{"id":21819,"date":"2025-04-25T09:15:17","date_gmt":"2025-04-25T13:15:17","guid":{"rendered":"https:\/\/www.rbcwealthmanagement.com\/en-us\/?p=21819"},"modified":"2025-04-25T09:15:18","modified_gmt":"2025-04-25T13:15:18","slug":"business-exit-planning-overcoming-emotional-and-financial-roadblocks","status":"publish","type":"post","link":"https:\/\/www.rbcwealthmanagement.com\/en-us\/insights\/business-exit-planning-overcoming-emotional-and-financial-roadblocks","title":{"rendered":"Business exit planning: Overcoming emotional and financial roadblocks"},"content":{"rendered":"\n

By Rick Sweeney<\/strong><\/p>\n\n\n\n

Director of Insured Solutions<\/strong>, RBC Wealth Management\u2013U.S.<\/strong><\/p>\n\n\n\n

We work with a lot of smart and successful entrepreneurs, many of whom have gotten where they are because they are driven, hardworking and never give up.<\/p>\n\n\n\n

That focus and passion make them great at running their companies, but often not as great at thinking about\u2014or planning for\u2014a future when they transition out of running a business.<\/p>\n\n\n\n

A 2024 survey of RBC Wealth Management\u2019s business owner clients confirmed this: two-thirds of our surveyed business owners lack a documented plan for selling or transitioning their business<\/a>, and 41 percent haven\u2019t completed any type of valuation analysis to know what their business is worth.<\/p>\n\n\n\n

Our survey underscored business owners\u2019 need for support during all stages of the business lifecycle, but especially during the transition process.<\/p>\n\n\n\n

Why? Exiting a business is one of the biggest decisions an owner will ever make. It\u2019s a complex and emotional process, and there are three common roadblocks that trip entrepreneurs up:<\/p>\n\n\n\n

1. Letting go is hard<\/strong><\/h2>\n\n\n\n

A typical business owner we work with is around 65 years old. While many people are retiring at that age, entrepreneurs tend to remain laser-focused on building their business, optimizing productivity and reducing costs. They often plan and operate as though they are the linchpin of the entire operation\u2014and always will be. It can be hard for them to imagine how the company could continue without them.<\/p>\n\n\n\n

But that\u2019s exactly what you have to do.<\/p>\n\n\n\n

In terms of dollars and cents, maximizing the value of your company can be a challenge if the enterprise cannot function without you. Even if you run a tight ship, that ship needs resilience.<\/p>\n\n\n\n

Coming to terms with handing over the reins is often the biggest challenge for an owner to overcome. This can be due to the emotion, hard work and personal and financial risks it takes to build a successful business. It\u2019s natural to struggle to relinquish control of something you\u2019ve devoted your life to creating.<\/p>\n\n\n\n

Keep in mind that stepping back doesn\u2019t have to happen all at once, and everyone\u2019s first steps look a little different. Some owners start the exit planning discussion as an outgrowth of their personal wealth planning, as their business is inextricably linked to their own money landscape. Others ease into the process through conversations around risk management and value creation. I\u2019ve learned to pick up on cues that an owner is ready to get serious about their exit, even if they don\u2019t know how to do it.<\/p>\n\n\n\n

As for the emotional component of letting go, the fact is everyone<\/em> exits their business one way or another. In my experience, many business exits are unplanned and involuntary\u2014the opposite of an ideal scenario. Either something happens to the owner, or there is some unplanned upheaval in their personal life. Without a plan in place, you can\u2019t fully use what you have built to protect your own financial life, not to mention the jeopardy your employees would experience from the abrupt end of your business ownership.<\/p>\n\n\n\n

2. They don\u2019t know when or where to start<\/strong><\/h2>\n\n\n\n

One of the biggest misconceptions I see is that an exit strategy is something you create when you\u2019re \u201cready\u201d to leave. In reality, the earlier you start, the more options you have<\/a>. Ideally, you should start planning at least three to five years before you want to transition out. You don\u2019t have to commit to a departure date, but a definitive start to the planning process gives you the freedom to choose when the timing is right, rather than being forced by circumstances.<\/p>\n\n\n\n

Early preparation also gives you time to think strategically, so you can get the most out of your eventual exit. For example, if you know you\u2019re going to end up selling your business<\/a>, planning years in advance allows you to implement tax-efficient strategies that may help preserve more of the proceeds from the sale. You can also work with your financial advisor to explore options for using the funds, such as a family trust or charitable giving, which can have both personal and financial benefits. Structuring your exit thoughtfully means you can do more with what you\u2019ve built, not just for yourself, but for your family and community.<\/p>\n\n\n\n

