you will one day exit your business...
The question is not if, but how. And if you wait to plan until you're ready to exit, then your business won't be ready when you are.
Baby boomer business owners
Three things you
need to know...
Take six minutes to read what we have to say. This may be one of the best investments you could make in your business' future. We are Exit Planners who see a huge problem that every baby boomer business owner needs to recognize now.
We created this site for you, to ultimately share three things you should know about one of the most significant events in the lifetime of your business.
A big economic catastrophe may be on it's way.
Baby boomer business owners aren't prepared for their exit - and there are a lot of baby boomer business owners. An estimated 12 million baby boomer business owners are expected to sell their businesses in the next 20 years. Even more could exit unexpectedly due to health, family, industry, or other life circumstances. While most of them believe that planning for their exit is important, only 17% of them actually have a written plan.
If business owners don't prepare for their exit now, then a poor exit is very likely and everyone could take a huge hit. Millions of employees could lose their jobs. Millions of family members could suffer heartache. Millions of communities would feel the effects. The stock market might even tank. And millions of owners (like yourself) won't get the finances, impact, retirement, or legacy for which they worked so hard.
If you are a business owner, you are not the exception.
Many baby boomer business owners have chosen to not create a plan yet for their inevitable exit. And we believe that there couldn't be a more unwise approach. While you don't know when exactly you'll exit, you know for sure that you one day will. And waiting to plan means putting everything you've built at risk.
If you're a business owner, you need to start thinking about your exit now, even if you're 20 years away. Planning well means involving experts from many fields after a thorough analysis of your specific business, desires, and goals. Some exit strategies take five, even ten years to implement. Some safeguards should be put in place now. Waiting until "next year" could cost you millions down the line, lost employees, or failed expectations.
You should put a plan in place now, even if it feels temporary. Think of it as creating a will for your business, tailored to what matters most to you. When you consider the finances, retirement, employees, communities, and personal goals that rely on a your business' successful transition, any investment you make now will only prove to be wise and responsible. Remember that it takes longer than you'd think, especially if you're going to do it well.
Here are two action steps you can take this week.
1) Educate Yourself
The single best thing you can do to start preparing for your exit is to educate yourself on the process and people involved in planning.
On our podcast, we interview experts from a variety of fields about their professional perspective on the importance and urgency of planning your exit now.
We also designed an online video crash course to make exit planning easy to understand for busy business owners. Our short videos give you everything you need to know to get started. No need to read a hundred books and scour the web for hit-or-miss tips. And it's all self-paced, in one place, and easy to learn on the go.
2) Educate your business group
Chambers of commerce, CEO groups, personal networks, and more are all full of business owners who are likely headed for an unprepared and potentially disastrous exit.
Sponsor our online crash course for everyone in your group. You'll be able to grant access to an unlimited number of business owners for one low price each year.
Our goal is to educate every baby boomer business owner on what they need to know to prevent an unsuccessful exit. Partner with us to educate the owners around you. We'll even supply promo materials that show you or your business as the official sponsor.
We're a team of expert business consultants from ENNIS Legacy Partners on a mission to help you exit your business as successfully and responsibly as you've started it.
Our number one priority is serving you well, so please don't hesitate to reach out with any comments or questions.
Here are three options you can take right now.
Here are two things you can do this week.
The wisest thing you can do to start planning is to educate yourself on the planning process. Get familiar with what's at stake, what it takes, and who can help make the process easy. Self-educating is your best foot forward - you can do it now and from anywhere you want. Here are three options for next steps:
1) Listen to our podcast
We interview experts from various fields to discuss just how urgent the lack-of-planning problem is. You'll find relevant wisdom and key insights from a variety of industry authorities.
Most importantly, you'll get a clearer picture of what experts have to say about your urgent need to plan now.
2) Take our online crash course
Since we know that most businesses owners are strapped for time, we've designed a short, easy-to-follow video crash course that packages the info you need into bite-sized videos.
Take the course at your own pace, whether that's one video a day or the entire collection in a whole weekend. This is the fastest way to getting all the info you need to start putting a personal plan in place.
