The COVID crisis is really testing our resilience as business owners.
For many of us, we’re still facing a tough road ahead as uncertainties abound around the fallout of the COVID-19 crisis. During the height of the Great Recession, lots of baby boomer business owners declared: “I will never go through this again!” and they sought their exit. And now we find ourselves in a similar, if not, worse situation. With so many unknowns, it’s tempting to throw in the towel, shut the doors, and walk away.
So, what is driving you forward during this challenging time? Maybe,
- You love what you do?
- You feel responsible for your employees?
- You don’t have enough money to retire?
- You want to carry on your legacy?
- All of the above, or something else?
Whatever your reasons, the COVID crisis once again has shown us that there are many things beyond our control that can disrupt our businesses and our lives without warning at any time. If nothing else, it should help to clarify why planning is so important in order to protect the business you have worked so hard to build.
Do you want to be in this same position 5 years from now? 3 years from now? Even 1 year from now?
If you answered, no, then it’s time for you to take action. You need an exit plan that helps you increase business value, ensure business continuity, and move you closer to your retirement goals.
Your chances of being able to sell, either to an internal or external buyer, when your profits return, will greatly increase with a solid growth and exit plan.
Planning for your exit can provide you with peace of mind in addition to giving you a strategy and roadmap for achieving your personal, business and financial goals.
We have no doubt that you will be thriving again soon. As owners, we are resilient by nature. Don’t get caught flat-footed again. Be ready to take action when the market rebounds.
