Exit Planning: Overview

We like to compare leaving your business successfully to winning a car race. All race plans include careful preparation of the car, driver skill and experience, crew skill and a well-conceived race strategy. Business owners win their ultimate race when they leave their companies on their terms and on their schedules. The process owners use to achieve this victory is known as Exit Planning. In short, Exit Planning is the deliberate, adaptable, and customized process that a business owners use so that they can leave their businesses on their own terms and schedule.

In John Brown's book, "The Completely Revised How To Run Your Business So You Can Leave It In Style" he describes an experience-based, proven step-by-step process that leads business owners to ultimate success — the profitable sale or transfer of their businesses. Thousands of business owners have tailored this process to meet their particular exit objectives and have left their businesses with more cash than they’d ever imagined and — with no regrets. They have won not just today's race — they've won the championship.

A complete Exit Plan rests on The Seven Step Exit Planning Process™ design process. These Steps are illustrated in seven simple questions:

1. Do you know your exact retirement goals and what it will take — in cash — to reach them?
2. Do you know how much your business is worth today, in cash?
3. Do you know the best way to maximize the income stream generated by your ownership interest?
4. Do you know how to sell your business to a third party and pay the least possible taxes?
5. Do you know how to transfer your business to family members, co-owners, or employees while paying the least possible taxes and enjoying maximum financial security?
6. Do you have a continuity plan for your business if the unexpected happens to you?
7. Does your family have financial security if the unexpected happens to you?

The Seven Step Exit Planning Process™:

1. Establishing Owner Objectives
2. Establishing Business Value
3. Building Value and Cash Flow
4. Selling to a Third Party for Top Dollar
5. Transferring to Management or Family Members
6. Developing a Contingency Plan for the Business
7. Family Wealth Preservation Planning

The Bottom Line

Owners face a number of barriers to a successful exit from their businesses:

• Most owners don't know that there is a proven Exit Planning Process.
• Most business advisors are unaware of all that can be done to assist them as they begin to plan for their business exits.
• Without a plan, exiting your business can appear daunting and, as a result, owners wait until it is too late to undertake it.

What can you do to get started?

First, become educated about the Exit Planning Process. BEI exists to provide education and information to owners and their advisors about The Seven Step Exit Planning Process™.

Begin your education by exploring this Web site. This site contains more information about how you, a business owner, can "leave your business in style" than any other site in the world. Click on "Step One" to get started.

Second, supplement your Introduction to Exit Planning Seminar by subscribing to our free eNewsletter. There is no risk to you — if you don't find it valuable, you may unsubscribe at any time. We will e-mail this informative newsletter to you twice each month.

You also can get a detailed description of the scenarios involved in Exit Planning by reading the No. 1 book on Exit Planning, "The Completely Revised How To Run Your Business So You Can Leave It In Style." You can order a copy of this book by visiting our online store. Finally, if you'd rather attend an Exit Planning seminar in your community, click here to request additional information.

Third, take action — informed action — by working with an experienced Team of Advisors to initiate and implement your unique Exit Plan.

Each step of The Seven Step Exit Planning Process™ described on this Web site explains what must be done (and by whom), why a particular action is important, what you can do and what types of advisors are likely to be of assistance. We also will point you to additional BEI information or material that will help you to create your own Exit Plan.

Go to Step One

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