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
Dallas headshot 300x300

Why Make Your Business More Valuable Without You?

Dallas Romanowski - Cornerstone Business Advisors
Headshot 1016184145

Commitments and Contingencies

Ryan Skuce - Earney & Company, LLP
Billhunter300x300 b&w

4 Reasons Why Your Website Doesn't Need an Image Slider

Bill Hunter - Wilmington Design Company

Trending News

VentureSouth Starting Wilmington Angel Investment Group

Johanna Cano - Apr 23, 2019

Local Boat Slip Marketplace Startup Wins NC IDEA MICRO Grant

Johanna Cano - Apr 24, 2019

Coastal Carolina Curling Club To Slide Into Own Facility

Johanna Cano - Apr 22, 2019

First New-Panamax Ship A Harbinger Of More Business For Port Of Wilmington

Jenny Callison - Apr 23, 2019

Analysts Expect Live Oak Bancshares To Report Lower Q1 Revenues

Jenny Callison - Apr 24, 2019

In The Current Issue

Beach Town's Hotels Seem To Rebound

While Hurricane Florence temporarily shuttered two Wrightsville Beach landmark hotels, along with numerous vacation rentals, the hemorrhage...


MADE: GE's 50 Years In Wilmington

A look at GE Hitachi Nuclear Energy, a provider of advanced reactor technology and services, which has been a major part of Wilmington's bus...


Info Junkie: Dan Brawley

Info Junkie Dan Brawley, executive director of Cucalorus, on his tech and app recommendations....

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