A Planning Process for Future Success

Exit Planning

When owners reach the peak of their business success, they wonder where they go from there. Whether youʼre approaching, at, or getting farther away from the peak of your success, the answer is likely the same: The next step is planning for the future of your business and your ownership.

The most effective way to position yourself for future success is to begin a three-step process. Each of these steps can help you answer questions about your current ownership, how you picture the rest of your life, and how your decisions can affect people and things you care about.

Determine How Much Money You Need to Become Financially Secure

To determine how much money you would need to achieve financial independence, you should assess your current expenses, estimate future expenses, consider any sources of passive income or investment returns, and work with financial professionals to develop a comprehensive plan. If you cannot answer these questions with confidence, itʼs difficult to know how much money you need to be financially secure. Financial security is important because it can give you the freedom to do exactly what you want with your future.

Decide What You Must Do to Reach Your Financial Security Goal

Once youʼve figured out what you need for financial security, you should consider how youʼll get it. Ask yourself whether thereʼs anything you can do within the business to improve cash flow and profit. Find out whether youʼre investing nonbusiness assets in ways that will help you reach your financial security goal. Figure out how you can use the strength of your business—which is likely your largest asset—to pursue financial security.

Determine What’s Important to You

While financial security is undoubtedly essential, it’s not the sole factor to consider when planning for future success in business. Intangible goals, such as maintaining company culture, employee well-being, and ethical considerations, are also critical aspects that shouldn’t be overlooked.

These intangible, or values-based, goals play an important role in your planning for future success. Business owners can easily disregard these goals and come to regret it in the later stages of their planning. Values-based goals matter, and they can affect how you pursue your overall financial goals. Thatʼs why itʼs important to consider them early in your planning process.

Making these determinations and decisions isnʼt something you have to do alone. If youʼd like to talk about using a process to plan for your future success, please contact contact us today!