Imagine owning a business and wanting to retire, but you can't. You're stuck, without a buyer in sight. This is a failure of planning.
Later in life planning starts before you're old, and an exit plan for your business starts as soon as you start it.
Whether it's training your successor, ensuring that revenue does not depend on you, or modernizing your operations to increase the profit margin, these are all aspects of planning that must be done for a valuable asset -- your business.
In this episode, Mark Sussman (StrategicBizGroup.com) discusses how he helps business owners make the most of their family business or other closely held business. Voluntarily or otherwise, 100% of business owners will exit the place where they spent a lot of time, money, and energy. How that goes depends on how well you plan.
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