Are You a Business Owner?
A New Entrepreneur?
Begin with the End in Mind!
I recently attended a seminar about business succession planning. My fellow attendees (mostly lawyers) learned tips from investment bankers, accountants, valuation experts and other lawyers about transferring a business (often at retirement) from one generation to the next, or selling a business to some outside purchaser. One thing I learned is that the market for small and medium-sized businesses is robust right now. I also learned a lot about what buyers are looking for in a business to purchase.
The presentation reminded me about a book I recently read - Stephen Covey’s famous “7 Habits of Highly Effective People.” Covey suggests that highly effective people “begin with the end in mind.” That is, they envision what they want the end to look like at the very beginning of their project.
This principal fits nicely with what I learned yesterday. If an entrepreneur’s goal is to someday retire and pass the business to family or sell it to a buyer, it makes a lot of sense to begin with the end in mind – to think about what an exit looks like on the entrepreneur’s own terms – and then run the business, hire the people and build the systems that allow the owner to exit the business with calm, grace and ease, consistently with her vision.
The reality is that many of my clients come to me with businesses that have been running and supporting families for years and years. Running a business is demanding. It takes all the entrepreneur’s time and energy. Sitting down and envisioning an exit strategy is, to many business owners, a luxury in which they can’t indulge. But it’s never too late to start envisioning the exit strategy. If you’re just starting out, congratulations! You can envision your exit now, build a team and work on a plan to get there.
Some of my most rewarding professional work is with small business owners. If you own a business or are just starting out, let me help you envision what the end looks like and help you assemble a team and a plan to get you there.
Contact Bill Knee at 847-807-5633