When it comes to getting ready to transition away from your business, it’s important that your exit strategy is well thought out. However, many business owners delay exit planning to manage their busy schedules running the business. Unfortunately, this leads to issues when they do eventually exit their business. So, in this episode, Tom will be sharing the top 3 common exit planning mistakes that he sees and how you can sidestep them as you begin to plan your exit strategy.
Listen in as he describes the importance of knowing the value of your business and how to find out the actual valuation of your business. You will learn the benefit of starting to map out your business exit plan early or when the business is going well, why you should learn how to delegate effectively, and why you shouldn’t be responsible for every little thing in your business.
Listen to the full episode:
What You’ll Learn:
- The importance of knowing the value of your business.
- How to properly valuate your business.
- How to ensure the transition goes smoothly.
- Why you shouldn’t wait too long to put a plan in place.
- How to delegate some of the business decisions and why you should do this.
Ideas Worth Sharing:
- “Planning well in advance gives you time to… articulate your goals, prepare your business to be attractive for a sale and seek the best lucrative liquidity event.” - Tom Poltersdorf
- “One critical skill that owners need to get better at is how to delegate effectively.” - Tom Poltersdorf
- “When you have the right people in place, your company is worth more.” - Tom Poltersdorf
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