Ready to exit your business and head for retirement? Planning to sell the company and make a career change? Not so fast. Your exit plan can be foiled by rushing into it too quickly.
Ideally, you should have at least a one-year head start on forming an exit strategy. That’s how long it takes to create a comprehensive succession plan, set up all the proper paperwork, and turn things over to the next leader.
Don’t have a year? You need extra help.
An Oklahoma small business coach can assist you with carefully crafting an exit plan that protects your interests and preserves the company. Here are 5 reasons to get a coach’s advice right away.
Reason #1: There’s No Clear Successor
This is one of the most frustrating - and common - obstacles to exiting a business. The owner doesn’t have an ideal candidate to take it over.
Maybe your kids aren’t interested in running the show. Maybe your VP is eyeing a move to another company. Maybe there’s a battle for power among your employees, and you can’t decide who should win.
These are all scenarios where a small business coach can save the day. Your coach will help you examine the situation from multiple points of view - personal, financial, legal, and more - and develop a clear plan of action. An experienced business coach has seen plenty of successes and failures. He or she can give sage advice for finding the best path forward.
Reason #2: Complex Family Dynamics
In a family business, conflicts can escalate quickly when emotions are involved. If you have three kids in the business, how do you choose who should take over? Make the wrong choice, and it could affect your family forever.
A small business coach can help you set aside the family dynamics and make smart business decisions. Behind closed doors, you can sort through the complexities of your situation with your coach, and see what’s in the best interests of the company and the family.
Your coach can also serve as a neutral third party, so when the tough decisions need to be made you can tell your family, “My business coach says we should …” In this way, having a coach’s help can save your family business and save your family’s future.
Reason #3: Financial or Legal Problems
Sometimes an exit strategy must be formed when the company is having financial or legal difficulties. Whether it’s something related to you personally - like an arrest, lawsuit, or tax problem - or is just part of day-to-day business, it can stall your exit strategy.
A small business coach can help you untangle your sticky situation and reveal a clear view of the future. Particularly if you’re retiring, the coach can help you avoid nagging debt or tax problems that could weigh you down for years to come.
Don’t let financial and legal problems stop you from exiting the company or make you feel trapped in a leadership role forever. Contact an attorney and consult a business coach for advice.
Reason #4: Health Struggles
Unfortunately, some business owners have to exit their companies due to health issues. At this critical point in your life, your health has to be the #1 priority.
Tax preparation, for example, can be hard to address while you’re focusing on something big like a health problem. But if you don’t do your taxes on time, the IRS could penalize the business heavily. Plus, the double-whammy of health struggles and medical bills is enough to sink a business.
Your business coach can help you keep an eye all the details and stay afloat. Breathe a sigh of relief and focus on your health.
Reason #5: Explosive Growth
What if you need to make an exit in the midst of a burst of explosive growth for the company? It’s a good problem to have - but it’s still stressful and confusing.
During a period of rapid growth, it can be hard to understand your financial forecast. Things are moving too quickly. Your employees might even be afraid of your departure and beg you to stay.
A trusted small business coach can step in and provide a steady hand. They’ll help you prioritize your long to-do list and get things accomplished, even when things are moving fast.
Most importantly, your coach can help you stop, reassess, and look ahead to what the future holds. You can move forward with confidence, knowing you have the right exit strategy in place.
Make Your Exit With a Small Business Coach
Do you have a solid exit strategy? If not, look for an Oklahoma small business coach who can help guide the process.
Ascension CPAs & Consultants is a full-service business coaching company that improves financial forecasts through accounting, bookkeeping, payroll, taxes, planning, and CFO services. We can reduce the tax burden your company faces and provide business coaching services with a personal touch.