It’s widely thought that approximately 50 percent of all business exits are involuntary and instead brought on by dramatic external factors. In his book, Walking to Destiny: 11 Actions an Owner Must Take to Rapidly Grow Value & Unlock Wealth, award-winning author, Chris Snider, CEPA, discusses the 5 D’s that typically kick early exits into action.
The 5 D’s are death, disability, divorce, distress and disagreement. You can’t time them, and they seem to come from nowhere as an unwanted surprise. These core shaking life events easily knock anyone off balance, and the last thing you need is to face these unknowns along with the unknowns of the future of your business.
Having a good succession plan and exit strategy means you won’t be left holding the bag with a business that can’t be transferred to a family member or employee, or put up for sale.– Scott Good, Co-Owner, Contractor Succession
Ask yourself if you have ever had to deal with one of the 5 D’s, or what the chance is that you will ever have to. Remember, having a solid succession plan and exit strategy means you won’t ever be left unprepared, especially at such a difficult time.
Contractor Succession helps make the process of planning your solid exit strategy straight forward, with your best interest and intentions in mind. We make it easy to start the conversation by clicking here.