At Synergetic Finance, we get calls every week from business owners who want to be financially successful, but who don’t necessarily understand why they need an exit plan. That’s one of the reasons I wrote Exit Insight: Getting to “Sold!” – to help business owners grasp the importance of maximizing their companies’ value. I explain it briefly in my intro to the book (p. 10):
Here’s the crux of the matter: You own a business, and you’ve grown this business to its present level of success. Now, for whatever reason, you are interested in either establishing new business objectives and financial goals, or assessing the value of your current objectives for achieving those goals. This is the most important task of all, because knowing your outcomes will guide your decisions, often saving you valuable time and money.
Your business goals may include any of the following. Perhaps you are looking forward to retiring in five to ten years, and want to know the true market value of your business with certainty; most business owners overestimate the value of their business because they don’t know how the market assesses a business’s value, and thus are unprepared, disappointed, and in fiscal danger. Furthermore, with this in mind, there is a lot to know about how to organize your business for a third party sale, or how to organize your business for a family member to assume ownership.
Another goal may be to prepare your business for the disruption caused by the death of a business partner, or your own death. And, disability is another risk you may want to address because if you or one of your business partners were unable to work for an extended period of time, there would be no business as usual. Divorce is common, unfortunately, and when you or a business partner is confronted by this serious emotional and financial situation, your business can suffer major repercussions.
Risk is a factor of business, and while there are many risks, there are also many ways to ameliorate these risks so when the unthinkable happens, you are prepared with plans that protect your years of work. This book offers solid and sensible solutions to the many risky situations you and your business is likely to face some day.
Knowing your financial goals and objectives from the very first day you start your business is best, so all your decisions are made, in spite of the tumultuous conditions of the business universe around you, with the “Exit In-Sight” which is the reason for this book’s title.
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.