Building Your Future By Design
Do you know the actual date that you wish to stop working in and for your business? Do you know how much money you will need to live a comfortable life as a retiree? Do you know what your business is worth in cash today?
All business owners part with their businesses voluntarily or otherwise. All owners want to receive – or have their heirs receive – the maximum amount of money when the business changes hands. And, let’s face it, money is an important measure of success.
Unfortunately, poor planning has left 96 percent of small business owners unable to exit their business on their own schedule. Over the years, I have worked with many successful entrepreneurs and developed a seven-step plan to allow business owners the security of creating a concrete roadmap to retirement. A consciously designed Ownership Conversion Plan™ ensures that you, the owner/founder, are in full control of a realistic and timely approach to passing on your business and leaving it in a manner and a time that you choose, your Designed Destinations.
Many business owners fail to engage in an Ownership Conversion Plan™ because they are busy working in the business and fail to step back to work on the business. One of my clients had a business valued at $4 million. We created an Ownership Conversion Plan™ that would increase the value of his business to $7 million over five years. Based on that planning, multiple organizations became interested in purchasing the business and the bidding competition raised the company’s value to $16 million, four times the original value. Now that is a future by design!
Everything you do for ownership conversion will make your company more efficient and more profitable today. Without an Ownership Conversion Plan™ you are leaving your business, your family and yourself at risk financially. A well laid out plan, on paper, will support and protect your business assets and those who depend on them.