• Impact on key employees: Will they
stay or go to work for the competition?
Create a business continuity plan and
a living will for the business to document
the owner’s knowledge of the business
operations so that all of the experience
and insight do not go away when the
It will be important to prove to any
buyer that the company has a successful
business model, sustainable cash flow,
growth potential and minimal risk.
The focus of the transaction is not the
end of the plan, but living the life envisioned will be the completion of a successful journey. Learn and ask questions
about post ownership and the three
components of well-being: prosperity,
health and happiness. Look outside of the
business to understand what creates happiness and which relationships provide
experiences, engagement and meaning.
Once aware of the steps to be taken, now
it is time to prepare and execute the business and personal plans for a successful
Exit Planning – Timeframes
• Take time to educate yourself on the
exit planning process and think about
the possibilities for you and your business. Consider a personal life plan and
one for the business based on the information collected.
• Identify the areas to build business
value within the company and create a
business plan that drives business value
and creates business independence.
• Create a business contingency plan for
• Develop an exit strategy based on your
goals and vision, and put that plan into
• Evaluate all aspects of the exit strategy
and identify the steps needed to achieve
the desired exit date.
• Put together an exit planning advisory
team to help guide you through your
• Update the business plan to incorpo-
rate the desired exit date. Identify and
work on the areas in the business plan
that continue to build a sustainable and
Bob O’Hara, CPA, (BOHara@oharaco.
com) is a business consultant and
founder of O’Hara & Co. PC.
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