We recently completed a survey of green industry business owners and managers. The survey covered a variety of topics related to mergers & acquisitions and exit planning. This article takes a closer look at the results related to exit planning.
The survey results related to exit planning were thought-provoking and demonstrated a disconnect between the objectives that business owners have in exit planning and the actual steps they have taken to increase the likelihood of achieving those objectives.
40% of people respoinding to the survey indicated that they had an exit strategy for their ownership interest in their business.
Although 40% of survey participants indicated that had an exit strategy, only 13% indicated they had a written exit plan in place.
Although only 40% of survey participants indicated they had an exit strategy and 13% said they had a written plan, nearly everyone who participated in the survey listed his or her most important exit planning objectives.
By a large margin, the most common exit planning objectives were “to exit financially stable” and to “exit on my timetable.” Somewhat surprisingly, the next most common objectioves were for the business’s customers to be well cared for and forthe business to contyinue and prosper, which were much more common than to trransfer the business to family member(s) or key employee(s).
Experience tells us that those who have specific exit objectives, but who have not articulated their strategy or taken specific planning and action steps will be much less likely to realize those objectives.
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