Follow Dallas Linkedin
Email Dallas Email
Business Growth
Dec 16, 2015

So You’re Never Leaving …Got A Plan For That?

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

We hear it all the time. Do any of these sound familiar?

“I’m never leaving my business. I love what I do.”

“I don’t intend to exit my business. I plan on working until the very end.”

“I can’t leave my business. I wouldn’t know what to do with myself!”


These are valid positions for a business owner to hold. But they could be vulnerable if there is not a plan to go along with the sentiment. Staying in your business forever requires planning to make it a successful experience.

If you have a similar intention to continue on with your business indefinitely, we suggest you develop a thoughtful plan to maximize your likelihood of success. Consider your objectives in this way:

  • You have no departure date in mind, but is there a year (or an age) when you might not be able to keep up your current pace?
  • Continued work means continued income, but what are the income needs of your family if or when you are unable to work?
  • You plan to hold on to your ownership, but when your ownership does eventually end (and we can guarantee that it will someday), who will be the next owner?
It is inappropriate to suggest that you, the creator of a business, should exit before you choose. But the reality is that a plan to stay still requires a plan. Think through the consequences of not planning for a successful "stay" and evaluate whether you are comfortable with the best and worst possible outcomes. This kind of self-evaluation may help reduce the tendency to procrastinate under the mistaken assumption that planning and action can be delayed or ignored. It prompts many owners to take action to stay in control of their own futures.

Exit planning begins when owners understand their ultimate objectives and what they have to do to pursue them. An owner who has a preference about what should happen to his or her business, employees, family, ownership, business reputation or legacy should take control to shape a successful future.  

Start by thinking through the various paths that you, your ownership and your business might take and decide which of those paths are appealing to you. 

It may sound like a contradiction, but we use a systematic process to help business owners develop and implement a successful Exit Plan, even those who don’t intend to exit. If you plan to stay in your business indefinitely, or if you hope to exit soon, contact us today to get started.

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. As a member of the Business Enterprise Institute (BEI), Cornerstone is an authorized distributor of BEI’s content and Exit Planning Tools. 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
Dallas headshot 300x300

3 Ways To Position Yourself And Your Family For Future Success

Dallas Romanowski - Cornerstone Business Advisors
Alexandra

Holidays And Homework

Alexandra Lysik - Cavik Insurance
Hewet60

Stress Can Work For You

Ron Hewett - Academy Leadership

Trending News

Local Firm To Be Considered For Redevelopment Of Government Center

Cece Nunn - Jan 15, 2020

Cape Fear Industrial Complex Sells For More Than $8M

Christina Haley O'Neal - Jan 16, 2020

Developers Plan Modern Industrial Building In Pender

Christina Haley O'Neal - Jan 15, 2020

Finalists Announced For Commercial Real Estate Awards

Cece Nunn - Jan 17, 2020

22 North Works With Local Chef To Rebrand Restaurant

Jessica Maurer - Jan 15, 2020

In The Current Issue

Startups To Watch In 2020

As technology becomes increasingly more embedded into our everyday lives, some Wilmington startups are on the rise....


A Matter Of School Days For Tourism

Although the school calendar is staying the same for now for New Hanover County schools, it’s an ongoing issue that tourism and educators gr...


Teaming Up: Are Public-private Partnerships In Area's Future?

Officials in the region and beyond are bringing public-private partnerships to the table as potential solutions to public needs that could a...

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