I was listening to my iPod when I read the news of Steve Jobs passing earlier today due to pancreatic cancer.  It rocked me, at the sad loss to his family and the company he’d built over 30 years of his 56 years of life.

But Did Steve Really Die?

I’m not trying to be glib about such a sad event in history, but I am serious with my belief that Steve lives on because of the incredible legacy he has left to the world with his creations.  Steve not only placed his very own special mark on the Apple company that is now a world-wide household name, his legend will continue for generations ahead.

At age 21, he started Apple with two colleagues from his parents garage with minimal start up capital.  They dreamed big, then made those dreams a reality. A business rollercoaster unfolded, with mistakes made and disputes unravelling a power struggle that forced Steve out of the company in 1985.  Never being one to be held back, Steve forged forward developing the animation studio Pixar that he acquired, and in 1997 returned to Apple, completely turning around the then struggling company, boosting its value off the charts.

The resurgence of Apple under Steve Job’s vision and management saw it become the USA’s most successful company with more cash than the US government, but it is the innovation that has completely revolutionised the computer world that resonates most.

Steve understood very well the impact of succession, continuity and legacy.  He has exited from Apple twice.  The first time proved to almost be the company’s demise, but the second time around, he’d learned the lessons and this time he built it for continuity. He knew how to boost his business by reaching for the stars, but also how to inspire a team to follow on and implement to make it all a reality.  I say that Steve lives on through his legacy, as he will go down in history as having been an inspiration to all entrepreneurs with a dream and as having had a lasting profound impact on society for decades to come.

My team “The Exit Experts” send our most sincere and heart-felt condolences to Steve’s wife and 4 children whose loss must seem indescribable right now.  Steve’s body may rest in peace, but his legacy continues on.

The Ultimate Succession Plan

For me Steve has become the guidepost for what I would term the ultimate ideal business ’continuity strategy’, because there aren’t too many phenomenal leaders that can leave their post without so much as a hint of financial hitch in sight like Steve has.

What are you doing today that will build your business legacy so it can continue on well after you exit?

Here’s to your successful business exit!

Leigh Riley

You can’t imagine how honoured I was to be asked to write my next book especially for Australian doctors, and after much hard work and research, I am so excited to finally be holding in my hands ‘hot off the printing press’ copies of “Your Practice Succession …. How to Leave a Legacy and Reap the Rewards of a Lifetime of Service to Your Community”.

Your Practice Succession By Leigh Riley

This book has been specifically written for Australian medical General Practitioners (GPs) and covers situations and cases unique to them affecting their succession and exit planning.

Australian GPs provide an extremely important role in maintaining public health to Australian communities.  The continuity of their services is essential to the wellbeing of all of us which is why my passion has been further fueled to assist this essential sector by writing this book.

Of the nearly 60,000 Australian GPs, their average age is 50 years, and many of them are looking at retiring in the next 10 years.  Without a strategy to exit their practice with a continuity program, it could be that community shortages for their valuable services may be inevitable.  It’s in all of our interests to see GPs manage this process effectively.

Topics that are covered in the book

The book:  “Your Practice Succession” is a detailed look at how to prepare a medical practice so that continuity of service can be achieved whilst also enabling GPs to:

• ensure the quality of lifestyle they worked so hard to achieve
• maximise their practice valuation and sale price
• find the right successor
• pre-arrange the sale terms to lock in the arrangements and practice valuation
• safeguard the practice legacy they will leave
• remain in a position of power and security at each phase of the business cycle in their practice
• be released from debt commitments and exit from their practice with financial freedom
• maximise their cashflow
• maximise their practice profits
• exit from their practice with ease.

Find out more

1. If you would like to purchase the book, you can do that here.
2. If you would like a sneak preview of the book, you can download your FREE chapters here.
3. You can also read book reviews here

I’m so proud to have been part of this project, and it doesn’t stop here. I’m on a mission to ensure succession planning becomes a smooth transition for as many business owners that my work can touch.

Here’s to your Profitable Exit Strategy!

Leigh Riley

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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Family Business Exit Strategies

(Read on for your Three FREE offers with this post)

During the last two posts of this series, I introduced the concept of different business categories and how each of these will be affected differently when establishing Your Business Succession Plan. 

