75% of Entrepreneurs Regret Their Exit. Here Are the 3 Things They're Missing.

"The best entrepreneurs are planners. For most who are achieving success, they already have the long game in mind: a multi-year vision for their business with clear milestones and metrics to measure success. Established methods guide their growth planning, and those who aren't planning are left behind. Similarly, entrepreneurs often have an eye on their personal finances. Informed by business growth, business owners often have metrics to assess their progress towards financial security."

"I advocate for a three-pronged approach to planning an exit. Business and personal financial planning are two of the prongs, and there are many advisors and frameworks available to help entrepreneurs hit their goals. What many owners find harder - and lack clarity on how to assess - is the third prong: a personal plan."

"A personal plan is a written plan, driven by your personal purpose and identity, that includes goals and objectives to fulfill your desired legacy. At least once per decade, Exit Planning Institute® surveys business owners nationwide through the State of Owner Readiness Report. In 2023, our latest report showed that only 44% of business owners felt ready to exit from a personal planning perspective."

"That number is probably a little high, since only 41% had a written, formal plan for what they would do next, and fewer still - 35% - had completed an assessment on their personal readiness. A personal plan is more than how you'll spend your time post-exit. Too many people think they'll simply retire, and then struggle to fill the 5"

Entrepreneurs who succeed tend to plan with a multi-year business vision, clear milestones, and metrics. Business owners also track personal finances using measures tied to financial security. Exit planning benefits from a three-pronged approach: business planning, personal financial planning, and personal planning. A personal plan is a written plan driven by personal purpose and identity, including goals and objectives that support a desired legacy. Many owners struggle with personal planning clarity and assessment. Survey results show limited readiness from a personal planning perspective, with fewer owners having written plans or completed personal readiness assessments. Personal planning goes beyond post-exit time use and helps prevent difficulties after retirement.

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