At Transworld Cleveland West, one of the lesser-known applications of our skills is guiding you through the exit planning process. We pride ourselves in not only guiding the business owner through the process of what a sale might look like, but also in preparing for the potential of a sale. Many neglect the importance of focusing on preparation now for what's to come in the future.
Our CEO, Michael Snider, serves as a board member for the Exit Planning Institute, an organization specializing in resourcing business advisors with skills for exit planning guidance.
Read more from the Exit Planning Institute in one of their recent blog posts featured below.
As business advisor, you have probably heard the question, “Why are you telling me about exit planning? I am not going to retire for years.”
Most owners view “Exit Planning” in a literal sense: Planning to Exit their business. Making an “exit plan” for their very distant exit seems like a foolish use of their time. To be completely honest, with all the competing definitions for exit planning, we can understand the confusion. A cursory scroll through search engines and popular advisory sites will give you enough different definitions to fill a dictionary. Most of these “definitions” are so convoluted and long winded that the authors hope you would give up before you finish reading. Because if you did finish reading the whole “definition” you would notice that in all those words they defined nothing. It is no wonder why business owners are confused when it comes to what exactly “Exit Planning” means.
So… What is Exit Planning?
To put it simply, Exit Planning is good business strategy. Exit Planning combines the plan, concept, effort, and process into a clear, simple strategy to build a business that is transferable through strong human, structural, customer, and social capital. A transferrable business is important at any stage of a professional career, even if the owner is not actively seeking to exit their business. To simplify that definition even further: exit planning allows an owner to work on their business instead of just in their business. In working on their businesses, owners mitigate risks, learn how to grow, protect, and harvest their business value, and prepare themselves for their ultimate exit.
Watch a brief video here to learn more.
How Can I Learn More About Exit Planning?
As easy it is to define exit planning, the actual process takes a unique skillset and continuing education to successfully incorporate exit planning into your business. Owners and advisors can learn more about how to implement exit planning strategies in their daily business routines through our assortment of educational programs. With EPI’s vast chapter network, weekly webinar series, book recommendations, and CEPA certification courses, there are numerous opportunities for professional development.
Learn more about programs through this video.
Exit Planning is an important part of owning and running a business. Without proper exit planning strategies in place, owners will miss out on helpful insights into growing and harvesting their business value. April Fools’ Day should be a day for harmless pranks and jokes, not one that fools owners about the future of their businesses.
The Exit Planning Institute (EPI) is an education company.
We are powered by a dedicated staff, industry experts, and market leaders, that are passionate about providing top professional advisors the best industry content, ongoing practice support, and owner education resources. From humble beginnings, EPI has grown to become the exit planning market leader while staying focused and true to our mission. We are an education company that certifies and supports more than 2,600 CEPAs (and counting) as well as thousands of advisors worldwide through national, regional, chapter, and virtual education.