As business owners, we often carry the weight of the world on our shoulders. We believe that we are in control, that we can handle everything ourselves, and that no one can understand our business as well as we do. But when it comes to preparing for an exit, that mindset can be a major obstacle. The hard truth is that a business will not sell itself, and a successful exit requires more than just determination—it requires a team.
Throughout my book, What Is Your Exit Strategy?, I emphasize the importance of having the right people in place to accelerate profits, revenue, and business value. As much as we might wish otherwise, we simply cannot do it all alone. Just as a buyer will bring their own team to evaluate your business, you, the selling business owner, must assemble your own expert team to navigate the process.
The Essential Players on Your Exit Planning Team
Exit planning is not a solo endeavor. The Exit Planning Institute (EPI) asks a critical question: Who has a seat at your table? Here are some of the key roles that should be part of your exit planning team:
- You, the Business Owner: The one who holds the vision and must make informed decisions about the future.
- Financial Advisor: To assess your wealth gap and guide you toward financial security post-sale.
- CPA: To analyze financial statements, tax implications, and business valuation.
- Attorney: A legal expert specializing in business transitions and potential industry-specific regulations.
- Board of Advisors: A diverse team of professionals offering strategic guidance.
- Estate Planner: To ensure wealth is effectively transferred while minimizing tax burdens.
- MA Advisor: To steer you through the complexities of mergers, acquisitions, and negotiations.
- Investment Banker: To manage financial transactions and corporate debt needs.
- Risk Advisor: To identify and mitigate risks associated with the business transition.
- Growth Consultant: To align your personal and business goals for a seamless transition.
Why Giving Up Control Means Gaining More Control
There is a common misconception that relinquishing control means losing power. In reality, handing over specific responsibilities to skilled professionals allows you to regain control over the larger picture. With an expert team by your side, you can:
- Increase your profit margins.
- Boost business valuation and multiples.
- Ensure a smooth transition that aligns with your goals.
- Avoid costly mistakes due to lack of expertise.
Lessons from the Field: The Magic of a Strong Team
A strategic partner of mine once worked with a family-owned agricultural conglomerate facing succession challenges. The second-generation owners had built the business from two to thirty-one entities in just 18 years, yet when the time came to transition, they were at a crossroads. With no clear successor and limited access to experienced professionals in their small town, they faced uncertainty.
Through patience and persistence, a strong team was assembled—including estate planners, tax attorneys, and agriculture law specialists. Virtual meetings helped bridge the trust gap, and within nine months, the business was successfully transitioned. The owners regained control of their future by trusting their team.
The Cost of Poor Team Planning
Conversely, I’ve seen what happens when business owners cut corners. One owner in Cleveland chose his freshly graduated nephew to handle legal negotiations instead of hiring a seasoned professional. The result? A chaotic and unproductive sale process that left the owner dissatisfied and with diminished value from the deal. A great business doesn’t automatically mean a great sale—having the right team makes the difference.
Final Thoughts: Success Comes from Collaboration
Selling a business is more than a financial transaction; it’s a major life event. It requires collaboration, expertise, and a clear vision. Business owners who surround themselves with knowledgeable, trusted advisors achieve better results, both financially and personally.
If you’re planning an exit, don’t go it alone. Build your team. Listen to their advice. Take the necessary steps to ensure a successful transition—not just for you, but for your family, employees, and the legacy you’ve worked so hard to create.
Your business success has always depended on a team. Your exit should be no different.
Final Thoughts
Business exit planning is more than a procedural necessity—it is a strategic, reflective, and transformative process. By approaching it with the same passion and thoroughness, business owners can create a plan that safeguards their legacy and opens doors to new possibilities. Ultimately, the journey of exit planning is about taking control of your future, ensuring that when the time comes, you exit on your own terms and with confidence.
A well-executed exit plan isn’t just about leaving—it’s about leaving on your terms. Whether your goal is financial security, business legacy, or a stress-free transition, the right planning ensures you exit with confidence.
Want expert guidance for your business exit? Contact us today for a personalized consultation
