Businesses: 6% Will Close Without Selling (ATO)

In Australia, that equates to about 120,000 businesses a year that do not sell, with owners simply closing their doors.  Alarmingly, this statistic is rising due to the large amount of businesses that are not adequately prepared for the issues they will face when the time comes to leave.  They haven’t built their business as a valuable asset with a Business Selling Strategy.  Escaping these statistics is easier than you may think.

75% Have No Succession Plan

The 3 top reasons business owners like yourself state as why they haven’t implemented a formal exit strategy is because

• they’re so busy working ‘in’ their business, they’ve failed to take stock and spend time working ‘on’ their business;
• they think it’s too hard and allow seemingly more pressing everyday tasks to take priority, ultimately losing focus of the big picture for their business with a business selling strategy;
• they don’t see the immediate need, particularly if they feel it will be some years before they wish to retire from their business

The Number of Business Owner’s that will Leave Due to Unplanned Circumstances is 51%

Business owners always believe they will choose the time when they will leave…..but in doing so, they lose control when they overlook the 6 Succession Triggers and fail to understand that only 2 of these can be controlled.  The other 4 exit triggers will adversely affect them, impacting heavily on their financial outcome when they exit from their business.  It doesn’t have to be that way.

How Do You Escape and Overcome the Succession Statistics?

I can’t cover all the ways for you here in a short blog post, but I can share a lot more techniques in the books, and also in a FREE Webinar.  If you are serious about your business direction, have a goal for the way you see it developing as a valuable asset that you can one day sell, you can’t afford to miss the opportunity.  Sign up for the FREE Webinar to learn how! You can do this by emailing your interest to my office at support@ybsprofits.com  or  call 1300 499 225 or (03) 9584 5099 to book your place. The session will be on 21 June 2011 and they will run in two timeslots, 2pm or 7pm for 45 minutes each.

Here’s to Your Profitable Exit Strategy!

Leigh Riley

I’m blogging to you from New York City and about to reveal the last 3 important reasons to think like a buyer when you sell your business. These are the points I emphasized to the editor of Inc Magazine (USA) when I was asked to list the things a buyer should look for when buying a business (these follow on from the previous two blogs)

Scenes form New York City: Columbus Circle in Manhattan

8.Systems and Processes

Buyers will want to check out the way your business operates as this will provide an indication of efficiencies. If it is a turnkey operation that anyone can run; and there are established, up to date training manuals, and all staff clear about their role in the business, buyers will pay a premium for that, so it makes sense to ensure you provide this if you are to profit the way you had hoped when you leave your business. If not, be prepared to have a buyer beat you down on price.

9.Leases, Plant, Equipment and; Machinery

Terms and life of leases of your business operation are essential so buyers will scrutinize these carefully. You want to make sure there are reasonable and long term leases in place to protect the continuity of the business operation. Operational equipment must be in good order, or else a buyer will be turned off believing they may be burdened with the need to inject immediate capital to upgrade for future efficiency of the business. Tired equipment, plant and machinery can be a massive drain on profitability, so sort it out before you sell, otherwise you can expect this to be reasoning to beat down your business price.

10.Exit Planning Prospects for the future

I know you’re thinking “why would it be important to a buyer to consider their exit strategy on a business they’re about to buy and probably not planning on leaving for some time?” It’s good question, but definitely don’t discount it because buyers today are thinking to start with the end in mind. That’s because the informed buyers knows one day they will want to also sell for a maximum price. The informed buyer also knows they may not always choose when they leave because unplanned events such as dispute, divorce, disability and death are a lot more common than is thought. You can help by thinking about the exit options for them, and one way to demonstrate this is to have your own exit strategy clearly mapped out. Financiers are now also asking for this information before they lend money on the acquisitions, so it really is in your interests to have this sorted out before you sell. On top of that, it will help you because what if circumstances force you out unexpectedly? Is this a business you are going to be able to off load quickly if you need to, and at a price that is satisfactory to you. If it’s a business that requires special interest or skills, you better start thinking about it now, before you sell, so you don’t get caught out and left strapped for cash.

You can read a lot more about these points I make in the book “Your Business Succession, how to enter, execute and exit your business for maximum cash flow and profit”

Here’s to Your Profitable Business Exit!

Leigh Riley

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I’m currently in New York City and when Inc Magazine (USA) asked me to comment on what a buyer should look for when buying a business, following on from my previous blog, here’s 4 more things I told them.

