Advice coming from sources with much to gain from a transaction blinded the couple to what was important: their goals.

Like so many owners, KC and Lisa had become paralyzed. вЂњHonestly, weвЂ™re just a little overwhelmed with all of the different advisors calling us and offering advice.вЂќ Well, during my phone call with KC two weeks later, he said that they had decided to put everything on hold for a while. We exchanged contact information and the couple said they looked forward to meeting. Owners of successful companies are barraged by phone calls, brochures, emails and in-person sales pitches from all directions. This couple was getting advice from books, fellow owners, existing advisors, sales people and gym buddies. WeвЂ™ve talked about this and sheвЂ™s with an accounting firm that handles investments.вЂќ Lisa added, вЂњKC, donвЂ™t forget Yolanda, my friend from the gym. My concern, though, is that Michael Gerber says you have to grow a successful management team before even thinking about getting out.вЂќ вЂњI do know that our estate planning attorney has told us that he understands exit planning and would be happy to help us sell the company. вЂњThen there were those two guys, each from huge financial services companies who pitched their firmsвЂ™ ability to handle selling to a third party.вЂќ We were tempted to point out that selling their company to a third party would bring significant assets into these two investment houses, but asked instead whether a third party was the successor they couple had in mind?

вЂњOf course, weвЂ™ve discussed the topic with members of our Vistage group,вЂќ Lisa said. The logical question was, вЂњDo you mind if I ask who?вЂќ WeвЂ™re already talking to lots of people about selling.вЂќ We have some ideas when we want to leave: either when I turn 65 or when our youngest child graduates from college.вЂќ Lisa added, вЂњIвЂ™m not sure if we need to meet. KC and his wife Lisa (fictional names, of course) indicated that theyвЂ™d like to meet with us because they knew they werenвЂ™t going to stay in their business forever, but they werenвЂ™t sure where to begin the process of planning to exit.ДЄs we walked out of the workshop, I told KC and Lisa that weвЂ™d like to talk at our first meeting about their company and their goals. In December, our firm presented a workshop about business succession planning through the local chamber of commerce.

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