Let us take a deeper look at each of these three legs.

three legged stoolThe first, Maximize Transferrable Business Value, involves building a high performing business, one that consistently grows sales and earnings without relying entirely on the owner’s performance. This involves building strong Management, good Systems, a sticky customer base and a great culture. These are in your control to develop, invest the time now. Doing so will not only increase your income, it will also reduce your stress and hours you need to work.

The second, Ensure Owner is Financially Prepared, is about aligning your goals and desires with your financial wherewithal. Will the exit provide the financial resources you need to accomplish your plans? Working with a good Wealth Advisor will increase the likelihood of your success with this measure.

By building a business that maximizes transferable value, you are in control of your own destiny and can decide when it is right for you to exit and on what terms. Working closely with your CPA and Wealth Advisor, you can determine what net proceeds you will need from your business to accomplish your goal. You then work towards building that value.

The final leg is the one most owners fail to consider. Before you exit you need a “What’s Next Plan.” Not having this plan is why over 70% of business owners who exit, regret their decision twelve months later, and rarely is it based on the sales price. It is their failure to plan what is next and not enjoying their newfound freedom. This planning increases the likelihood you accomplish your next chapter, whether it is retirement or your next venture or both.