View from my rooftop of NYC – Manhattan Skyline

Where is your business positioned in the marketplace?  Does it dominate a particular niche or is it floundering in the fringes?

4. Marketing

Understand the purpose and motivation of why a buyer may want to purchase your business as this will enable you to use it to your advantage. Let’s say you have a business that is uniquely positioned in a manner that could provide a competitor with the competitive advantage they long for. This could be a strategy for you to build upon toward your business exit plan and develop a superior sale price.

On the other hand if your business is just coasting along but you have identified ways to improve the performance quickly, you can offer to demonstrate this to a a potential buyer, so you may retain their interest and prevent them from insisting on a reduction in sale price.

5. Ownership Structure

This is important to you as a seller particularly in relation to taxation and a buyer in terms of future ability to raise funds for expansion plans. A seller may need to go to the expense of restructuring to ensure they’re in the best position to profit after tax. This is something you must consider before you sell with the advice from a CPA.

6. Buying the shares versus the business

Sellers are usually advantaged by selling shares of a company (under Australian Tax Law) rather than the business itself, but if a buyer accepts this, they take on the liability factors of the company that could impact them adversely in the future, so they are generally reluctant to agree to this. One way to mitigate this risk for the buyer and encourage them to buy the shares for your benefit is to provide sale terms with ‘run off’ professional, product and public liability cover (funded by you as the seller) to protect their acquisition with insurance.

7. Management and Organizational Chart

Buyers are looking for a business that’s viability is not dependent on too much of their own physical effort. As a seller your business will be more attractive to a buyer when you can demonstrate the management and responsibility structure with an organisational chart to show who in the company has the rainmaking responsibilities versus the operational tasks. A clearly defined structure indicating little or no owner reliance can provide some comfort. Further to this, show how your key employees are remunerated with attractive employment contracts ensuring staff retention when you leave. You don’t want the buyer to have any fears about the key income generating staff leaving due to a change in ownership. Remember you’re not just selling your business; you’re buying selling everything that make the business work which may or may not include the staff.

So there you have 4 more good reasons to think like a buyer when you sell. In the next blog, I’ll reveal the last 3 which may arguably be the deal makers or deal breakers for the successful sale of your business.

Here’s to your profitable business exit!

Leigh Riley

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I am so excited to report that I successfully passed the Chicago Uni CEPA program which means I am now a fully qualified Certified Exit Planner and indoctrinated into the USA industry body known as CEPA.

Class photo from Chicago Uni – CEPA Program

To reward myself I decided on a quick trip to New York City where i was asked by the editor of Inc Magazine USA to contribute to an article about what buyers should look for when buying a business.  Over the next three blogs, I’m going to tell you everything that I told them, and this is important for you to take notes, because understanding what a buyer looks for when purchasing a business does effect you.  As a seller, you can make sure your business looks exactly like the type of business a buyer would want, and in doing so, your business will become the business that stands out in the crowd, and can command a premium price. That translates to a future set for financial security.

Here’s the first three key points that buyers are looking for:

1. Proven Financial Stability and Profitability

Buyers will want to check the historical performance of your business before they purchase and will verify reports against lodged tax statements.  They want to check out your business debt exposure and understand the debtors (money owed to the business by customers) and creditors (money the business owes to suppliers etc). If buyers are applying for finance to fund the purchase, banks will require this as part of their due diligence before they will approve a loan. If banks won’t lend, buyers may look to you to provide some assistance with Vendor Finance terms or some other financing mechanism, so you’ll need to be prepared for this. Financial data will give buyers a good understanding of how well your business has been managed financially, and enable them to gauge the ability of the business to borrow for expansion and capital improvements. Shrewd Buyers know the past is not always a good measure for the future, so make sure you offer your business plan to indicate a clear direction for the future of your business. 

2. Future Prospects and Forecasts

There are many businesses that have performed well in the past, but the future looks grim for them due to technological advancements or changes in demand and market trends.  You would be wise to provide some evidence of the future market conditions. If you are not sure why this matters, think about what iPods and iTunes have done to CD sales and you may have some idea of how trends can impact heavily on the future financial viability of the business.  Understanding your business future prospects together with a legitimate reason for selling can be a huge bonus in securing a buyer for your business. Take the time to research future prospects for your business so that buyers are secure in avoiding a dead end acquisition.