Business Succession Planning is relevant for every business owner because one day, you will either want to or have to, exit your business. How this is to occur will depend on the type of business you have and the type of outcome you are looking for.

Despite the type of business you have, you’ll want to maximise the cash flow and profits you receive when you exit, whether by planned or unplanned circumstances.  This will be very important if you want the sales proceeds to fund the next phase of your life, or to assist you and your family to maintain a decent living standard after you exit your business.

During the previous posts I discussed situations involving the Sole Proprietor and the Medium-sized Business about how to maximise their outcome when they exit their business. In this final part of the series, I will discuss the succession plan of attack for the family business owner who wants to pass the business on to the next generation.

Typically the family business owner can be the most difficult succession plan to devise, because it not only involves the business value, money and mode of operation in succession discussions, but also the family and its dynamics. 

If you are a family business owner, it is especially challenging for you because, not only do you need to build it in a manner that will make it a valuable asset to set you up comfortably for the next phase of your life, but it must also help you to pass on and assist the next generation (your family) to build sufficient capital and skills to buy and run the business.

However, even If you are like some family business cases, where you have sufficient additional assets to consider gifting the business asset to family members when you exit your your business, careful succession planning is still essential. 

There are substantial tax implications for you when you gift your business to family members, so don’t overlook the opportunity to gain specialist succession advice well before exiting. 

Your family business is just as vulnerable when you fail to take the action to formalise an agreement to overcome the six identifiable succession triggers (Dispute, Death, Disability, Divorce, Desire for change, Decision to Retire). There are plenty of failed family businesses because they rested on the thought that as a family they’d be ok and work out any succession planning issues when the time came.  If anything, the emotion within a family can steer a business in an un-business like manner.  Don’t become the next statistic.

Do you want to know how prepared you are to Exit from your Business?

Take the FREE Business Exit Quiz to receive your customised report. It takes about 2-3 minutes to complete.

You can also Download 3 FREE chapters from the popular book, “Your Business Succession”.

If you haven’t engaged a Business Succession Strategy Team working together for your benefit
it’s time to do so. Click here to Book your FREE 15 minute consultation with the Exit Experts Succession Strategist (only for subscribers of this blog, so please log on to subscribe)

Here’s to your profitable Business Succession!

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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Finally ‘Your Business Succession’ book is ready to purchase from the publisher

After almost 23 years of focus on winning the best possible personal and business financial outcome for my clients, reviewing business exit strategies with allied professionals, and continual research into best practice in business succession strategies, I can’t tell you how excited I am to finally hold this book in my hands and be able to share the valuable information it contains with business owners and professionals who advise business owners.

Proven strategies to boost business profits from start up to step down

‘Your Business Succession’ contains more than 20 detailed case studies, dedicated to all business owners who labor to see their legacy live on. While this book recommends the Stephen Covey principle of starting with the end in mind (7 Habits of Effective People), I can’t stress strongly enough that if you are a business owner who did not start with the end in mind, then the time to start planning for a profitable business exit is now.  Throughout the case studies I reveal the mistakes that you must avoid if you want to exit your business with maximum cash flow and profit.

How to enter, execute and exit your business for maximum cash flow and profit

‘Your Business Succession’ identifies five reasons too many business owners fail to achieve a profitable exit from their business, and also details the exact plans and processes you must follow for your business to achieve maximum cash flow and profits, not only as you exit your business but at all stages of the business cycle.

Advance praise for ‘Your Business Succession’ book

1. “A very timely book. A huge tsunami of business sales is about to happen… in this book, no stone is left unturned. For the business owner prepared to read the book from cover to cover, here is a sure guide on how to conduct a business succession.” Anthony Jensen, AEOA committee member, and currently a lecturer with the school of economics and business at Sydney University.
2. “In ‘Your Business Succession’, Leigh Riley brings real world experience with passion, and solutions to the issues facing business owners leaving their business. This is very positive reading.” Helen Hasty, former manufacturing business owner.
3. “Succession planning is a huge latent problem for our SME market. This book is an end to end toolkit in one place for a proprietor considering succession, and is a solid resource for any professional advising to business owners.” Australian executive business banker.

