What is Exit Planning?, with Bill McDermott, Host of ProfitSense
In this commentary from a recent episode of ProfitSense, Bill McDermott, The Profitability Coach, explains why exit planning is much more than simply selling a business.
Bill’s commentary was taken from this episode of ProfitSense.
ProfitSense with Bill McDermott is produced by John Ray and the North Fulton Studio of Business RadioX® in Alpharetta.
Transcript
I want to talk a minute about “what is exit planning anyway?” Business owners may hear the phrase exit planning thrown around fairly often. But what is exit planning anyway? Every business owner dreams of that sunny retirement, sipping drinks on a beach, free from the daily grind. Yet many of us are so caught up in the hustle that we forget to plan for the big.
What’s next? Exiting our business. Is exit planning just another buzzword, or is there something more to it? At its core, exit planning is about ensuring you can leave your business on your terms. It’s about making sure you just don’t walk away with a nice goodbye card and a piece of cake, but with the financial freedom you’ve worked so hard to achieve.
On one hand, exit planning is a meticulous process. It involves numbers, valuations, legal documents, and sometimes a few uncomfortable conversations. On the other hand, it’s deeply personal. It’s about your legacy, your future, and yes, your dreams. The challenge? Balancing these practicalities with your personal aspirations.
Let’s be honest, this can be overwhelming, but here’s the good news: you don’t have to go it alone. With the right exit planning coaching, you can navigate each step confidently, ensuring your business thrives even after you step away. It’s like having a copilot on that road trip—someone to remind you to check the oil and suggest the best scenic routes.
So whether you’re just starting to think about your exit or are knee deep in the process, remember this. Exit planning. Isn’t just about leaving. It’s about leaving well, and that’s something we can all get behind.
