Take the Readiness Assessment. What is an Exit Plan?

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Every business has unique features that need to be considered in the transition process. I am a trained Business Transition Coach and I follow the ExitSmarts® Business Transition System (BTS).



1. Business Owner Readiness Assessment (You take 15 minutes to answer questions / Then we start talking about it)

  • The Business Owner Readiness Assessment is the crucial first step on the transition journey. Its sole purpose is to help you to better understand what you know about the transition process

  • The results often reveal preparedness gaps. Only when you know the gaps will you know what actions you need to take to improve your chances for a successful transition

  • The Business Owner Readiness Assessment will identify gaps in the following categories

    • Business Readiness

    • Finance

    • Transition Objectives

    • Transition Knowledge

    • Planning


2. Exit/Transition Plan Development

  • The Transition Plan is a fully actionable written report that includes a business value indication. The Transition Plan documents the current goals and objectives of the business owner and action items that need to be addressed before the transition


3. Exit/Transition Plan Implementation

  • During Transition Plan implementation the action items of the Transition Plan will be implemented. Sometimes the business owners will choose to do this by themselves. Sometimes the business owner chooses to work on the implementation by themselves. The action items will focus on the following three main categories

    • Tangible Asset Growth / Financials

      • These are the tangible items a business owner will transition

    • Technical Items

      • Legal documents

      • Tax Planning

      • Deal Structure

      • Estate Planning

    • Intangible Asset Growth

      • The four main intangible assets (sometimes called capital) of a business are

        • Human capital - employees

        • Customer capital

        • Structural capital

        • Social capital

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