business owners Archives - Your ExitMap

Missed Opportunities

John F. Dini — Mon, 07 Jul 2025 16:02:54 +0000

Your business is doing pretty well. You’re adding to your personal savings every month and are more focused on tax strategies than making payroll. But how do you know if you’re leaving opportunities on the table? Some indicators are obvious. Others, less so. One of the easiest to spot is stagnation. Businesses are like living organisms—they either grow or they shrink. Flat or declining sales are a warning sign. Stagnation limits opportunities for your top employees and makes it easier for competitors to lure away your customers with newer, more innovative solutions. How does your growth rate compare to your industry or market? If others ... Read more

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What is an Exit Plan?

John F. Dini — Mon, 27 Jan 2025 17:00:33 +0000

"What is an Exit Plan" is an article I wrote ten years ago. It was just brought to my attention and I realized I never posted it to Awake for some reason. Here, with some updating, we celebrate its 10th anniversary.

Exit planning is the buzzword for those who consult to Baby Boomer business owners. Business brokers, wealth managers and other professionals are adding “exit planning” to their marketing messages.

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Owners are a Minority

John F. Dini — Thu, 25 Apr 2024 14:57:29 +0000

When it comes to careers, business owners are a minority of the population. In conversations this week, I mentioned the statistics several times, and each owner I was discussing it with was surprised that they had so few peers. According to the Small Business Administration (SBA), there are over 33,000,000 businesses in the US. Let’s discount those with zero employees. Many are shell companies or real estate holding entities. Also, those with fewer than 5 employees, true “Mom and Pop” businesses, are hard to distinguish from a job. The North American Industry Classification System (NAICS) Association, lists businesses with 5 to 99 employees at about ... Read more

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The House of Gucci Succession Plan

Mark C. Hegstrom — Thu, 04 Apr 2024 17:14:47 +0000

The Gucci brand started with two brothers who own the family business equally. Each brother had a son, and each son was to inherit the empire. One of the sons was a ne’er-do-well, who always attracted and found trouble. Despite nobody ever giving him a chance, the viewer could tell his successor ownership was doomed. The other son married the woman who was played by Lady Gaga. The story progresses through time as one of the fathers die and the other goes to jail while the wife rises to power and greed. To complicate the succession plan, lavish lifestyles, poor business decisions, children and divorce ensue.

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Prepared for 2023 – Is This the Year to Exit?

John F. Dini — Wed, 04 Jan 2023 23:19:04 +0000

What does being prepared for 2023 mean for business owners who are approaching, at, or already beyond normal retirement age? It’s become fashionable to pontificate about the “inevitable” recession in the coming year. There is an argument for not talking ourselves into making it happen. Unfortunately, there are indisputable reasons why it is going to occur regardless of whether we discuss it or not. Inflationary stimulus (including $6 trillion of ”quantitative easing”) in the US, combined with over-dependency on Russian gas supply in Europe and falling industrial production from COVID lockdowns in China have created the proverbial slow-motion car wreck for the world economy. All ... Read more

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Do You Suffer From Decision Addiction?

John F. Dini — Mon, 21 Mar 2022 14:24:47 +0000

Do you suffer from decision addiction? The typical business owner lives on dopamine. According to WebMD: Dopamine is a type of neurotransmitter. Your body makes it, and your nervous system uses it to send messages between nerve cells. That’s why it’s sometimes called a chemical messenger. Dopamine plays a role in how we feel pleasure. It’s a big part of our uniquely human ability to think and plan. Feeling the Rush That’s what business owners do; think and plan. Their lives are a chain of thought processes that go “What if I do this? How will it affect the business? Then what would I do ... Read more

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A Hazy Crystal Ball is Better than a Rearview Mirror

Corby Megorden — Fri, 04 Mar 2022 22:58:54 +0000

Several years ago, I did a cross-country trip with my family. We laid out a rough plan of what we wanted to see, how long it’d take, and most importantly, what we wanted to eat! When we hit the road, I did not drive looking primarily in the rearview mirror, with an occasional glance at the gas gauge and the road signs. I looked ahead and tweaked the plan. Yet, that is often how business owners run their businesses. Often, this year’s business planning consists of, “let’s do what we did last year – just more of it.” We look at whether we have cash ... Read more

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Die at Your Desk or Go Golfing?

Corby Megorden — Mon, 22 Nov 2021 19:07:40 +0000

Die at Your Desk or Go Golfing? The truth of the matter is, every small business owner will eventually transition from the business. While most have spent much time working in the business, and at times on the business, they have not given much thought to what to do after the business. Whether you love your work so much that you would be happy to die at your desk, or you would like to devote much more time to your golf game, every small business owner needs to consider how they plan to exit. And planning has significant benefits. The Business Enterprise Institute defines three ... Read more

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Main Street Business: The Importance of a Written Exit Plan

Steven Douglas — Thu, 14 Oct 2021 18:46:06 +0000

When planning for a vacation, do you typically jump in the car and just start driving without first determining where you are going? No, of course not. You plan out where you want to go, when you want to leave, what activities you want to do on the trip, and so forth. You create a plan to make sure that you know where you are going and what you are going to be doing. The same principle applies to business owners when transitioning from their Main Street and Mid-Market businesses. Without an exit plan in place, the odds of reaching your end goal are extremely ... Read more

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Are Remote Employees Value Killers?

John F. Dini — Tue, 22 Jun 2021 20:40:04 +0000

Remote employees can have a dramatic impact on the value of your business. If your exit strategy is to sell to a third party, take some time to think about the areas where offsite workers could have an impact. Curb Appeal One of the first things any good business broker will look at is your curb appeal. Your business needs to look good, just like a house that’s for sale. (OK, maybe right now a house doesn’t even need to look good, but you know what I mean.) When I brokered Main Street businesses, I was always surprised at how much we had to tell ... Read more

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Thinking About the Future: What’s Your Plan?

Mary Richter — Fri, 22 Jan 2021 16:05:03 +0000

We’ve all heard the saying, “Fail to plan, plan to fail.” This is extremely pertinent if you’re thinking about the future of your business. Many owners focus solely on the exit transaction itself without spending the time to properly prepare for it. Transitioning your business can take many forms, from passing to a family member to selling to a strategic partner. Here are some things to think about before you transition. Are you ready to leave? Many business owners fail to consider what they’ll do after a transaction. Do you plan to continue to work in the business? For how long? To whom will you ... Read more

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Wealth Management for Business Owners

Pat Ennis — Tue, 01 Dec 2020 20:07:25 +0000

Wealth Management Considerations for Business Owners Small business owners are at times neglected by the wealth management community as the business is commonly (not always) the owner’s largest asset rather than a portfolio of stocks, bonds, and mutual funds. You’d be well-advised as a business owner to engage a Financial Advisor who is proactive and experienced in factoring your future plans for the business, into your overall plan for managing your wealth. Key Elements of Exit Planning Impactful wealth management for you as a business owner would include at least these elements of exit planning: Clarifying what “exit” means to you. For example, do ... Read more

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