The Wisconsin Chapter of the Exit Planning Institute released its findings from the 2018 Wisconsin State of Owner Readiness Survey in November 2018. You can download your copy here. Our key takeaways are that there are common barriers that business owners face in Wisconsin and Beyond. For starters, let’s think about what ideas might indicate you need to start planning your exit and succession strategy.
Do one or more of these ideas apply to you?
- You want to sell your business someday.
- You want what you do as a business owner to be different than what it is right now (working in or on the business more or less than what you currently do, or you want to go and do something entirely different).
- You want someone else to run your business someday.
- You have a startup you want to sell.
- You are a business owner aged 50+.
- You don’t know where to start, or how to be confident with your succession plans and exit strategy.
- You wonder if your business is worth enough to meet your financial needs (and you are waiting for when it is, so you can think about leaving).
- You believe that when the business is ready, a buyer will find you.
- Your business is your life. You can’t imagine your life without it.
- You own a family business and believe the next generation will take the baton when you are ready to hand it over.
- You don’t like the idea that if you sell your business, you could be required to work for a new owner for years.
- You need a good overview of options and components to planning the transitions and transformations necessary to healthy business succession.
- You are concerned about how others will react to your plans or if you communicate your desire to move on someday.
If you answered, yes, to one or more of the points above, it is time to begin planning. You don’t need to wait. The transition to new leadership — and possibly ownership — won’t happen overnight. Let’s talk about how you set aside an adequate transformation period and transform your business as you create and take steps toward succession and exit.