?? Do You Want a Seat at the Exit Planning Table?

Exit planning is a team effort. No one advisor has all the skills necessary to properly navigate? the entire exiting process of successfully transitioning an owner out of their business. The Owner needs a diverse set of expert advisors working collaboratively and focused on achieving a common set of SMART exit goals for the Owners.

These written goals are shared with the trusted advisors at the planning table and become the guidelines around which every advisor on the team forms their recommendations. Each advisor provides their recommendations, from their area of expertise that contribute to achieving the owners goals.?

At the head of the planning table is the Exit Planner. The exit planner's role is owner’s guide (or sherpa), through the planning and transitioning process. The exit planner acts 100% on behalf and the interests of the owner, and does not accept or provide compensation for advisor referrals.?

The EP helps the owners clarify their goals, assemble the advisor team, document and facilitate the planning process, manage the communication and coordination amongst the advisors on behalf and in the sole interests of the owner.?

The Exit Planning Table is a number of seats. One of the seats is occupied by a wealth planner. Today I am chatting with Evan von Kleist Bernard, CIM, QAFP, CEPA. Evan is a Wealth Advisor with National Bank Financial. Like me Evan believes in the concept of advisors working collaboratively to engage owners in business exit planning . Evan says advisors need to increase awareness, among all players in the space and create course structure to deliver, strengthen and broaden the advisory service scope.

Too often owners get to a point of being fed up and want out - then they realize that their business is not worth what they thought. It’s important for advisors to help owners get ahead of this problem. Advisors need to educate themselves and speak to their owner clients about their plans for exiting. It's inevitable and going to happen, ready or not.?

I believe if you are a trusted advisor to a business owner, you have a duty to raise the subject, and be prepared to offer practical exit planning solutions. Advisors need to take a lead with owners and get them talking about planning their exit well before they are burnt out and simply want out!?

Exit planning is a team effort done by a diverse group of expert advisors working in a collaborative way to meet the owners exit goals. The nature of the process creates engagement for the trusted advisors at the planning table. The exit planning process gets key advisors together in front of the owner at the beginning.?

Click here to listen to my conversation with Evan, and if this makes good business sense to you and you want to learn more then book a free consultation with me and let's see if it makes sense for us to work together.