3) Sponsor a business or CEO group
Equipping business owners on their need to plan now (and what they're risking by waiting) is a challenge too big for one organization to tackle alone. You can join the crusade by sponsoring our course for your entire business or CEO group.
Pay once and we'll collaborate to give your entire group your own personal coupon code - sponsored by you (or your business). We'll even ship you custom promo materials upon request. It's a great way to educate yourself while sharing something most practical with fellow business owners who may be in the dark.
Our letter to you
Dear Business Owner,
You have chosen a wonderful career of significant influence, wealth creation, and service to others. Your path of business ownership has served you, your family, and others well. We want that to continue for years to come.
However, we know that with great influence comes great responsibility. And you must use that influence to protect what you've built and those it impacts, all with the utmost responsibility.
Your family and employees. Your customers and vendors. Even your community and industry. They will all be affected by how you leave your business, whenever that day comes. But failing to plan for such a moment could put everyone at risk, nonetheless jeopardize your own post-exit goals and objectives. You now have an opportunity to leave your business well, and planning years (even decades) ahead of time is the surest way to achieve that end.
One of our favorite quotes is by Bo Burlingham, who said in his book Finish Big, "The earlier you start preparing for an exit, the more likely it is that you'll have a happier one." Education is always a safe first step when it comes to preparing for your exit. It gives you a foundation and process you can stand on to see what your specific situation needs most.
We created a short, casual, easy-to-understand intro course that quickly gets you familiar with the process. We think this is a crucial step, so we've made it very affordable. You can easily find it at ExitReadiness.com.
We've unfortunately seen so many businesses, families, and even communities be impacted horribly by a business owner's failure to plan years in advance. Yet it is also a joyous thing to see a business owner reap the benefits of planning far in advance for the sake of their family, employees, customers, and community.
You will exit your business. It will hopefully be expected and by choice. However, it may also be unexpected due to business conditions, health, family circumstances, or even unfortunately sudden death. We are driven to have you secure your business for your inevitable exit, no matter when that may be. It's not too early to start - you should start now.
Your dreams, your goals, your family, your people, and your legacy are worth preparing for. So please receive our invitation to get started now. A lot is at stake if you fail to plan, yet there is even so much more to be gained for the people you care about if you plan well.
Here's to your future,
Founder | Exit Readiness
You will one day exit your business.
It's true - every business owner will one day exit. Some will exit by choice. Some may exit unexpectedly. You may exit by selling. Or you may even exit due to sudden health circumstances.
No matter how you exit, the truth remains - you will one day exit your business.
So the question is not if you'll exit, but how.
Will your family be financially helped or hurt when you leave your business? Will you have enough money to retire? Will your employees stay long after you're gone? Will your company values and legacy persist? Will you even get full value for all you've invested? These are all questions you should be thinking about now.
Exit planning helps you answer these questions before it's too late. However, if you fail to plan for your exit, you plan to fail in your exit. That's why 87% of business owners will likely be unpleasantly surprised when they exit. Waiting to plan your exit strategy thoroughly could cause major financial, emotional, and relational loss.
WHAT YOU CAN DO
The best thing to do is educate yourself now. We can't say this urgently enough. Don't wait until you're 5 years out. Don't wait until next year. Start learning the process and people involved in preparing for an amazing exit (even if you're 20+ years out).
As professional exit planners, we know that it takes more thought, time, and strategy than you'd expect. Please don't find that out the hard way. Educate yourself ahead of time.
Here are two practical steps ways to educate yourself:
1) Take a self-paced video course. We've coached many business owners and know that getting an overview of the process comes first. That's why we even created an entire project dedicated to educating you on the essentials, immediately. It's down-to-earth and can be done anywhere, at anytime.
2) Get some bonus seminars. Seminars are a great way to get key insights on specific exit strategies that you may not have considered before. You can search YouTube or purchase access to our growing seminar package. All of our seminars are taught by experts who are certified and professionally validated.
A FINAL WORD
If you are a business owner - whatever you do - please don't wait to start planning your exit. And our suggestion is to start by educating yourself on what the process entails and how to go about it. Hopefully, Exit Readiness will prove to be an invaluable resource for you to that end.