 3. Client Concentration

Consider where the main income of your business comes from and how much exposure it has to each client.  If your business receives more than 20% of its income from one source or customer, this is risky for the buyer especially if there are no service contract in place to protect the revenue source when you leave.   Everyone knows that when there is a change of management or ownership, there is a possibility of client loss, so take steps to ensure the income your business generates is secured with contracts, and that income sources are sufficiently diversified.  Income sources that are too heavily concentrated in one area, leave you open to the buyer haggling on your business price.

Like I keep saying, you need to think like a buyer when you sell, because it will help you to position yourself for strength and financial reward.

Here’s to your successful exit strategy

Leigh Riley

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Situational Errors That Prevent Your Exit With Maximum Cash Flow and Profit…

Yesterday I was speaking with a very experienced business motivator about Business Succession Planning.  I was very surprised to learn that she believed Succession Planning was something a business owner would only consider if they were thinking about retiring soon.  I was very quick to point out several reasons, many of them unplanned, that someone would exit from their business (see some of these in earlier blog posts).

51%  of business owners exit their business before to retirement age

You may be just as surprised as she was to learn that 51%  of business owners will exit from their business prior to retirement age, with a large number of exits being due to factors beyond their control, or that they would not have considered possible.

My previous series revealed 8  Business Succession Strategy Weaknesses that prevented business owners from exiting with maximised financial benefits and outcome.  In this series, I’ll identify 6 Situational Errors that prevent business owners from capitalising when they exit their business, particularly when their departure is beyond their control.

Most business owners I’ve met are naturally quite driven and vibrant and it seems almost inconceivable that anything could happen to prevent them from achieving or maintaining their success in business. However, illness can be a major unplanned factor forcing a business owner to leave prematurely. Failing to recognise this is a situational error of judgement that can lead to an unfortunate financial outcome for you as the business owner, your family, customers, employees and suppliers.

Case Study #7 – The Impact of Unexpected Illness On A Small Business Owner and His Family

In my book “Your Business Succession” in Case Study #7 I refer to sole trader Brian, who operated a Mechanic Workshop from leased premises with one apprentice.  Brian earned a very good income that supported his wife, Sue and two children. However when he was unexpectedly diagnosed with a brain tumour at age 38,  his ability to function was swiftly impaired, impacting the viability of his business.

Brian’s apprentice was not skilled enough to continue operating the business without him.  His wife had very little understanding of how to run a business and wasn’t confident enough to supervise someone else to run it either.  On top of that, the business was not generating enough revenue to pay someone to manage it as well as pay Brian’s family the income which they had built their lifestyle.

Impact on Brian’s family and employee

Sue’s distress was two-fold; first due to the potential loss of her husband to their family, as Brian had only a small chance for survival , and second, due to financial hardship that meant their lifestyle was suddenly very stretched.  Sue could not seem to find a buyer for the business due to the transactional nature of it and the reliance on Brian to operate it.   She was forced to terminate the apprentice (whom she could no longer pay), wind up the lease (which cost money to do) and commence liquidation of the business assets (which were sold under fire-sale conditions as she needed money fast).

The financial outcome for Brian’s family could have been quite different had he sought professional exit strategy advice and implemented some simple key strategies.  Until that unfortunate situation arose Brian also had believed that Business Succession Planning was only for people who were about to retire.

Possible exit strategies Brian could have used

One possible exit strategy for Brian could have been to use a Buy-sell Agreement with a pre-agreed sale price based on the valuation of his business.  This would involve a legal agreement with a competitor, friend or colleague working in the industry to ensure there would be an automatic buyer for the business if it needed to be sold.  A simple life policy could have assisted with the financial burden and could also have been used to fund the buy-out in the Buy-sell agreement.

Mitigating the financial loss made in the face of illness was possible even though Brian operated as a sole trader. A Business Exit Plan would have ensured continuity of his business, with continued financial viability for his family, and maintained a job for his apprentice.

Small businesses can be most vulnerable to unplanned exits

The smaller your business, the more vulnerable it can be, so structuring your business with an exit strategy for diverse situations is essential if you want to maintain secured financial viability.  Brian had no way of knowing he would soon be forced from his business due to illness, or that he would exit well before the anticipated retirement age.

How to avoid situational errors of judgement

Don’t leave your business exit strategy to chance.  Make sure you’re in a position to profit no matter what the situation.  Ignoring this situation is to gamble with your future in a manner that could adversely affect you, your family, your employees, the viability of your business, your social standing in the community and your trading partners and suppliers.

