Exit Planning Services in West Michigan
As a business owner, there are many tasks and challenges that arise weekly (perhaps daily). These challenges are constantly being prioritized and re-prioritized, making it difficult to set aside time to plan long-term for a successful sale. Yet even with most small business owners having somewhere close to 80% of their personal net worth tied to their business, it’s hard to find time to property plan for the inevitable and eventual transition from your business.
Most business owners see an eventual sale as their exit plan. 80%+ of Calder Capital sell-side clients end up successfully selling their business, but overall, only 20%-30% of American small businesses on the market actually go through with a successful sale. Why is this the case? There are many reasons, but here are some common themes:
- I want to retire soon, but my business’s success is dependent on my involvement.
- My business is stagnant, and I feel it needs a boost before I can sell.
- I want to sell now, but my valuation isn’t where I need it to be.
- My business partner(s) and I are not on the same page about how to move forward.
- I don’t have the people in place to transition out of my business.
The key to a successful business transition is having an actionable exit plan in place and working on it before you start the sale process. A proper exit plan is detailed, uncovers blind spots, and prioritizes business owner needs across three primary pillars – personal, financial, and business. The creation of and execution of this plan is the core of what exit planning advisory services are. No business owner wants an unpleasant surprise when thinking about the next phase of life, and Calder’s Exit Planning Services helps mitigate those potential surprises.