An authoritative, thought-provoking guide to leaving a business.
Successful owners of private businesses typically develop and execute a plan to start and grow their operations, but few have a comprehensive exit strategy that will prepare them for life after work. Creating that scheme methodically and well in advance of leaving a business is the subject of this ambitious manual by Kruger, a South African transformation and change management consultant. His debut book tackles exit planning from every angle; it starts with an explanation of the process, followed by details of the information that needs to be gathered, and then discusses the professional team that should be assembled. The chapter “Valuing Your Business” relates a well-defined road map to objective valuation with solid information about ways to set the company’s worth and how to view it from an investor’s perspective. The subsequent chapter offers 14 enhancers designed to increase the value of a business. While some steps are obvious (“Increase Your Profits,” “Clear Your Debts”), others speak to the more challenging need for an owner to delegate (“Get Yourself Out of the Way,” “Improve Your Talent”). The final chapter, “Transition to the Future,” provides an uncomplicated path for business owners readying themselves for the inevitable exit as well as suggestions for what they might do afterward. Ultimately, exit planning is essential, writes Kruger, because “tomorrow might be too late, as many retired business owners will confess.” Perhaps the best aspect of this excellent book is its all-encompassing approach; the author shows how exiting a business is inextricably linked with retirement, financial, insurance, estate, and tax planning. Kruger writes with clarity and includes plenty of bullets, subheads, and the occasional illustrated chart to facilitate easy reading. His superb checklists at the end of each chapter translate the content into specific actions that should be taken by owners. Business owners who are uncertain about retirement should also find the book useful.
A broadly applicable, tightly structured, and highly informative resource that offers wide-ranging advice to owners contemplating a business exit.