What's your business exit strategy? Begin with the end in mind.

In this episode of Toledo Business Coaching, Making Your Success A Reality, Business Coach Patrick Good discusses the importance of timely and proactive planning for your Business Exit Strategy as a Business Owner. Offering tips and resources to ensure a profitable and successful transition, he makes us aware of the common pitfalls and challenges of business succession planning.

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If the success of a business, and its associated value, is due to the business owner’s knowledge, the more we can take that knowledge and make it part of the business, the easier it will be to get a future buyer to pay for it. This requires documenting systems and processes and possibly creating a knowledge base within the business that will live on well-after the owner is gone. Developing an Operations and Training Manual, an Apprenticeship Plan, and an Organization Plan are just a few of the strategies we implement with an Owner to help prepare a business for sale. Thinking this through 2-3 years prior to an actual sale will help you get the business in the best possible shape to sell.

Core Facts

Regardless of where you’re at in your business ownership journey, I encourage you to start planning for the end of your business now….the process alone will force you to be disciplined, systematic, and strategic in your decision-making. To learn more about various business valuation methods and tools, preparing your business for sale, or strategies, tools and tips for maximizing the value of your business, I encourage you to contact me directly or visit my website.

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Company information

AdviCoach of NW Ohio is one of five business units operated by Patrick Good, Owner of PAG Associates, Inc. We help successful Business Owners to further and dramatically improve their performance by increasing profits by at least 68%, while helping them put the right Team in place so the Owners can get some time back for themselves. Through Awareness, Education, and (most importantly) Accountability, we help our Business Owner Clients navigate their businesses through the five most-common business dangers: Poor Leadership, Financial Mismanagement, Ineffective Marketing, Underperforming Sales, Mismanagement of Human Capital. Contact us Today to schedule your free "business well-check" or visit our website at http://pgood.advicoach.com/about-us.aspx

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5th June 2012