Tom Bronson is the CEO of the Mastery Partners, a consulting firm focused on helping business leaders plan and execute their exit strategy when it comes to their business. Tom has a long history of buying, building and then selling businesses, so he has all kinds of stories to tell.
One of his great analogies is when you are driving along the highway and see that guy on the shoulder backing up because he missed his exit. In Tom’s words, do not be that guy when it comes to your business.
The reality is that we will all exit our business in one manner or the other at some point. The topic of our discussion here is to look at what needs to be done in your business now – even if you don’t have a specific exit plan in mind – to ensure that that sale or transition goes as smoothly as possible and gives you the best value possible.
Key Takeaway: Growing and scaling a business is challenging, but too many business leaders focus on the immediate picture without considering the long-term goals when making decisions and plans. Even without a specific exit goal, you can still make decisions and build a foundation today that will make your business that much more valuable in the future when it does come time to exit.
Plan Your Exit – Most business owners fail to plan for their exit - 74% of business owners have NO exit plan at all. That is part of the reason that 83% of all attempted transitions fail to reach the finish line.
Scale Matters – The value of your business is directly related to the ability (i.e. the foundation, the processes, etc.) of your business to scale.
Good Business Planning – Exit planning is simply good business planning.