‘Your Business Succession’ will help you assess how well prepared you are to:

• ensure the quality of lifestyle you’ve worked so hard for
• maximize your business valuation and sale price
• find the right successor
• pre-arrange the sale terms of your succession to lock in your business valuation
• safeguard the value of the business legacy you will leave
• remain in a position of financial power and security at each phase of your business
• be released from debt commitments and exit your business with financial freedom
• maximize your cash flow
• maximize your profit
• exit your business with ease and peace of mind

I trust you will not only enjoy reading this book, but also benefit financially from the valuable information you will discover in the 366 pages of ‘Your Business Succession.’

Click here to buy your copy of “Your Business Succession”

Here’s to your Profitable Business Exit!

Leigh Riley

4 Leadership And Management Challenges That Cause Business Exit Problems

Four business leadership and management challenges have the potential to impact the success of your business profits at all stages of the business cycle, and may have a particularly dramatic impact at the time of exit, depriving you and/or your successors of the result you anticipated from your business succession.

Business succession problems arise from one or more of the five exit strategy weaknesses I identified previously:

1. business strategy weaknesses.
2. structural faults.
3. situational errors.
4. sustainability breakdowns.

Reason # 5, business leadership and management challenges, is the subject of this post.

The 4 business leadership and management challenges that cause business succession problems:

1. Does Your Successor Have the Skills to Keep the Business Operating Profitably? Financial Capacity and Competency – If your potential buyer does not have the financial capacity to buy you out in one lump sum, you are left financially vulnerable.
   The buyer’s personal credibility, integrity, credit history and financial responsibility becomes a further risk for the seller to consider, because the seller is effectively providing credit to the buyer. If the new owner’s capacity to operate the business is impaired in any way, the result could dramatically drive down the end sale price you receive.
   Loyalty to Your Staff and Customers -  Some business owners won’t mind how the business is operated once they’ve left, particularly if they’ve received their full financial settlement upon transfer. However, others may have built up a substantial loyal customer base and will leave behind staff with whom they’ve developed caring relationships. Other business relationships, such as those developed with suppliers, may also be impacted by a change of ownership in your business.
   These established relationships can burden the exiting owner with feelings of responsibility, so it’s important for them to ensure that the new owners have the skills and integrity to treat all the remaining parties in a fair and appropriate manner. You will want to be sure they can continue to operate a viable service so those people who have served you well during your business life are looked after.
2. Failing to Declare Income Reduces Your Business Value and Will Not Attract Your Most Profitable Buyer.
   Business owners who operate on a cash basis without declaring their true income through annual tax returns will not be able to present their business as viable and profitable, so not only are they breaking the law and placing a heavier tax burden on other members of the community, they are also doing themselves a great disservice. If a buyer can be found, it will almost certainly be at a price that is much lower than the seller would desire.
3. A Poorly Systematized And Poorly Documented Business.
   Business owners who hold all the client and supplier details, business procedures and other operational data in their head, rather than documented in an orderly format, are doomed to failure in their attempts to obtain a buyer at the business’s true value.
4. Sibling Rivalry.
   When the head of a family business fails to demonstrate strong leadership when deciding which child should succeed him or her, it can be a major source of conflict that has the potential to lead to family breakdown.
   Common sense says that the child who has the most skill and aptitude should be chosen to take the helm, but emotion and family dynamics can lead to an inability to determine this fairly.
   Conflict in a family business will usually lead to operational problems that will cause a downturn in the business, thus affecting the business value and its eventual sale price.

In my latest book, “Your Business Succession : How To Exit Your Business For Maximum Cash Flow And Profit” you can read three real life case studies (Cases 16, 17 and18), which detail the business exit consequences of poor leadership and management decisions made by business owners, and how those outcomes could have been avoided with appropriate planning for a profitable and stress free business exit.

Your business succession strategy should cover all the leadership and management issues we have just identified for you.

In a future series I’ll share some case studies that will help you to understand the influence of each of these sustainability breakdowns in detail, so you can plan how to overcome these problems before they can have any impact on your profitable business exit.

In the meantime 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 (5 minutes of your time) and 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 want to do to ensure you will be prepared to steer clear of any of the leadership and management challenges outlined in this article.
3. Contact our Business Succession Strategy office to plan your business succession strategy, so we can eliminate the stress of making the right decisions for your best chance of maximizing your business valuation for a profitable exit.

To Your Profitable Business Exit,
Leigh Riley

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