It’s never too early to plan for the end.
That’s a general conclusion I’ve come to regarding “exiting” a business. I addressed this topic not long ago in my column, “A Smooth Exit,” for the June issue. I received some feedback on that column, which made me think this could be a topic worth revisiting. There may be more business owners out there struggling with succession planning than I realize.
I wish I could more directly offer wisdom and advice to people when they respond to something I’ve written and decide to call or email. But being a trade publication editor, not a business owner myself, the best I can do is provide knowledge through the voices featured in this magazine. I will continue to try to collect as many voices as I can that can expertly speak on topics like retirement, succession planning and selling a business. I’m sensing a hunger for any and all advice in this area.
There is some in this issue. Bobby Lewis, a partner with Business Acquisition & Merger Associates in Charlotte, North Carolina, wrote an article diving into different options available to those looking for an exit strategy from their business. If you want some personal advice and happen to be attending the approaching 2025 WWETT Show in Indianapolis, they’ll even be exhibiting there to offer some quick one-on-one consults.
Related to Lewis’ article, last month we featured an article focusing specifically on the potential downside of selling a business to a private equity group. I’m not an expert on any of this, but I want to share as much helpful information as possible. It seems worthwhile. People struggle with figuring out the “end” when that time comes.
That brings things back to what I wrote to start this column — it’s never too early to plan for the end. To the best of my ability from what I’ve read and thought about on this topic, that’s the advice I have to offer. The sooner you start thinking about exit strategies for your business — even if you’re not actually ready for it yet — the smoother it will go when the time does come.
Here’s a personal story that comes to mind. I’m far from an elite runner, but I’ve had my moments. I once won a half-marathon in my local area, and it happened not necessarily because I was the best runner in the bunch, but because I was smart and planned for the finish line immediately at the start line. It was especially hot and humid that day and I thought about the race’s end right away, how those conditions would be affecting my body at Mile 13. From the start, I executed the race with the end in mind. I went out slower than I normally would have in cooler temps. I focused more on the feel of a sustainable effort rather than strictly trying to adhere to precise mile splits on the stopwatch. I saw the ramifications of not planning for the end along the way, like the runner who bolted fast out of the gate as if it was 20 degrees cooler and was reduced to a walk by Mile 5. Around Mile 9, I took the lead. Those final four miles weren’t necessarily pleasant, but I got through them fine and maintained the lead. I was prepared because I had already thought about — at the very beginning — what that part of the race was going to feel like.
So stay flexible and adjust your plans along the way as needed, but always keep the end in mind. Then, when the day comes that you decide you do want to move on from your business, you’ll have more answers than questions.
Enjoy this month’s issue.
