Thinking About The End at The Start.
When I started in practice, I just thought about getting started; just opening up and building a name for myself. I certainly didn’t start off thinking about the end, and I often wonder how many of us do that. Have you considered your exit plan?
This is a really important concept in starting a business. Each decision we make is a reflection on where we want to end up. If you haven’t started thinking about the end, start doing that now. Have a succession plan in place. This week I have been speaking to Greg Johnson from Succession Plus. Greg will be one of our talented speakers at the 2014 Healthy Practice Conference.
Strategic business succession and exit planning were practically unheard of 10 years ago. These days savvy business owners understand that succession is a significant aspect of the success of their business. Are you one of the savvy ones that have this sorted? Greg’s thoughts are as follows:
Strategic business succession and exit planning cover all aspects of the business, but importantly it focuses attention on the final outcome. What are you actually trying to build within your business? Is it something to fund your retirement? To list on a stock market? To raise further capital and grow? To pass on to other members of the family? Strategic succession planning means you have a detailed and documented plan covering every aspect of your business that continually moves you closer to your ultimate exit outcome.
Most business owners are so caught up in running the business on a day to day level that they do not have the time, effort and attention to focus on the end outcome and sadly in Australia more than 50 per cent of business exists fail as a result of bankruptcy, liquidation, serious illness, divorce, or simply walking away and locking the doors.
If you are lucky enough to be a delegate at next week’s Healthy Practice Conference in Canberra, Greg will be present at the conference as a speaker and also as an exhibitor so you will have lots of time to ask him questions about how to structure your exit strategy. Come along to his workshop and learn the steps involved.