It’s been said that the most commonly heard phrase when we get to heaven (or wherever your journey ends), will be, “Well, it seemed like a good idea at the time.”
So it was for my exit strategy, that went through four permutations before finally coming into reality in a way I didn’t expect when I began my planning over 10 years ago.
Plan A involved turning the business over to the family. Unfortunately, that plan didn’t include talking enough with the family to determine if they wanted the business and, if so, whether they were willing to pay for it. When substantive discussions took place, I learned their answers weren’t what I expected.
Plan B was to sell to an outside, third party and move on down the road. However, I had a case of “sticky hands” and wouldn’t and couldn’t let go of the business. It lacked some key elements to make it attractive enough and I was unwilling to expose it to the market and all the things that can happen to a business (and its owner) when the business isn’t ready to sell.
Plan C was to hire and train a person from outside our organization to run and grow the business. After two years and spending quite a bit of money (at least to my pocketbook), that plan failed.
Plan D is best for me, my family, the company, and the person who is succeeding me, Jon Holbert, now CEO and partner in CBI Team Global, Inc., the CBI Team.
Jon came from inside our CBI Team. He understands and embraces the vision and practices of the CBI Team and has the skill set to take the organization further than I could.
Why am I telling you this story?
Because most of you haven’t even started Plan A yet. You’re running your business and working “in it” but not “on it” and, believe me, it will cost you if you don’t take time to address how you exit the business.
Do you want to go out on your terms or someone else’s?
The first step for you is to call or email CBI and sit down with a trained, experienced business broker.
The best way to start is by contacting the CBI Team at confidential@cbiteam.com for a no-obligation assessment of your business.
And that’s all I have to say about that.