Plan the right succession solution for your business ownership structure. One business exit strategy may be to arrange a formal buy-sell agreement with another interested party. It could be arranged with an employee or a colleague already operating in your industry. For your successful business exit strategy, take a look in the book “Your Business Succession…how to enter, exit and execute your business for maximum cash flow and profit” where you will find dozens of options to help you design the best business succession strategy for your profitable exit.

How well organised is your business exit strategy?

Take the FREE Business Exit Quiz, and get your own customised report which will reveal the strengths of your business exit plan and uncover any shortcomings that you must to address if you want to maximise your profitable outcome from your business when you exit through any circumstances.

Here’s to your profitable business exit!
Leigh Riley

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Overcoming Business Succession Strategy Weaknesses

My previous post consisted of a case study about how to eliminate or reduce tax payable when you exit your business, and in an earlier a post I identified the 8 Exit Strategy Weaknesses that you want to overcome for a more profitable exit outcome.

Being in business requires you to maintain updated knowledge of a vast range of issues, and the economic factors impacting your business are just as important as anything else I’ve covered in this blog series.

Understanding the trends that will develop and change your business as a result of economic factors will be crucial for the longevity and continued viability of your business.

On Friday I was speaking with a dentist who was busy factoring in demographic population shifts and social change to his business decisions.  He was thinking about how these factors that he had identified would affect his Dental Practice earnings over the next 10 years.  Cleverly, he is actively planning his business for the shift in demand, to ensure his Practice continues to remain relevant to the market and profitable well into the future.

Who would have thought that tooth repairs would be affected by changes to the economy?  But dentistry is a business like any other, and this very smart dentist is fully across that fact.

Here’s an economic reality that will affect every business, no matter what your industry or business focus may be.  The Global Financial Crisis (GFC) has had a long lasting effect in ways you may not have imagined.  Even if your business has grown and continued to prosper through this period, it is very likely it will bite you when you go to sell – unless you’ve put in place a healthy exit strategy.

How To Can the GFC Effect Your Business Exit?

If you’re expecting to sell your valuable business asset, start thinking about the price that someone will need to pay to buy.  If you’re like many business owners I’ve met, you may have built an asset that is not easily afforded without the buyer borrowing to purchase.

Now here comes the GFC crunch point: all financial institutions are scrutinizing very carefully the money they lend for business purchases since the GFC.  They will only lend to people who have substantial assets to back the loan, and in the absence of that, financial institutions require a very healthy business proposition with a high level of business asset backing and robust sustainable and proven cash flow.

That reality is certainly applying pressure to business owners who hope to make an easy sale in the immediate or medium term.  The situation isn’t likely to improve for some time, so it wouldn’t be wise to live in hope that it will pass soon.

How can you prepare to sell your business for the price you want?

You want to start preparing now!

• Boost your revenue and continue to show a healthy profit.
• Tidy up your business financial status.
• Identify the trends for your industry and start leading your business into the long term sweet spots of revenue earning.
• Develop a strategy that will position your business earnings for the long term.
• Think outside the square about who will buy your business, and how you can position your buyer to afford your business so you can exit with maximum cash flow and all the profits you deserve for the lifetime of effort you’ve invested in building your business.
• Gather a team of succession experts to assist you in locking in your strategy, and make sure they’re working collaboratively for your benefit, so that you receive the best possible solution that will overcome all the barriers we’ve identified.

If you need a quick summary of the aspects of your business that will get you started on preparing your business succession, you can take the Business Exit Quiz. It’s FREE, and you will receive a customized analysis of your exit readiness with a list of items that you need to work on to maximize your business sale price.  The 10 questions usually take 2-3 minutes to complete.  So what are you waiting for?  Click here now to take the Business Exit Quiz.

You could also read the book ‘Your Business Succession‘ for a comprehensive commentary on how to prepare your business for maximum cash flow and profit at your exit.  Order your copy of “Your Business Succession” online.

To Your Profitable Business Exit!

Leigh Riley

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Business Succession Strategy Weaknesses

In a previous series on why too many business owners fail to exit their business with maximum cash flow and profits, I identified 8 business exit strategy weaknesses which may cause a disappointing business succession outcome for you.

The previous post in this series revealed why you want to move from the Unilateral Zone to the Three Dimensional Zone Of Value™ in your business to boost your business exit cash flow and profits and this post demonstrates that transparent terms of sale can seal the deal for a favorable business exit.

