Only 68% of us have sought outside advice regarding our transition plans. Worse yet, only 14% have established a formal transition advisory team, whose sole focus is to prepare an owner for an exit. That means that while 19 in 20 owners think it's important to strategically prepare for their business exit, only about 3 in 20 owners are living it.
Good entrepreneurs and business owners are constantly seeking outside advice - and help. So, it can be easy to think that you, in fact, have an external core exit advisory team. Here's the litmus test.
If the team is siloed - working only on their area of expertise without knowing what the other members are doing - or valuing - then they aren't working collectively or collaboratively.
The core members of your team must include an attorney, an accountant, a growth advisor/coach and a financial planner. These people are factor '4' in the 4x3 model.
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