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16 • COSE Update • JULY 2011 An effective exit plan will include these six components: 1. Goals statement: A concise statement of business, personal and family/estate goals. These goals must align. (Don’t forget to plan for what you’ll do with your personal time once you exit he business.) 2. Business valuation: This establishes a baseline value for the business. 3. Value drivers: How will you enhance the value of your business before you exit? 4. Exit analysis: Work out the pros and cons of various ways to exit the business (see Four Ways to Exit on page 11). 5. Tax plan: How will you minimize any capital gains, ordinary income and estate taxes related to the exit? 6. Next steps: What personal and business steps must you take to prepare for the exit? 6 Pieces to a Solid Plan Accomplishment. Perseverance. Character. Women who rock! Presentedby:
Tom Morley, President,
The Lube Stop Inc.
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Issue 4 • Volume 34
Beat the proposal pile-up on
that gets the green light and pays
these strategies and some handy
In fact, there will be more businesses
for today because the entrepreneurial baby
boomer generation is beginning to think
about retirement, or at least semi-retire-ment. According to studies by PricewaterhouseCoopers, Mass Mutual and Marquette University, one in two businesses
will change hands between 2006 and 2016.
Set and Align Goals
So, what do you want to accomplish when
you leave the business? What lifestyle do
you hope to lead—what cash flow do you
need to support your family? Who will
take over the business? And what will you
do with your time once you’re finished
working in it?
Think seriously about these questions
and set financial, business and personal
goals. “Most owners focus on the business,
and they neglect the personal and financial
side,” Snider says.
According to a study by the Connecticut Family Business Program, more than
70 percent of former business owners
regret selling their companies less than
a year after the sale. The main reason,
according to PricewaterhouseCoopers,
is lack of preparation on the part of the
business owner. “Most of the time, it’s be-
cause they are bored,” Snider says. “They
have lost their identity. They are used to
working 12 hours a day and they’ve prob-
ably spent more time with their business
than their families, and now the business
And there just aren’t enough games of
golf to fill the void. “They get bored with
that and lose their sense of fulfillment,”
Snider says. “That’s why we emphasize that
you have to align personal, financial and
Snider says over the years in his practice,
he has built tremendous value for o wners
so they could cash out handsomely—but
so many of the owners ended up unhappy.
“We were concerned about driving maxi-
mum value for the sale of the business,
but we weren’t fully satisfying the client.”
That’s when Snider got certified by the
Exit Planning Institute (EPI) and got
deeply involved with the national associa-
tion as a member on its board of governors
and, no w, chair of the planning committee
for the group’s annual conference.
Business is personal for entrepreneurs.
There’s much more to planning an exit
than getting a valuation and organizing
legal documents, Snider emphasizes.
Write a Contingency Plan
Your formal exit plan is a long-term process that you’ll continually tweak, but in
the meantime you need a contingency plan
that explains your wishes and any directions for running the daily business should
your exit be sudden and unexpected. In
other words, if you are in a car crash to-morro w, will anyone at your business kno w
what to do next?
So many business owners answer no to
this question, Snider says. And the burden
of not having a simple, straightfor ward
contingency plan in place falls on family
or valued employees. A husband/owner
dies, his wife doesn’t know the business,
but she’s in charge. She calls her son, who
continued from page 14
continued on page 18
Meet this year's class of female leaders who
bring passion and strength to Northeast Ohio's
Wednesday, July 20
11:00am - 1:30pm
Award luncheon tickets &