Ep #003: Creating a More Efficient Business Through Proper Exit Planning
Many people believe that having a business exit strategy in place will only help them if they plan on leaving their business in the coming years. However, creating an exit strategy can actually help your business become inherently more efficient because you put systems in place, delegate more and start to document all your processes. So, in this episode, Tom will be sharing what exactly an exit strategy might entail and how you can implement some of these processes into your business today.
Listen in as he explains the three things all owners must address to successfully transition their businesses, as well as the benefit of getting a market evaluation of your business. You will learn how to identify the gaps in your business so you can make things run more efficiently, the importance of knowing what you want to do with your time once you exit and why you should always write your plans down.
Listen to the full episode:
What You’ll Learn:
- How a business exit strategy can help your business become more efficient.
- The importance of having a strategy to maximize transferable value.
- The value of having a written financial plan.
- Why you should have a written “life after business” plan.
- How to get a market evaluation of your business.
- What a CEPA is.
- The benefit of meeting with your sales reps at least once a week.
Ideas Worth Sharing:
- “Exit planning is a strategy that allows business owners to leave their businesses when they want, for the money they need, and to whoever they choose to sell it to.” - Tom Poltersdorf
- “When you focus on driving the value of your company up and integrating your personal and financial objectives into it, you’ll actually end up having lots of options to exit on your own timeline.” - Tom Poltersdorf
- “If you can completely remove yourself from the sales role and your business continues to thrive, that will most certainly make your business more attractive and increase its value.” - Tom Poltersdorf
- Find a Local CEPA
- From Successful to Significant: The framework for a high value business transition White Paper
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