Unsurprisingly, most entrepreneurs would find it a stretch to add the words “exit planning” to their everyday vocabulary, much less to their long-term business strategy. Entrepreneurs are well-known for being focused in the way they operate professionally, looking more towards future growth and successes of their business, rather than the prospect of a forthcoming exit. It’s the very nature of the entrepreneur that originally provided enough initiative and determination to begin their long walk down the path of business ownership. But it’s this same entrepreneurial spirit that can, at times, get in the way of making strategic and planned decisions regarding their ultimate exit from the business.
Advisors to small to medium business owners know the grim statistics and high cost that is paid through destruction of wealth and legacy when business owners fail to plan for their inevitable exit. Despite years of providing wise counsel, data, and skilled technical advice, advisors are no closer to moving 67% their owner clients to action.Going into great detail on why small business owners are reluctant to plan for their exit, the whitepaper calls attention to the psychological makeup of entrepreneurs, noting that the very behaviors driving an entrepreneur to be successful are also getting in the way of arranging a rewarding exit strategy. These include:
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