In our May 12 blog post, we talked about the three phases of the business life cycle. It’s in the third phase of the business cycle that Exit Insight: Getting to “Sold!” by financial and investment expert and author Joseph M. Maas begins.
Everyone knows the day is coming when you will leave your business forever, either voluntarily or involuntarily; this is the time when you set your course for transitioning out of your business.
Most owners want to leave voluntarily with enough cash to live a good life in retirement, and to do so, there are four steps you should know. These four steps encompass planning your business’s management succession through a secure and peaceful exit strategy. In many instances, and mistakenly, an exit strategy isn’t truly considered until late in the company’s maturity; however, a good exit strategy, created when the company is born, will improve the company’s chances for success, reduce the time it takes to reach the exit, and often greatly increase the value of the company at the time of transition.
Most successful businesses start with the end in sight because when the goal is clearly understood, the intervening steps between beginning and end can be identified and built into a progressive set of objectives that lead to your financial freedom.
The four all-important steps which may lead to your secure and abundant retirement are discussed avidly and in great detail in this book. They are:
Step 1: Conduct the Business Valuation
Step 2: Conduct your Personal Financial Analysis
Step 3: Measure the Gap
Step 4: Design and Implement Your Plan to Close the Gap
Excerpt from Exit Insight: Getting to “Sold,” pp. 5-6
Copyright © 2014 by Joseph M. Maas. All rights reserved.
To order your copy of the book, visit Merrell Publishing online or Amazon.com. Have questions about Exit Insight or Exit Planning? Want to schedule a complimentary call with author Joseph M. Maas? Call Joe at 206-275-5455 or send him an email.