In this episode of “The Real Bottom Line” podcast, the host discusses the importance of planning for the end game of a business. While the podcast typically focuses on interviews with entrepreneurs at different stages of their business journey, this episode delves into the topic of succession planning and exit strategies. The host shares insights from a survey conducted by the Canadian Federation of Independent Businesses, which reveals that a significant number of Canadian business owners plan to exit their businesses in the next decade, representing a massive transfer of capital and assets. Surprisingly, only a small percentage of business owners have a formal transition plan in place.
The podcast emphasizes the need for business owners to view their businesses as valuable assets and explores various strategies for transitioning the business to new owners, such as selling to non-family buyers, family members, or employees. The host also discusses the challenges and barriers faced by business owners when it comes to succession planning, including finding suitable buyers and accurately valuing the business. The episode highlights the importance of seeking professional help and engaging in exit planning early to maximize the value of the business and ensure a smooth transition.
Read my article about the importance of Exit Planning: https://blackstarwealth.com/the-importance-of-exit-planning-preparing-for-the-future-of-your-business/
