Exit Planning Jitters? You are Not Alone!

As a financial advisor, I understand that the decision to exit your business can be daunting. The fear of making the wrong choice often stems from uncertainty and the weight of the consequences.

Seeking professional guidance and consulting with experts can provide valuable insights and support throughout the process. As a Certified Exit Planning Advisor®, I can help you build a team of professionals to ensure you have the right people at the table, ultimately helping you maximize the value of your business and your decisions.

In strategic Coach Scott Couchenour’s article "How to Help Clients Overcome the Fear of Making the Wrong Exit Decision," several key strategies are highlighted that can assist business owners in navigating this challenging process.

Here are some key points to consider:

• Clarify Your Values. What matters most to you in life? Is it family, financial independence, or continued influence in your industry? Once you understand what matters most, you can align your exit strategy with these values and your life goals.
• Define Specific Exit Goals. Define specific, measurable goals for your exit. These may include financial targets, desired roles post-exit, or timelines for stepping away. Clear goals transform vague fears into focused questions, making decisions more straightforward.
• Utilize Scenario Planning and Projections. Scenario planning is an effective way to ease uncertainty. By examining a best-case, worst-case, and moderate scenario for each exit option, you can better visualize the impact each decision will have on the next chapter of your life.
• Consider a Phased or Gradual Exit. Sudden exits can lead to regret, especially when they are unexpected. With proper timing and planning, you can structure a phased exit to ease you into the transition. This might involve reducing their workload over time, taking on an advisory role, or retaining partial ownership.
• Decision-Making is an Ongoing Process. Exiting is not a “one-and-done” decision. It’s an evolving process that can be tweaked over time, reducing the need for perfection. Regular check-ins with your advisor help identify when your plan needs adjusting and highlights the progress you’ve made over time.
• Examine Your Past Successful Decisions. Give yourself some credit! Remember that your decision-making skills got your business to where it is today. The success you’ve already experienced demonstrates your ability to make sound and reliable choices.
• Fear is Normal. It’s as simple as that. Every business owner faces the exit decision at some point in their life and most don’t take it lightly. Having a supportive network of advisors, family, and colleagues can help reduce your uncertainty and ease the burden of going through the process alone.

If you are ready to start the conversation or learn more about the business owner resources that we have to offer, please don't hesitate to reach out. Let's work together to help ensure your exit strategy is as successful and fulfilling as your journey in building your business!

Disclosure:

Any opinions are those of Lisa Walsh and not necessarily those of Raymond James. All opinions are as of this state and are subject to change without notice. The foregoing information has been obtained from sources considered to be reliable, but we do not guarantee that it is accurate or complete, it is not a statement of all available data necessary for making an investment decision, and it does not constitute a recommendation. Investing involves risks and you may incur a profit or loss regardless of strategy selected including asset allocation and diversification. Past performance is not a guarantee of future results.

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Raymond James and its advisors do not offer tax or legal advice. You should discuss any tax or legal matters with the appropriate professional.