Follow Dallas Linkedin
Email Dallas Email
Financial
Jan 8, 2018

Setting Exit Goals for the New Year

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

With the new year upon us, many people have begun their journeys to fulfill their New Year’s resolutions.

For business owners, it’s no different.

Between creating goals for the business to achieve and assuring that the business keeps growing, owners will have much to consider this year. One of the goals most commonly shared by owners is to successfully exit their businesses over the next 10 years. Most business owners have a sense of how much longer they want to remain as owners of their businesses, and the new year is a perfect time to take control of the planning that can make the future successful.

In our experience, it usually takes a typical owner of a small to medium-sized business 5–10 years to implement an exit plan. That means that for many owners looking to exit their businesses within the next five to 10 years, their best chance at a successful business exit begins today.

As owners set out to begin creating a written exit plan, they may want to know that the most successful owners tend to establish their goals before they begin implementing a process.

There are usually three types of goals that we see owners set as they begin the process behind their business exits:

  • Foundational Goal: When planning a business exit, the foundational goal is financial independence. This means transferring ownership and receiving enough money to not have to work again, unless you choose.
  • Universal Goals: Universal goals are goals that nearly all owners aim to achieve. They include leaving the business when they want, for the money they need and to the person or people they choose.
  • Values-Based Goals: Perhaps the most influential type of goals, values-based goals are goals that revolve around your personal values and ethics. Examples include making sure the business isn’t shut down locally or maintaining a company culture after you leave. Often, owners don’t even realize they have values-based goals until late in their Exit Planning process, at which point it may be too late to address them.
Identifying the goals that are most important to you gives you the best opportunity to create a plan that addresses those goals. It also gives you a chance to see whether you have conflicting exit goals. Because a business exit usually affects more people than just the business owner, you may find, as you plan, that some of your initial goals stand at odds with other goals. By setting your goals before implementing a process to achieve them, you can determine which goals are most important and decide how to manage any conflicts in what you think will help you exit your business on your terms.

If you’d like to discuss your goals for your business exit and the steps that follow to create a thoughtful plan for the future of your ownership, please contact us today. We can help you map the things that you believe will be most conducive to the success of your business, your family, and yourself as you approach your business exit.

© 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
Chris coudriet

Your Tax Dollars are Being Spent Wisely

Chris Coudriet - New Hanover County Government
Deedee gasch

Analyzing the Wrongful Death Lawsuit Against Tiger Woods, His Bar, and His Girlfriend: A Lawyer’s Perspective

Deedee Gasch - Cranfill Sumner & Hartzog LLP
Fredheadshot 5119113348

Homeschooling is on the Rise; Organization is, Too!

Fred Kumpel - Strickland's Home

Trending News

Luxury Home Sales Reach Record Height In May

Cece Nunn - Jun 17, 2019

In The Current Issue

MADE: Production Capacity

From power cords to nuclear fuel, manufacturing companies across the Cape Fear region are making a wide range of products. Here’s a recap of...


First Carolina To Open Full-service Branch

First Carolina Bank, which has maintained a loan production office in Wilmington since September 2017, will open a full-service branch here....


WilmingtonBiz Magazine's Health Issue Is Out

The Greater Wilmington Business Journal's latest edition of the WilmingtonBiz Magazine is out. The issue takes an in-depth look at the area'...

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

2019 WilmingtonBiz Expo Keynote Lunch - CEO, nCino, Pierre Naude`
Transporting the Future - Power Breakfast 3.12.2019
Health Care Heroes 2018