The data shows that only approximately one third of business owners have a succession plan or exit strategy. Owners may be savvy in business, but they fail miserably when it comes to their own exit.
Sadly, most exit plans begin upon the death of business owner. In these situations, it leaves the owner's family and the employees of the business in a very vulnerable spot. The lack of planning increases the probability that decisions with will be based on emotions and not sound, thought-out plans. In far too many situations it leads to family chaos and a failed business with a bunch of unemployed workers.
There are multiple sources for business owners to access - accountants, attorneys, business consultants and others. There are also wonderful conferences that focus on exit planning and business succession.
One such conference is the XPX Summit in Boston on May 3, a gathering where professionals and business owners can hear some of the most cutting edge ideas and knowledge in the exit planning space.
As a business owner, start the exit planning journey today. Do not let your efforts on this earth go to waste.