Unlocking Your Business’s Future: The Importance of Business Exit Planning

Unlocking Your Business's Future: The Importance of Business Exit Planning

We have a question for you: “Are you in charge of your business’s destiny?” The answer should be yes. You are in charge of your business and where it goes, but are you stepping into that role?

In this video, Amy delves into the crucial topic of Business Exit Planning and why it’s so important to chart your course for the next 5, 10 and 15 years. She sheds light on the significance of having a solid business exit strategy and succession plan in place.

Too often, business owners overlook the important of planning for the future. They get caught up in the everyday tasks and without a clear exit plan, you may find yourself lost when it comes the time to transition or sell your business.

Amy highlights the critical role of business exit planning to ensure a smooth transition, and she discusses how Milestone Law Group is your trusted partner on the journey to a well-prepared and well-planned exit strategy.

Amy and everyone here at Milestone Law Group are here to guide you every step of the way. We have a wealth of resources available, including financial, legal, tax, and more.

Don’t leave your business’s future to chance.  It’s time to start planning for tomorrow, today.

Watch the video here!

We are pleased to provide transcripts to our videos to enhance accessibility for our readers.

Amy Roepke:

Hi, hello again, I am here in Eastern Iowa where it’s harvest season. And if you don’t know anything about harvest season, the things that you should know are that if you have allergies, you should probably stay as far away as possible if you can. Because the farmers are harvesting the fields of the grain that I’m speaking of whether it’s corn or soybeans, and their combines are taking the grain so the grain dries. They take it and they separate it and prepare it for storage. The act of combining the fields harvesting creates dust, so much grain dust in the air.

I am not a person who typically has allergies, but even I’m suffering a little bit with the just pure level of dust in the air. So it got me to thinking these farmers are all planners, by their nature, they have to plan. They have to plan on what crop they’re going to plant next year, to optimize the efficiency of the soil. They have to plan when to send their grain to the market.

So they can optimize the price that they get. They have to plan for their seeds and their acreage and their pest control and all the things that go into a farming operation. While thinking about that, I was thinking, you know, it’s really similar to really any other business owner out there, planning is essential.

If you are the type of person who’s running a business, and you’re just carried along from day to day, and you find that you don’t have time to plan, well, then you’re one of the people who really needs to take the time to plan.

I always say I enjoy working both in my business and on my business.

I might be one of the few people that enjoys doing both. I know that for most of my entrepreneur clients, they they really enjoy working in the business they want to be doing what it is they’re a genius at and working on the business is not usually something that they’re genius at.

So when we’re talking about planning, the conversation that I usually have is tell me what your short term plan is, tell me what your long term plan is. That plan includes your goals, your objectives, your financial goals, what it is that you are looking to achieve this year, and next year.

Plus the next 5, 10, 15 years down the line. I usually find that it’s much easier for me and everyone else to think about what I might be doing in the next six months or the next year, maybe even the next three years.

But once I start thinking about what will I be doing in 5 years, or 10 years, or 15 years, it’s much more unclear, opaque. And what I’d like to do for my business owners is lead them through the exit planning process. So that when they sit down with me, and we’re talking about this year, next and in the future, all the parts of that plan are clear as day. And sure that that may change.

It’s not written in stone, we don’t, we don’t take a concrete tablet and write down, okay, this is where your business is gonna go. And if you don’t go that way, well, you know, you fail and you go to jail. I mean, that’s not how it works.

By their nature, plans are going to have to adapt to changes along the way. Just like with the farmers who are out here, working day and night, these days to get their grain harvested. We could end up having a snowstorm next week. I certainly hope that we won’t, but I can tell you that it’s in the upper 80s here today.

It’s supposed to be in the 30s here this weekend. And so the farmers are planning ahead for what is going to come this weekend. And just like the farmers that are working in the fields around me, I want to draw your attention to your business, and what plans that you might be making or not making.

I have great resources to help you. I’ve got a network of very fine people who can help you figure out what that plan looks like from different perspectives. Including financial, legal, tax and so on.

We will all work with you and all work together to help you make sure that the plan that you’re looking to execute both in the short term and the long term is a reality.

So if you haven’t thought about planning for your business please give me a call. All right thanks for listening talk to you soon.

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