Questions to ask before the exit

It‘s so important to plan for your exit years in advance.

But what does that actually look like? Well, that’s what our BuiltWealth™ Ladder is all about, and it’s how we help business owners like you plan for a successful exit, on your terms.

To get you started down the path (or up the Ladder), there are a few questions I’d like you to sit with.

You don’t have to have all the answers today (we’ll help you find them!), but sitting with the questions will get you thinking in the right direction.

Question 1: What makes you feel that you want to or are ready to exit your business?

What has changed in your life that instead of working on the business, or in the business, now you’re thinking about an exit?

Do you see your competitors doing it? Are you feeling like slowing down, or that you already are?

Do you have children in the business? What are your thoughts on what their roles may look like if you were to sell it?

Question 2: What do you think the business is worth?

And what do you think you could sell it for? What do you want to sell it for?

Is the business in the right financial shape to make that a reality? How attractive is it for potential buyers as it is right now?

If you could, what would you improve ahead of your exit?

Question 3: What does your personal lifestyle look like?

How much have you saved? Are you going to be able to afford your lifestyle and continue it into retirement?

What are you looking forward to being able to do, or see, or buy?

Question 4: What does your life post-exit look like?

Are you going to want to walk away once the check clears, or do you want to stay on for a year or two?

What is going to fulfill your day, every single day, once the business is no longer a part of it?

What is your purpose now? What are your hobbies? Do you want to spend more time with family, or give more back to your community?

Why these questions:

These questions are a great place to start making sure you’re prepared for life after the exit. 

And by thinking about them now, it allows us to have a more productive conversation and help you map out your future.

So that if you get that check or that offer, you know if it’s enough to take care of your family and your legacy for the rest of your life.

That’s the most important thing.

And it’s how we’d love to help.

-Michael

Book a JobWalk with me and we can start the conversation.

Interested in other Rungs? Check out:

• The full Ladder here or the audio edition here

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HFM Investment Advisors, LLC is a registered investment adviser. All statements and opinions expressed are based upon information considered reliable although it should not be relied upon as such. Any statements or opinions are subject to change without notice. Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies. All investments involve risk and are not guaranteed. Information expressed does not take into account your specific situation or objectives and is not intended as a recommendation appropriate for any individual. Listeners are encouraged to seek advice from a qualified tax, legal, or investment advisor to determine whether any information presented may be suitable for their specific situation. Past performance is not indicative of future performance.