Perhaps Charles Dickens said it best in his book, “A Tale of Two Cities”:
“It was the best of times, it was the worst of times, it was the age of wisdom, it was the age of foolishness, it was the epoch of belief, it was the epoch of incredulity, it was the season of light, it was the season of darkness, it was the spring of hope, it was the winter of despair.”
And ultimately, it was the season of recovery for those who adapted and overcame!
The same is true of exit planning during these uncertain times. Business owners who are planning ahead, realizing that buyers will be aggressively looking for acquisitions over the next several months, will reap the rewards of proactive exit planning.
Those that wait for the phone to ring… Well, good luck with that…
The reality is that exit planning is a living tool; a process, not an event, that every business owner should be working on no matter what the economic cycle may be. As another well-known author once wrote:
“If you don’t know where you are going, any road will get you there”…
Sadly, far too many business owners fall into this trap of not planning for their timely exit and are then forced to do so as a result of external circumstances. Or they grow old and weary hoping that their kids will want to take over the family business. Very few do.
So, our advice during these turbulent times is the same even when times are lovely: Make a plan for your exit, choose when and how you want to exit, and work with an exit planning professional firm to help you carry this plan out.
Here is some wise counsel from a few of the over 900 business owners we have helped on their exit journeys:
The common theme you will hear in these video clips is two-fold: You have to plan ahead if you want a successful and profitable exit AND Generational Equity can help you get there (no matter what economic circumstances we may be facing).
As we often say, there are two types of business owners we have met over the years:
Clearly it is far better to be in the latter group. So where are you in your exit planning journey? Planning to wait until all this has cleared up? Or maybe after the election? Or five years, 10 years, 20 years or more?
No matter how you answered that question, it is vital to get the professionals with Generational Equity involved sooner rather than later. Why?
Because the firm offers a full range of services to business owners no matter where their business may be in its life cycle. Here are a few of our teams we have to offer you:
If you look at each of these websites, you will see that our team can help you to prepare for your exit years long before you plan to. We can then guide you to that successful exit and finally help you manage your new-found wealth. So, we can be with you from the very outset of your journey to the moment your next chapter begins.
In closing, we know that these are very turbulent times for many of us in many ways. What we have seen over the years is that through any challenge, even as tragic as 9/11, the American spirit of overcoming adversity is as strong as ever.
We wish you, your business, and your loved one’s safety and good health during this time. In the midst of challenges there are always blessings and opportunities. This situation is no different. History shows us that this too shall pass, and that when it does, we will emerge stronger than before.
Our goal is to help business owners protect and grow their largest investment via an exit planning journey that works no matter what crisis we may be facing!
Carl Doerksen is the Director of Corporate Development at Generational Equity.
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