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Ownership - Succeeding in Succession

IntroductionLeaving a Business: Myths & Misconceptions

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Before diving into this unit, take a few moments to consider some of the most common myths and misconceptions about transitioning ownership. Evaluate your own perceptions by answering the four following questions.

1. There is very little beyond business ownership that will challenge me emotionally or intellectually.

  • A True

    False

    It's important to consider what you'll do with your time after you leave your business before you retire. Approach friends and family for their opinions. Take a look at the goals you put on hold to build your business.

  • B False

    False

    It's important to consider what you'll do with your time after you leave your business before you retire. Approach friends and family for their opinions. Take a look at the goals you put on hold to build your business.

2. Business owners are highly skilled in managing their business finances and they readily apply this skill to their personal finances.

  • A True

    False

    Business owners often do too little personal financial planning and leave it too late. It isn't as exciting as running a business and it can be difficult to ask for help when the owner is so competent at many other things.

  • B False

    False

    Business owners often do too little personal financial planning and leave it too late. It isn't as exciting as running a business and it can be difficult to ask for help when the owner is so competent at many other things.

3. Even if I don't plan for the future, eventually a buyer will have interest in purchasing my business.

  • A True

    False

    Selling your business will take just as much planning and time as any other type of transition.

  • B False

    False

    Selling your business will take just as much planning and time as any other type of transition.

4. Business owners wait too long to retire and enjoy the next stage of life.

  • A True

    True

    More and more often, business owners are considering their health and families. They have expressed their desires to share a healthy retirement with family.

  • B False

    True

    More and more often, business owners are considering their health and families. They have expressed their desires to share a healthy retirement with family.

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Preamble
Intro
Exit Strategies
Key Considerations
Post-Transition
Conclusion
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