Defining your goals, post business, is the single most important step in the Exit Planning process. As important as that is, your readiness is the determining factor in whether you can actually pursue your goals. There are two factors in determining readiness. There is financial readiness and there is mental readiness.
Consider a couple of questions:
- If you could get a check in the mail every month, how much total net income AFTER taxes do you think you would need to be able to live comfortably? This relates to Financial Readiness.
- If you could create the perfect calendar and you could live the lifestyle you really want; if you could spend you time , talent and resources doing whatever your want to do, whenever you want to do it; if you could get rid of all the activities that you don’t want to do, what would that perfect calendar look like? This is important for determining your Mental Readiness.
These are not easy questions, but these are exactly the kind of questions we help our customers work through to define their ultimate long term vision for their future beyond the business. Several excellent resources are available to help you begin the process, such as Exiting Your Business, Protecting Your Wealth, by John Leonetti, The Wright Exit Strategy, by Bruce R. Wright and Built to sell, by John Warrillow.