Are you a Pilot or a Passenger
In your business?
You wouldn’t get on a plane without knowing where it was going! So why do so many business owners find themselves stuck operating their business with no idea where it is taking them?
The statistics are sobering! Of those businesses put on the open market, 8 of 10 will not sell. Of those that do sell, many will recognize lower valuations because the owners did not understand what drives business value or appropriately plan for their exit. And 75% of business owners who do successfully sell their business report experiencing “profound regret” one year after selling—again, usually due to poor personal planning.
How do owners deal with these realities, and ensure successful outcomes? It all starts with teaching owners how to fly their business. Flight Plan Strategies helps owners with Destination Planning by developing business Flight Plans that reframe Seven key questions that every pilot addresses before each, and every, takeoff flight:
Where is your business taking you?
Who’s coming with you on the journey?
When do you want to depart?
How long will your journey take you?
What route will you take to get to your destination?
What knowledge and resources are required to reach your destination?
What are the threats that will prevent your successful arrival?
The process starts with a Pre-Flight Assessment, of which there are 4 variations below. They address the three key areas of your planning: personal readiness, financial readiness, and business readiness. Whether you are just starting your business ownership journey, or preparing yourself for a safe landing, it is never too early or late to start planning. So, start being a Pilot today, and Fly Your Business!
Sooner or later, every owner will leave their business. Sometimes this is by choice, and sometimes by necessity.
An Exit Plan is simply a strategic business plan with a defined time frame. It is the identification of your priorities and the preparation for a transfer of your responsibilities.
You may wish to step back from day-to-day operations, start a succession path for employees or family members, or perhaps divest the business from your asset base entirely. Regardless of your motivation, to facilitate a successful transition and control the process, you’re going to need to do some planning.
Even if you are not ready to exit today, establishing a plan will change the way you run your business and help you adjust to changing circumstances in the future. And just because you have a plan doesn’t mean you need to implement it immediately. It simply means that you will be ready when the time comes.
So, create your Personal Exit Map and establish a baseline for your Overall Exit Preparedness. Taking 15 minutes to answer 22 questions is all it takes!
Are you personally ready for what should be the happiest day of your life?
By analyzing 40,000 business owners and conducting hundreds of in-depth interviews with owners who have recently sold their business, we have determined that there are 4 major drivers that lead to an exit without regret.
Future Vision: Why do you want to exit your business? What do you plan to do after you leave your business?
Personal Detachment: How attached are you personally to your business? Have you built a fulfilling life outside of your company?
Team Involvement: Have you considered how your employees will be treated when you exit your company?
Structuring Flexibility: How much is your business worth to you? What is your bottom line? Have you considered the practical financial questions surrounding your exit?
Click the link below to take your 8-minute, 12-question PreScore assessment and take the first step toward making a profound impact on the second half of your life.
There will come a time when the sale of your company will generate enough income to fund the rest of your life.
We call this your Freedom Point!
If you are like most business owners, between 50% and 90% of your current net worth is tied up in your business.
Recognizing this, you will eventually face two difficult choices: when to sell your business and at what price. How much is enough to support your desired lifestyle?
While selling your business may seem far off in the future, calculating your personal Freedom Point can help you set goals and waypoints for the future.
Take a few minutes today to complete our quick 7-step Freedom Score assessment.
How attractive is your business to a potential buyer? Are your business processes best-in-class? Would your company secure the highest valuation possible, or is there room to improve your multiple?
Whether you want to sell your business now or decades in the future, getting your Value Builder Score will allow you to:
Diagnose what may be holding you back from creating a company that can fully thrive without you.
See how an acquirer would evaluate your business, enabling you to focus today on what will be important down the road.
Identify hidden things that may quietly drag down the value of your business so you can eliminate them before they become a problem.
Pinpoint the part of your business that will have the most value to an acquirer so you can invest more resources in areas most attractive to an investor or acquirer.
Join 70,000+ business owners and click the link below to get your complimentary Value Builder Score.
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