6 Business Exit Triggers – Why You Want To Plan Your Business Succession Strategy –
by Leigh Riley · Filed Under: Business Exit Plan · Business Exit Strategy · Business Succession Book · Succession Problems · Succession Readiness Assessment
Business Exit Is Not Always A Planned Strategy
As a business owner you have already discovered that events beyond your control are likely to bring unexpected surprises / shocks that can have a profound impact on your business cash flow and profit.
Multiple factors contribute to your business success in both the long and the short term, and while some of these factors may be beyond your control, just as many success factors are within your control, but are often overlooked.
Unplanned events that have the potential to annihilate the future profitability of your business are often related to your unexpected exit from your business, triggering a business succession scenario. While these events may not be planned, expert business exit preparation can allow you to minimize unfavorable consequences of unexpected life and business events.
6 Business Succession Triggers
Even with a business succession plan, the impact of an unexpected owner departure can be just as disruptive as having no business exit strategy. So you want to make sure that your exit plan covers these 6 succession triggers, most of which are due to unplanned events:
1. Death
2. Disability
3. Dispute
4. Divorce
5. Departure due to retirement
6. Desire for difference
This is the first post in a series in which I will cover each of the succession triggers in more detail. While you are waiting for the next post you can click the link to take the FREE business succession quiz to assess how well prepared you are right now to exit your business with maximum cash flow and profit.
Have you or a family member or friend ever experienced one or more of these succession triggers? I invite you to share your wisdom and experience in the comments box below.
To Your Profitable Business Succession,
Leigh Riley
