“It’s classic, time immemorial. Hutch I starts it, Hutch II grows it, Hutch III blows it. Shirtsleeves to shirtsleeves in three generations.” The fact is only 10% of affluent family wealth makes it to the third generation.
Running a business is so easy, fun, and glamorous right? Well, it can be all those things but mostly it’s hard work. Planning beyond the day-to-day or week-to-week urgent and important tasks can be nearly impossible. With a strong defense in place, it’s time to create a plan to focus on maximizing the value of the business either for an internal sale or to an outside suiter.
If you’re like me, you were completely unemployable when you started your company or jumped into the family business. I say that affectionately. The question you’ve arrived at today is, “what is the plan to keep this business going either when you’re ready to call it quits or, in the worst scenario, if you die unexpectedly?”
How many times have you caught yourself staring out the office window while visions of warm clear water, tropical music, and white sand filled your mind? Planning for a successful business exit will likely be the most exciting and stressful process you’ll encounter in your working life.