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Walking You Through The Perfect Exit

Walking You Through The Perfect Exit

November 28, 2022

One of the biggest mistakes many business owners make is spending all their time focused on growing and managing their company. It’s a natural mistake. Business owners are passionate about their companies. It’s their “baby.” It’s what they love. It requires, and perhaps demands, their attention. For many owners, it’s also fun. The challenges, opportunities, people, customers, services, and products they offer are a part of their life. Perhaps the most important part. Owners hear from their outside advisors that they need to spend more time working on the business versus working in it. They are asking the owner to be more visionary and strategic. So naturally, the business owner, throughout their entrepreneurial path, gravitates toward spending their time, money, and energy on that company. It’s all about business.

Roughly 75% of owners profoundly regret selling their business just a year after selling it. They spent years building and growing a successful company. However, they spent little to no time on what they wanted personally in their life outside of being a business owner. Over the many years it took to start or buy, build, grow, and exit their company, they find they have let their business define them. Therefore, the most important element in growing and eventually exiting any company is to align three critical items. The owner’s business, personal and financial goals. With appropriate personal planning, the business owner finds balance in their lives and sets a true foundation for life not just as a business owner but as a person. Many business owners are more than just business owners. They are mothers and fathers, sisters and brothers, family members, friends, volunteers, athletes, adventurers, poets, and musicians. They are passionate goal-setters, challenge seekers, creators, visionaries, and problem solvers. Knowing this, why not plan early and often?

Taking a more holistic approach to planning not only gives an owner more success in the next phases of their life as an owner but a better life today. Throughout this whitepaper, EPI discusses the major elements that make up the personal side of planning while interviewing expert Certified Exit Planning Advisor contributors. Personal planning starts with the business owner finding their purpose. This is a challenge itself for many Americans, not just business owners. Other critical elements of personal planning are understanding what passions, vision, and goals the owner has outside of their business now and in the future. These will help define the Wealth Gap and contribute to the overall personal financial strategy of the owner.

The purpose of Exit Planning is to help business owners grow more significant companies. Most believe the business comes first. Rather, the leading element to achieving this goal is personal planning. The business is just another asset in the owner’s overall portfolio. By leading with personal planning, the owner will venture toward a significant company. One that is highly valuable, transferrable, ready, and attractive while aligning with the owner's personal and financial goals. Giving them a more balanced and fulfilling life today and no regrets in the future.

Over the next few weeks, we'll walk you through the perfect, purpose-driven exit. We'll cover:

  1. Planning for your business, financial, and personal goals.
  2. Finding your purpose.
  3. The importance of non-financial retirement planning.
  4. Including family considerations in your personal plan.
  5. Preparing for your next act.

Securities and investment advisory services offered through qualified registered representatives of MML Investors Services, LLC. Member SIPC. Integrity Benefit Partners is not a subsidiary or affiliate of MML Investors Services, LLC, or its affiliated companies. 200 Clarendon Street, 19th & 25th Floors. Boston, MA 02116. 617-585-4500. CRN202507-2694019.