How Transparent Terms Of Sale Can Seal The Deal For A Favorable Business Exit – Case Study

Chemical manufacturer, Christopher, wanted to retire from his business, which produced manufactured products and cleaning goods using protected formulas.

He easily attracted an interested buyer due to the financial data he was able to provide. However, the contract sale terms were terminated when it became clear to the buyer that the chemical formulas were not clearly documented, and Christopher was not willing to provide these in a written format with a manual.

The buyer lost faith due to the seller’s lack of transparency, and abandoned the sale.

This was a wake up call for Christopher and he finally agreed to provide the documentation, but the buyer no longer wished to proceed with the transaction, because he now believed that Christopher was less than honorable.

As you read this case study, it may seem very obvious to you how this problem could have been avoided. However, as was the case with Christopher, too many business owners are unaware of how their actions (or lack of action) can affect their business exit until it is too late.

So I can’t emphasize strongly enough how important it is for you to be transparent and to document clearly exactly what you intend to include in the sale of your business as you prepare to exit.

How to document your business processes is discussed in more detail in my book, Your Business Succession: How To Exit Your Business For Maximum Cash Flow And Profit with specific solutions to Christopher’s business exit problem in Part 5.

How well prepared are you to exit your business with maximum cash flow and profits? Take the FREE Business Exit Quiz (only 5 minutes) and find out exactly where your business succession strategy may be letting you down, and how to improve your chances of exiting your business for maximum profits and cash flow.

To Your Profitable Business Exit,
Leigh Riley

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Business Succession Strategy Weaknesses

In a previous series on why too many business owners fail to exit their business with maximum cash flow and profits, I identified 8 business exit strategy weaknesses that may contribute to a disappointing business succession outcome for you.

My last post pointed out the pitfalls of failing to value your business properly, and this post explains why you want to move your business from the Unilateral Zone of Value™ to the Three Dimensional Zone of Value™ so that your business will have the highest possible valuation at the time of succession.

Why You Want To Move From The Unilateral Zone To The ‘Three Dimensional Zone Of Value’™ In Your Business – Case Study

Fritz was the successful owner of a car dealership that he had operated for more than 20 years. He proudly conveyed that the primary value in his business was his own personality and ability to develop relationships. He was resolved that he was the sole reason for the business success and he knew when the time arrived for him to leave, he would have nothing to sell other than stock, the premises, office equipment, and other goods and chattels.

Fritz admitted to having no formal arrangements with customers and suppliers, who continued their association simply because they liked to deal with him. He considered his staff to be mere instruments for backing him up in the operation, because they added no value to his business turnover or efficiencies without his specific instructions.

Fritz’s biggest complaint about having a business was that he could not get enough time away from it to relax and enjoy some of his success. This is a classic example of a business operating in the ‘Unilateral Zone of Value™’.

This example demonstrates a business strategy problem, but it also is representative of a case with leadership, management, contingency and continuity problems.

Obviously Fritz needs to develop his car dealership from the ‘Unilateral Zone of Value™’ into the ‘Three Dimensional Zone of Value™’ if he wants to increase the business value, and therefore the selling price at the time of exit, which could occur either at a time of his choice, or by circumstances beyond his control.

How to build your business value to the Three Dimensional Zone of Value™ is discussed in more detail throughout my book, Your Business Succession: How To Exit Your Business For Maximum Cash Flow And Profit with specific solutions to Fritz’s predicament in Part 5.

How well prepared are you to exit your business with maximum cash flow and profits?

Take the FREE Business Exit Quiz (5 minutes of your time) and find out where your business succession strategy may be letting you down, and how to improve your chances of building a business for maximum profits and cash flow

To Your Profitable Business Exit,
Leigh Riley

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Business Succession Strategy Weaknesses

In a previous series on why too many business owners fail to exit their business with maximum cash flow and profits, I identified 8 business exit strategy weaknesses that may contribute to a disappointing business succession outcome for you.

Failing to properly value your business was one of those weaknesses, and is the subject of this real life business succession case study.

The Effects Of Failing To Properly Value Your Business – Case Study

A sole director (Dave) was nearing retirement and recognized that a talented, key income-generating employee (Pete) would be an ideal candidate to take over the business.

Dave gave Pete 20% of the company without Pete paying any financial consideration, as incentive to retain him. Pete was delighted to enter into a buyout agreement set up by Dave’s accountant to acquire the further 80% over four years .

Dave based the valuation of his business on his own estimations, as he did not believe it was worth paying the accounting fee for a proper valuation.

