In this podcast, Chiris Snider, CEO of the Exit Planning Institute, talks about:
  • Why exit planning is considered a "blue ocean market";
  • The importance of setting goals and teamwork in business exit planning;
  • Emotional aspects of selling a business;
  • The current state of exit planning and where it is headed; and
  • The real meaning of the word, "exit," and why it is important to your business.

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 Other Takeaways

 Blue Ocean Strategy:  Blue Ocean Strategy is one of the top strategy books.  A blue ocean symbolizes a new market vs. say a red ocean which is an existing market.  Exit Strategy Planning is a blue ocean market.
The Market: Two-thirds of privately held businesses owned by baby boomers, the youngest of which is 50 now, the oldest is 68. A survey that EPI underwrote last year for business owners, 76% of those owners that were surveyed indicated they wanted to transition their businesses in the next 10 years, 48% in the next 5 years, others roughly 6 million businesses with payroll. So that equates to about 4.5 million businesses transitioning in the next 10 years.
Goals: For an exit plan to be successful, you have to make sure that all three - your personal goals, your business goals, and your financial goals - are all aligned. 
Teamwork: You have to have a successful team in order to exit successfully, and what we find is that a lot of the advisors are not working as a team.