{"id":5851,"date":"2016-05-12T15:22:24","date_gmt":"2016-05-12T19:22:24","guid":{"rendered":"http:\/\/www.naylor.com\/associationadviser\/?p=5851"},"modified":"2016-05-12T15:22:24","modified_gmt":"2016-05-12T19:22:24","slug":"business-succession-planning","status":"publish","type":"post","link":"https:\/\/www.naylor.com\/associationadviser\/business-succession-planning\/","title":{"rendered":"Helping Longtime Members and Suppliers with Business Succession Planning"},"content":{"rendered":"

7 smart strategies for leaving one’s business in style<\/em><\/p>\n

\"Josh
Josh Patrick, Stage 2 Planning Partners<\/em><\/figcaption><\/figure>\n

With so much emphasis on attracting next gen members, many trade associations and professional societies overlook the needs of their longtime, highly engaged members and supporters. Whether they\u2019re in heavy construction, real-estate, home building, HVAC or interior design, leaving one\u2019s business is one of the most challenging and stressful events they\u2019re ever going to face. Too many times, business owners start the business succession process thinking they will be able to do everything that is necessary in less than a year.<\/p>\n

That\u2019s just not realistic. <\/strong>The reality is that a successful exit from one\u2019s business is likely to take at least three years, if not five or ten\u2014and here\u2019s where you can step in to provide significant member value.<\/p>\n

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Don\u2019t even think about selling your business before you\u2019ve considered what\u2019s next in your life.\u00a0<\/a><\/p>\n

Many owners overestimate their businesses\u2019 worth and underestimate the amount of time (and stress) it takes to sell. <\/a><\/p>\n

Focus on increasing the value of your business years before it\u2019s time to sell. <\/a><\/p>\n

Too many owners think their businesses alone will be enough to get them to retirement. <\/a><\/p><\/blockquote>\n

Here’s what I want you and your longstanding members to know: Leaving your business in style is not only possible, but something you can count on if you follow the seven steps below.<\/p>\n

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    What do you need? <\/strong><\/h4>\n<\/li>\n<\/ol>\n

    The first question you or a valued member has to ask is, \u201cHow much money do I need before I start the sales process?\u201d Too often I see hardworking entrepreneurs neglect to take the appropriate amount of time (and steps) to make sure that they can afford to leave their businesses successfully.<\/p>\n

    If you, or a valued member, is considering selling, you need to find a financial adviser who really understands how to do financial plans for business owners. You might think this is an easy thing to do. The sad truth is most financial planners miss the point when they work with their business owner clients.<\/p>\n

    You need to have your financial planner understand the real value<\/em> of your business. And here’s a secret you’re not going to like\u2014the true value of your business is not even close to what you think it’s worth<\/strong>. Business owners almost universally overvalue their businesses and this is something I don’t want you to do.\u00a0\"LilTweetablesSmall\"<\/a><\/p>\n

    So here are the things you need to do when looking for a financial planner who can help you accurately look at what you need:<\/p>\n