Stephen L. Ferraro
CPA/ABV/CFF, CEBC, MAFF, CVA
The success of exiting a business depends greatly upon the mental perspective and preparation of an owner during the exit process. Business owners tend to fixate their thoughts only on running and growing their business.
However, there is a tremendous amount of value in seeing the “big picture” with your exit and thinking about the future and where you would like both the company, and yourself personally, to end up.
The owner who is able to see the larger picture and understands that stepping out of a business is an opportunity to move both themselves and their company toward a new stage of life, will be best prepared to execute a successful business transition.
The Transfer Timing Slots
One of the first big picture concepts that owners should grasp is the idea of timing slots. Much like a slot machine, you want to see if you can match up three critical areas—personal timing, company preparedness, and market timing. A solid ‘big picture’ of an exit considers all three.