Why Business Owners Fail To Plan
Franklin Taft was understandably a bit neurotic. He was increasingly anxious to begin planning for his eventual departure from his business, but his concerns prevented him from proceeding. "I'm too busy working in my business to think about how to leave it. Besides, I don't know what to do-and neither do my advisors."
Sound familiar? In our experience, the primary reasons owners hesitate to begin the planning process are:
- You are so busy fighting alligators that you don't have time to drain the swamp. Daily demands mean all of your time and energy are spent working in the business. You have little left to work on the business of leaving your business.
- Owners are unaware that there is a defined Exit Planning process that provides a template showing them what they need to know and do in order to leave their businesses "in style."
- Most lawyers, CPAs, insurance professionals and investment advisors - your professional advisors - don't know how to effectively work together to help you leave your business in style. If one of the professionals on your Advisory Team has provided you with a subscription to this newsletter, chances are good that
he or she is well informed and specializes in helping owner/clients.
- Finally, (and this wasn't a problem for Franklin) many owners have a fear of the unknown - what will they do after they exit their businesses.
At the risk of sounding like the dentist you feared as a child, "Trust me, it won't hurt." As a successful, smart business owner, you will both discover and create a new and fulfilling life apart from your business. Read Issue 13, "Former Owners Express No Regrets."
Subsequent issues of The Exit Planning Navigator® discuss all aspects of Exit Planning.