When it comes to getting a plan on paper, a practical first step is to document the management and operating framework of your business. Write down how decisions are made, who oversees what functions and where you think there are areas for improvement. This exercise, even at a preliminary level, gives you a roadmap for identifying areas that need work before you exit.<\/p>\n\n\n\n

Another key step during the initial stages is putting together a team of experts to help you formulate and execute your plan. Too many business owners try to do it on their own. Given all the moving parts associated with selling a business, you need the right people by your side from the get-go to ensure a smooth and successful transition.<\/p>\n\n\n\n

Of course, your fellow leaders of the business should be part of your exit-planning conversation, but I\u2019m also talking about outside counsel. A good exit strategy requires a core team of professional advisors who can guide you throughout the process and connect the \u201cbusiness\u201d aspect of an exit with its personal meaning to you. Your team should include your financial advisor, attorney, accountant and likely a strategy consultant.<\/p>\n\n\n\n

3. They don\u2019t know what they\u2019re worth<\/strong><\/h2>\n\n\n\n

When you show that you\u2019re in the market for an exit, it\u2019s common to be courted by private equity firms and other would-be buyers who promise what seems like a large sum and a painless, turnkey experience. That isn\u2019t to say these options shouldn\u2019t be considered. But those early offers are often counting on you to be too overwhelmed to do your due diligence and discover what your livelihood is actually <\/em>worth.<\/p>\n\n\n\n

A professional valuation goes beyond simply crunching numbers. It also helps you identify and quantify the unique aspects of your business that add value: your brand, client relationships, intellectual property and market positioning. Having objective experts involved also reduces the risk of emotional attachment clouding your judgment about what your business is truly worth<\/a>.<\/p>\n\n\n\n

Furthermore, a valuation assessment conducted by professionals who understand your specific industry carries more weight when negotiating with potential buyers, lenders or investors. It helps you create a competitive bidding process that can actually drive up the value of your enterprise. You\u2019re proving your value to others, and at the same time you\u2019re arming yourself with the right knowledge to make informed decisions.<\/p>\n\n\n\n

As part of our survey, we also heard from clients who had already sold their businesses. More than half of their buyers turned out to be \u201cstrategic or other\u201d acquirers. Attracting the attention of this kind of buyer requires a thorough evaluation of your business, evidence of sustainable, repeatable growth and the ability to continue without your direct and ongoing oversight.<\/p>\n\n\n\n

Is this a tall order? Absolutely. I don\u2019t want to discount the intimidation factor for anyone who wants to start putting together their business exit strategy but doesn\u2019t know how. The good news is that it\u2019s never too late to start. Remember, the process doesn\u2019t happen overnight, and it\u2019s not something you have to do alone.<\/p>\n\n\n\n

This article was originally published in <\/em>Retirement Daily <\/a>.<\/em><\/p>\n\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

What keeps business owners from preparing to let go of their businesses?<\/p>\n","protected":false},"author":22,"featured_media":21843,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"rbcwm_post_date":"","editor_notices":[],"rbc_url_alias":"","rbcwm_featured_desktop_image_position":"","rbcwm_featured_mobile_image_position":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[186,89,81],"tags":[758,757,82,729,54],"rbcwm_content_owner":[],"rbcwm_need":[463,483],"rbcwm_segment":[467],"rbcwm_solution":[471,465],"rbcwm_topic":[470],"rbcwm_channel":[],"rbcwm_format":[],"class_list":["post-21819","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-owners","category-retirement","category-your-business","tag-business-exit","tag-business-exit-planning","tag-business-owners","tag-business-valuation","tag-retirement","rbcwm_need-protect","rbcwm_need-support","rbcwm_segment-business-owners-and-entrepreneurs","rbcwm_solution-business-services","rbcwm_solution-wealth-planning","rbcwm_topic-your-business"],"acf":{"rbcwm_subtitle":"What keeps business owners from preparing to let go of their businesses?","rbcwm_post_author":"","rbcwm_custom_breadcrumb_text":"","rbcwm_custom_breadcrumb_link_url":"","rbcwm_disclaimers":{"add_disclosures":"","perspective_disclaimer":"","expandable":"","omit_from_pages":[],"disclaimer_footnote":"

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