The No-Plan Plan
An average of 80 hours were spent preparing a business plan, while only 6 hours were spent planning a business exit, according to a 2007 study of 500 business owners in the United States and Canada.
This is a bit surprising…surprising that the numbers weren’t closer to 100 and 0. Unfortunately, the vast majority of business owners spend no time planning their own exits, and typically exit under either a crisis scenario or by dealing with a single buyer from a position of weakness. In either case, the final result is financially and emotionally disappointing for the owner, reflecting the lack of proper exit planning.
The return on investment for exit planning can be exceptionally high, protecting (and even enhancing) value that has been carefully grown over many years or even decades. The only requirement is a qualified exit planning adviser, and a business owner who understands the value of good advice.