bizjournalblockad
Ico insights

INSIGHTS

SPONSORS' CONTENT
Mike stonestreet 300x300

Who is Responsible for Repairs and Maintenance?

Mike Stonestreet - CAMS (Community Association Management Services)
Dave sweyer 300 x 300

Preparing Your Property for Cooler Weather

Dave Sweyer - Sweyer Property Management
Jim ellis headshot 10311631058

5 Tips for Tradeshow and Conference Videos

Jim Ellis - Signal

Trending News

Vacating Wilmington Business Leaves Large Industrial Space For Lease

Christina Haley O'Neal - Oct 15, 2019

Here's Who's In Advisory Group On Potential NHRMC Deal

Cece Nunn - Oct 14, 2019

City Staff Recommends Moving Forward With $90M Proposal

Christina Haley O'Neal - Oct 14, 2019

South-Tek Systems To Relocate Wilmington Operation To U.S. 421

Christina Haley O'Neal - Oct 14, 2019

Brunswick Co. Real Estate Market Hits Milestone For The Year

Cece Nunn - Oct 15, 2019

In The Current Issue

Traffic Tie-ups: Locals Push For Future Projects

Funding issues at the state level are impeding the ability to get future infrastructure going in the Wilmington area. And N.C. Department of...


5-year Regional Job Numbers Released

North Carolina’s Southeast has helped spur more than 1,600 jobs in the past five years for the Wilmington area, according to a report....


Local Resources Target Global Business

Some resources have recently become available to help local firms navigate dealings in global trade....

Book On Business

The 2019 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

August 26, 2019 Power Breakfast: A Healthy Sale?
WILMA's Leadership Accelerator
2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`