RETIREMENT PLANNING Keep the end BY LARRY KLIMEK
in mind S
KEYS TO WORKFORCE SUCCESS sponsored by
20 Irrigation & Lighting March 2023
Build a strong exit strategy with intentional leadership and asset turnover plans.
tephen Covey, author of “Te 7 Habits of Highly Ef- fective People,” suggests that one of those habits is to “Begin with the end in mind.” When you started up your business in the first place, did you actually think about how you’d be exiting your business? My organization has discussed this question with nu-
merous small business owners for more than 30 years and very few were able to give a legitimate, straight answer to that question. Most of the time we receive calls to help the owner figure out a way to exit, and they would be extra happy if it could be as soon as possible for big dollars. Whether you are in your 20s, 40s or 60s, it is time think
positively about the perpetuation, sale or whichever direc- tion you elect to take the business. Exit strategy and legacy creation does not start at any
particular time in an owner’s life or the age of the busi- ness. Most of our clients will say they wish they would have started earlier. Tis strategy should be part of the business’ natural ex-
istence, driven by its purpose as to why the business exists in the first place. Te ultimate legacy and value of a business starts at the beginning with determining the purpose of the business and setting it up to be sustained into the future. Some businesses are well past the early stages of existence. Now is the time to narrow in on what the business means to the owner. Is it a job, a business, an asset or just a pain in the backside? Depending on how it is viewed directly contributes to how it will fit into the financial future of the owner and how it will be valued by a prospective buyer.
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