Welcome to The ExitMap Express
Did you know that 4,000,000 business owners will seek to transition their companies over the next 10 years?
On average, 350,000 owners sell, transfer or close their businesses each year. Most believe they will follow the “traditional” route to retirement, which means listing their company for sale with a business broker and then waiting for a buyer.
The reality is that brokers in the U.S. list about 50,000 businesses for sale each year, and eventually sell about 20% of those. To assist the majority of business owners seeking transition alternatives, many professionals now offer exit planning advisory services.
The path you choose should consider your time frame, personal goals, financial objectives, legacy intentions, the needs of other stakeholders and your vision for life after the business. Your answer may be selling to a third party, but sales to employees and transfers to family can result in the same proceeds and security, with far less stress. Exit planning is the process of examining your options.
The first step in a journey is to decide how you will get there. For that, you need a map. The map doesn’t tell you how to go. It quantifies your options. How long will it take? What roads should you use? If you take a side trip, how far out of your way must you go? Can you get there in the time you anticipated, or do you need to plan for contingencies? ExitMap® ExpressTM helps owners examine their options.
Driven by standardized tools and technology, ExitMap® ExpressTM is specifically focused on the exit options that align with your goals. It does not create personal financial plans, estate plans, enterprise value enhancement strategies, management development, or continuity planning. Those issues will be discussed, but it will your choice whether to address them.
The process outlined here is designed for business owners working together with a qualified and trusted advisor. As such, only an ExitMap® Advisor can access the tools and online resources to com- plete an ExitMap® ExpressTM plan. The help of an experienced exit planning coach will prove invalua- ble when considering your choices.
Remember that planning isn’t the same as implementation. Creating a plan doesn’t force you into a specific time frame, but having defined objectives will materially influence your future business deci- sions. The first step is to understand your options. The implementation schedule is up to you.
Good luck on your journey. We hope it is the most rewarding stage of your business career!
Answers to the Questions You Don’t Know to Ask
Who Should Use ExitMap Express?
Single-owner, single family, and closely held businesses with up to 125 employees where the owner(s) is/are considering a transition in the next 3 to 10 years.
Clients must be committed to engaging in the process, and possess both the technical ability and willingness to complete online or other electronic tools and participate in scheduled video conferences.
Why should I use ExitMap Express?
The cost of comprehensive transition planning for mid-market enterprises can range from $30,000 to $300,000 or more with plans taking about a year to complete. ExitMap® Express™ is designed to provide you with a plan in five meetings. Smaller businesses typically don’t have the same options as mid-market enterprises, so they can be transferred with less rigorous preparation.
What will I get from this process?
ExitMap® Express™ focuses on the three critical factors for business owners. It will help you clarify your goals and objectives, determine what is needed to achieve them, and provide you with a custom actionable road map for implementation.
How long does it take?
If you submit information promptly and commit to scheduled meetings, ExitMap Express can be completed in as little as three months. Four to six months is more typical if additional coach- ing is required along the way.
What is involved?
The entire process includes five meetings focused on the goals and objectives for life after the business. An owner submits historical financial and company information, completes two short online assessments, then works jointly with their ExitMap Advisor to complete the remaining electronic tools and calculations during the meetings (either in-person or via video conferencing). Get started at exitmap.com/lawofficesofjamesmoore.
Video conference calls are best conducted via Zoom (https://zoom.us/). The calls will include joint completion of planning tools that need to be visible to both parties. For that reason, phone only conferences are not acceptable.
What does it cost?
The Express™ Process is priced to be affordable. Business owners can complete a FREE online ExitMap® Assessment© at exitmap.com/lawofficesofjamesmoore; then participate in an initial Assessment review… reserving the decision to move forward with the ExitMap® Express™ 90-Day Coaching Process at that time.