Later, while Pete was honeymooning overseas with his new wife, Elise, he died in an accident. Elise, being well advised, arranged a business valuation and made a claim on Dave for her share of the business that she now rightfully owned as Pete’s sole beneficiary.

Dave didn’t think he should pay Elise anything, because Pete didn’t pay for the shares. What’s more, Dave was surprised to learn his business valuation was higher than he thought, so he had given away much more than he had estimated.

Unfortunately for Dave, the legal opinion was that Elise was entitled to due payment for the full amount of the valuation. Dave had to go into debt to pay Elise, significantly delaying his retirement until the debt was cleared.

This case demonstrates a strategy problem in Dave’s succession plan – while he recognised the value in arranging a succession plan, he had failed to obtain a formal business valuation, which let his entire exit strategy down. It also reveals the impact of overlooking other common areas of business failure, such as contingency and continuity problems, which are identified and discussed in detail in Part 5 of my book Your Business Succession: How To Enter, Execute And Exit Your Business For Maximum Cash Flow And Profit.

How well prepared are you to exit your business with maximum cash flow and profits? Take the FREE Business Exit Quiz (5 minutes of your time) and find out where your business succession strategy may be letting you down, so you can learn how to improve your chances of building a business for maximum profits and cash flow and profit.

To Your Profitable Business Exit,
Leigh Riley

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Seven Business Succession P.R.O.F.I.T.S. Keys

All business owners want to exit their business with maximum cash flow and profits. My previous posts and series have mostly focused on identifying the habits and faults that will weaken your business’s potential to generate the cash flow and profits you desire when you leave your business, either through planned or unplanned circumstances.

This post holds out a candle of hope by presenting practical exit strategy steps as I introduce you to my Seven Business Succession P.R.O.F.I.T.S. Keys. My next series of blogs will detail real life case studies in which I will refer frequently to my Succession P.R.O.F.I.T.S. Keys, so this is a timely opportunity to introduce them:

Succession Profit Key 1: Proceed with the End in Mind

• Plan your business and exit sale NOW
• Set your exit goals
• Schedule and program the implementation of your business exit plan
• Formulate policies prevent fraud within your business
• Develop standardized procedures to support your business policies
• Create systems
• Employ the right people

Succession Profit Key 2: Reduce Tax by Choosing the Best Structure

• Seek advice about the right structure to minimize exit taxation from the start
• Plan to leverage capital gains tax relief laws

Succession Profit Key 3: Organise Your Business to Be Free from Debt Commitments

• Understand your obligations with guarantees
• Inform yourself about different types of guarantees
• Discover how to release your business from a guarantee
• Recognise when you can transfer responsibility to another guarantor

Succession Profit Key 4: Flag Potential Funding Solutions for Your Profitable Succession

• Explore your exit strategy options
• Identify various vendor finance arrangements
• Understand Buy-Sell Agreements
• Consider the possibilities of an ESOP (Employee Share Ownership Plan)

Succession Profit Key 5: Identify Ideal Buyers and the Selling Process

• Prepare early to find a buyer
• Learn how to identify a potential buyer
• Formulate your Business Vendor Statement
• Find your potential buyers
• Plan for the transfer
• Buyer – conduct due diligence
• Seller – conduct due diligence
• Negotiate your sale price
• Finalize your contract of sale
• Be prepared for post-sale emotions

Succession Profit Key 6: Take Control of Your Business Sale Price

• Be prepared for unplanned events and exits
• Have a plan to cover disputes within your business that may affect your profitable exit
• Insure against contingencies
• Understand the various types of business insurance that you may need
• Use insurance to protect your business sale price
• Understand how to structure insurance ownership for a smooth and profitable succession

Succession Profit Key 7: Seek Guidance from a Team of Suitably Qualified Succession Specialists

• Understand why you really want a team of succession experts to guide your business exit plan
• Appreciate the role of each specialist with a succession planning team
• Assemble your team succession specialists

To Your Profitable Business Exit,
Leigh Riley

PS
My next post will begin a series of real life business exit case studies. While you wait, please feel free to take advantage of these resources to make a start on your profitable business exit strategy now:

1. Take the Business Exit Quiz (it’s FREE and will take no more that 5 minutes of your time) to find out where your exit strategy may be letting you down, and how to improve your chances of building a business for maximum profits and cash flow.
2. Read my book “Your Business Succession” to discover what you must do to ensure you will overcome any potential situation with P.R.O.F.I.T.S outlined earlier in this article.

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