Everyone will exit their business at some point – it’s inevitable! And most companies with no exit or growth plan in place will simply close their doors either upon retirement or possibly sooner if the owner is incapacitated and can’t return to work. Why leave years of past client goodwill, established supplier relationships, and dedicated employees to simply vanish? Plan for the future but also plan for the “unplanned” future when unexpected changes in life can happen!
Contractors can remove themselves from daily operations, increase company revenue by adding company “value-drivers,” and create an end-goal of a sale or transfer to a qualified party, but this doesn’t happen by chance. Like any good construction project, it occurs when a solid plan is thoughtfully and strategically put in place. Start now – protect your business while you are healthy by creating a business continuity plan if something were to happen to you. This protects your business and your family. Simultaneously, start planning for that inevitable “sometime” in the future when you begin to step away from day-to-day operations. Like any good construction plan, it can take time. Plan for those inevitable changes.