Financial Confidence | 10 Exit Questions
119
page-template-default,page,page-id-119,ajax_fade,page_not_loaded,,qode-theme-ver-9.3,wpb-js-composer js-comp-ver-4.12,vc_responsive
 

10 Exit Questions

10 Questions to Ask About Leaving
Your Business

  • Have You Considered Transitioning or Selling Your Business?

    If yes, when? 1 – 3; 3 – 5; 5 – 10 years. If no, why not?

  • What Business Issues Do You Worry About Most When it Comes to the Future of the Business and Your Succession?

    • Protecting the company name and reputation
    • Looking after the customer needs
    • Looking after the employee needs
    • Making the ultimate decision to sell the business
    • Concern whether someone else will run the company the way you have run it?
  • What Do You See As the Biggest Hurdle for You Personally as You Consider the Transition of Your Business?

    • Having enough money to retire
    • Being fair to the children and other family members
    • Being fair to the employees
    • What you will do without having the business to run
    • Trying to explain to someone else the side of the business that is in your head
  • By What Criteria Would You Consider the Transition a Success?

    Sell the business outright

    • Have you prepared a plan to maximize the value?

    Sell the business to family members

    • Do you think they have the necessary skill sets to effectively own and manage the business?
    • Do they seem to expect that they will end up with the business?
    • Do you think they could likely afford to buy the business?
    • Do the family members do a good job of looking after the needs of the business
    • Do the family members appear to think the business exists primarily to meet their needs
    • Is there is a little of both happening in the business
    • Do you work hard at keeping the family and business distinctly separate
    • Could there be conflicts between family members
    • Have you had some experience in the past where there has been confusion over priorities
  • To Whom Would You Prefer to Transfer the Business?

    • Sell the business to an employee or employee group
    • Do you think they have the necessary skill sets to effectively own and manage the business?
    • Do they seem to expect that they will end up with the business?
    • Do you think they could likely afford to buy the business?
    • Wind down the business
    • Do an Initial Public Offering (IPO)
  • What Do You Consider the Main Challenges to Such a Transfer?

  • If You Were Younger Would You Buy This Company Today? Why? What Things Would Have to Be Different?

  • Have You Taken Any Action to Date to Prepare for the Transition of the Business?

    • Have you discussed/ made some plans with a lawyer
    • Have you discussed/made some plans with an accountant
    • Have you discussed/made some plans with an insurance advisor
    • Have you discussed the prospects of transition with anyone
    • Do you know where to start in discussing the transition of the business
  • Does Your Current Exit Plan Deal With the Following?

    • Needs of the family
    • Needs of the employees
    • Retirement needs
    • Business needs
    • Dealing with potential conflicts
  • Does Your Exit Plan Deal With Maximizing the Value of Your Business?

    • Growing the company to maximize its value s
    • Protecting the profitability of the companys
    • Keeping key family members and employees happy and productive s
    • Having the right people in the right place doing the right job s
    • Having the right management and leadership in place s
    • Having stable clients and suppliers
    • Other

To Learn More About a Structured Business Exit, Visit Our Presentation