In our last essay, we highlighted how “exit planning as good business strategy” is like prepping a home to hit the market: you do a bunch of work, and then the work you did might make you want to stick around and enjoy the place a bit longer.
Today, we are going to dive into why it’s so important to begin exit planning now.
In 2013, I came into this business. Two years later nearly to the day, my dad and senior business partner was given a cancer diagnosis, with 12 months to live. Our exit planning conversations instantly took on a seriousness we did not wish and could not predict.
With only a couple years under my belt, I was nowhere near ready to assume control of the practice. My dad was nowhere near ready to exit. But it appeared neither of us had a choice in the matter. He had to be out almost immediately for treatment, and I had to instantly adjust my focus to running the business.
Thankfully, we had an excellent team around us. We huddled up, identified the gaps we were about to leave in our service to clients, and methodically began strategizing how to fill those gaps and how to keep bringing value to our clients. I also got great advice about how not to lose my own mind or family in this crucial time in our lives.
The details of what we did next and how we did it are a topic for a future essay. But suffice it to say, today nearly 9 years later, our business was a success. We had pulled through, and we were executing better on the other side. More importantly, my dad, who was now battling both cancer and heart failure, was winning.
Today, I look back at the practices we began in those early conversations (which we thought were only focused on exit planning), and I realize those were simply business growth strategies, made more imperative by the health of the owner. The strategies we put in place then have since served to improve our business, more systematically serve our clients, and increase our capacity to grow.
So where does this leave you? Well, if you’re not facing a health crisis, you have an advantage: you can begin these conversations today, knowing that the same disciplines and strategies that prepare you for exit also prepare you for growth.
And you don’t have to decide today which road to take. But you know you’re going to be ready for either and you’ll take this journey, not by force, but by choice.