why business owners don’t leave (short)
DESCRIPTION
quick presentation on why many long-time business owners struggle with planning to leave their business and what they (and their advisors) can do about it. Introduces the What's next? Self Assessment(TM), an on-line assessment for business owners to conduct a little personal due diligence for the often tumultuous process of transferring their business to new owners. Bonus tools include book, 30 page guidebook and 30 minute phone consult with a Transition Planning Consultant. Fast, reliable and high impact. http://advisorynetwork.successfultransitionplanning.com/whats-next-self-assessmentTRANSCRIPT
- 1. Why business owners dontwant to think about leaving What advisors can do about it
2. Four key reasons Owners Fear leaving Loss of identity Fear of an unknown future Leaving feels like falling into a Black Hole Leaving feels like deathCopyright 2008-2012 by Successful Transition Planning Institute. All Rights Reserved. 3. Business Transition Facts Over the next five to ten years, it is estimated that retiring Baby Boomers willaccount for 65 75 percent of all smaller businesses that will go up for sale 9.0 million owners in the US are over age 50, and 8 million will leave their businessover the next ten years The equity in these businesses represents approximately $10 Trillion in personalwealth 80 percent of owners wealth is tied up in their companies (an illiquid asset) 60 percent of business owners between the ages of 55-64 have not discussed theirexit plans with their spouses or business partners 78 percent of baby boomer business owners do not have plans for how they willexit their companiesCopyright 2008-2012 by Successful Transition Planning Institute. All Rights Reserved 4. Traditional Ways of Life$Professional YearsGolden Years Copyright 2008-2012 by Successful Transition Planning Institute. All Rights Reserved. 5. A new Third Way of LivingCopyright 2008-2012 by Successful Transition Planning Institute. All Rights Reserved 6. Leaving a Business Successfully is likeBuilding a Great New Home1. Start with a Strong Foundation Personal Transition Planning2. Add floors, walls and roofFinancial PlansExit PlansBusiness Continuation Plans3. Fill up your Home (Life of Possibilities) Right Activities Right Occupation Right Location4. Your Open House (Start your New Life)HealthyBalancedPurposefulSignificant Copyright 2008-2012 by Successful Transition Planning Institute. All Rights Reserved. 7. THINK Many owners have created an Identity with their businesses. Many are frozen whenever the idea of exit planning israised. They develop Owners Block. Thinking about leaving their business may be confusing, depressing or simply scary.It does not have to be. Strategic Thinking about Your Business and Personal Future:Transition Planning for Baby Boomer Business Owners This program of online surveys and one-to-one coaching will helps owners become both intellectually and emotionallyprepared to think about leaving their businesses. It describes successful and unsuccessful ways to leave ones company,explains how to avoid unsuccessful approaches, helps owners discover specific fears that have been preventing them fromthinking about leaving their companies, helps them deal with the identity crisis around leaving, provides key informationabout how to create and implement successful Personal and Business Transition Strategies and guides the owner in creatingtheir Personal Transition GoalsCopyright 2008-2012 by Successful Transition Planning Institute. All Rights Reserved. 8. LIVE Owners do not want to fall into a void when they walk out the door for the last time. They may fear becomingdirectionless, or falling into Retirement Rut or worst of all, Post-Transaction Stress Disorder Living a Dynamic and Purposeful New Life: Seven Strategic Steps for Creating Your Successful Personal Transition Plan Using a program of on-line surveys coupled with one-to-one coaching, you will learn to explore 10 aspects of your future life,then brainstorm and select the most satisfying choices so you can create a customized Personal Strategic Plan for living anexciting and purposeful new life.Copyright 2008-2012 by Successful Transition Planning Institute. All Rights Reserved. 9. DECIDE Owners have too much on the line to make a mistake. Their future will be determined by the decisions they make in whatto do with their business. Owners need clear, concise strategies to maximize their return, reduce risk and maintain theirsanity in the process. Deciding What to Do with Your Business and Implementing Your Successful Business Transition Strategy Using on-line surveys and one-to-one coaching in this program, owners become intellectually and emotionally prepared forthe Business Transition Process. In DECIDE the owner analyzes and decides on their best option for new ownership, learnshow to make their company ready for transition to new owners, learns how to move through the emotional obstacles thatmight arise during the business transition process, then develops their Business Transition Goals.Copyright 2008-2012 by Successful Transition Planning Institute. All Rights Reserved. 10. Whats Next? Self AssessmentNew System to guideowners, successfully On-line assessmentoOwners Clarification report (the OCR) Copy of acclaimed book,Finding Your New Owner Self-Discovery Guidebook30 pp of checklists &exercises 30 Minute consultation witha Transition PlanningConsultant (TPC) Copyright 2008-2012 by Successful Transition Planning Institute. All Rights Reserved. 11. Contact Us to Get StartedSuccessful Transition Planning InstituteOne Mifflin PlaceHarvard SquareCambridge, MA 02138617.576.5728SuccessfulTransitionPlanning.com (Linkedin, Twitter, Facebook)Jack Beauregard, author, founder and CEO:[email protected], 617.576.5728Paul Cronin, partner, Business [email protected], 978-749-9546,Twitter: @nexttransition Copyright 2008-2012 by Successful Transition Planning Institute. All Rights Reserved.