Source: Exit Planning Institute, 2013 State of Owner Readiness Survey
At some point, every business must transition or fade into the sunset. Exit Planning is a process of creating and implementing a strategy that allows owners to exit their business on their terms.
At Westminster our functions for coordinating business owners’ personal objectives and current activity status with their desired post-business outcomes are twofold:
To maximize the value of the business at transition time, we draw up a roadmap on which to chart out today's business decisions. In so doing, we effectively align your business strategy with your exit strategy.
Here’ how we do it:
1. Determine where you are now. What is the value of your business today?
2. Define exactly what you want. What price should you expect at transition time?
3. Establish the gap between the two. This is your business-value gap.
4. Make a plan to implement change. This is the roadmap to your future.
5. Follow up. You can't get there without periodically assessing progress.
The last step is the key that unlocks the full rewards of our methodology. Your business is an engine that can drive value every working day. By monitoring how you're doing and continually improving your approach — not just once per year but all year long — we ensure that you grow your value and reach your goals.