Franklin Taft was understandably a bit neurotic. He was increasingly anxious to begin planning for his eventual departure from his business but his concerns prevented him from proceeding. “I’m too busy working in my business to think about how to leave it. Besides, I don’t know what to do-and neither do my advisors.”

Sound familiar? In our experience, the primary reasons owners hesitate to begin the planning process are:

• You may be so busy fighting alligators that you don’t have time to drain the swamp. Daily demands mean all of your time and energy are spent working in the business. You have little left to work on the business of leaving your business. 

  A solution: spend a few hours learning what you need to know by reading The Completely Revised “How to Run Your Business So You Can Leave It In Style” by John Brown 

• Owners may be unaware that there is a defined Exit Planning process that provides a template showing them the steps they can take in order to help them leave their businesses “In Style.”
• Some lawyers, CPAs, insurance professionals and investment advisors-your professional advisors — may not know how to effectively work together to help you leave your business in style. 

  A solution:  The Completely Revised “How to Run Your Business So You Can Leave It In Style” book by John Brown will provide the basics of the Exit Planning process. You need to know only WHAT needs to be done-a far easier task then learning HOW to accomplish what needs to be done. Leave the HOW to your advisors.

• Finally, (and this wasn’t a problem for Franklin) many owners have a fear of the unknown-what will they do after they exit their businesses.

At the risk of sounding like the dentist you feared as a child, “Trust me, it won’t hurt.” As a successful, smart business owner, you can both discover and create a new and fulfilling life apart from your business. 

Subsequent posts will discuss additional aspects of Exit Planning. Contact (Eric Nielsen) for a copy of — “How To Run Your Business So You Can Leave It In Style”.

Tags: business exit plan, business exit strategy, business planning, departure objectives, exit your business, leaving your business, succession planning