The Butterfly: Transforming Your Business to Attract a Buyer
Regardless of your Designed Destination, the ultimate goal of your Ownership Conversion Plan (OCP) is to make your business move-in ready. This means taking steps to resolve issues that could potentially reduce the value of your business in the case of both an inside and outside transfer. Think of it this way: you’ve brought your business through the egg, caterpillar and cocoon phase and your buyer is looking for a full-grown butterfly. Taking the time to overhaul the seemingly minor details ...
Financial Spring Cleaning for Your Business
Spring cleaning isn't just for your home; it is essential for your business and your future. You made it past tax season. We have endured this extended, cold winter weather long enough. It's time to “Think Spring!” and get your business ready for a big cleanup. These tips also touch on "Turning Your Business Into a Butterfly" section in my Seven Steps to an Effective Ownership Conversion Plan.
Set Goals
Every business owner has ideas and aspirations that may or may not come to fruition. ...
Seven Steps to Your Ownership Conversion Plan™
Creating a consciously designed Ownership Conversion Plan™ (OCP) ensures business owners are in full control of a realistic and timely approach to passing on their businesses. An effective OCP is achieved in seven key steps:
Cement Your Future Vision – Start by assessing your retirement goals. What is your ideal vision for your business, your family, and your retirement?
The Size of the Pot – Take stock of your assets. What is the value of the business and what assets do you have ...
Building Your Ownership Conversion Plan™ Team
Entrepreneurs spend years working on their business and building it up to be a successful venture. When I talk to them about bringing in a team of trusted advisors for succession planning, many want to hide their checkbooks thinking it will be too expensive. However, planning the sale or transfer of your business is no time to cut corners.
Your Ownership Conversion is about selling your life’s work on your terms to outsiders, insiders or family members. It is a strategy comprised of ...
Avoid Gap Shock by Preparing a Strong Personal Hedge
My mission is to advise business owners on how to achieve the strongest possible position for the sale of their business to outside or inside buyers. I can’t stress enough how important it is to have a strong and diverse Personal Hedge. Being prepared financially can eliminate the gap shock when it comes time for you to transition your business.
What is a Personal Hedge?
A Personal Hedge is the accumulation of assets outside your business that ultimately enables you to achieve the cash ...
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.
Unfortuna...