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Exit Planning is a critical component of financial advisory services, however, many advisors face several challenges when introduced to Exit Planning.

Marketing is the lifeblood of any business. It’s how companies connect with their target audience, build brand awareness, and ultimately drive sales. In today’s tech-savvy world, marketing has evolved significantly, and there’s an ongoing debate about which approach is more effective: traditional or digital marketing.

Business value is important to all businesses, but it is transferable value – what a business is worth to a buyer without the owner’s presence and involvement in the business – that drives a successful exit.

The 2023 BEI National Exit Planning Conference gathered 140 Exit Planning professionals in Denver, Colorado last week. Over three days at the Four Seasons Hotel Denver, attendees connected with peers, thought leaders, and gained insights from business, leadership, and marketing experts through a variety of sessions and networking events.

We’ll highlight four major elements of planning for a successful business future that can be challenging for even the most capable owners to handle independently. 

An unexpected and untimely death is a business challenge that most business owners don’t want to talk about. Even fewer like to plan for this inevitable outcome, especially younger owners who don’t plan to die anytime soon. According to BEI’s 2022 Business Owner Survey, a significant percentage of owners say that the largest obstacle to Exit Planning is that they believe it’s too early and not necessary yet.   While it’s also reported in the survey that a larger number of young owners are considering planning than ever before, it’s unlikely that many are concerned about death or disability. Though it may seem morbid, it is critical for owners to plan for their death well before they’re ready. Failing to do so could majorly disrupt the lives of the people they care about, their businesses, and their legacy.  What Happens Without a Succession Plan? As an Exit Planning Advisor knows, an essential  function of an Exit Plan is to dictate the next steps after the owner dies or becomes disabled. However, it’s often challenging to convince these owners, especially younger owners, that a succession plan must be a high-priority issue.  It’s important to share with your clients the various ways a business can quickly spiral into chaos without a plan in place. Consider a few of the following pitfalls: How to Reduce Risks  While it can be a lofty and challenging task, your job as an Exit Planning Advisor is to make your clients aware of the risks of failing to plan, and encourage them to start a succession plan as early as possible.  Death can come unexpectedly and destroy their life’s work. When the goal of an Exit Plan is to protect that important work, you must help your clients mitigate the risks that an unexpected death can bring by utilizing the following tactics:  The Bottom Line   A business owner’s unexpected death will almost certainly have negative consequences for a company. The prospect of dying without a plan in place can be scary. However, if the business and the owner are able to establish a succession plan and take the necessary actions to prepare, it can cushion the impact. 

The 2023 BEI National Conference will be held this year on August 7 – 9, 2023 at the Four Seasons Hotel Denver in Denver, Colorado. 

This post, which is the first in a series of related articles, will outline four attention-getting strategies to extract busy owners from their present concerns long enough to plan for the future.