Outsource Your Weaknesses

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Chloe Quigley, Business Exit Planning Advisor

Outsourcing your weaknesses is one of the best things you can do for yourself and your overall plan as a business owner.

Think back to your earliest childhood dream for your future. What did you want to be?

I wanted to be a veterinarian at one point in my life. To be frank, I’m not sure what drew me to this idea. I’m not an “animal person.” I don’t have a particular knack for science or understanding disease, sickness, and remedy. And I certainly am not keen on being with sick animals.

Being a veterinarian would not have been a good use of my skills, talents, and even meet my true interests or values. Meanwhile, there are that are “animal people.” They have a particular knack for science and understanding disease, sickness, and remedy. And thankfully, are certainly keen on being with sick animals!

So with gratitude, these people have pursued this job. I’ve chosen another route. Why would I choose to do what I am neither inclined nor gifted to do?

“I don’t have to do this anymore.”

There is growth and development in training ourselves to do work on what we do not enjoy. But there is also relief in making the decision: “I don’t have to do this anymore!”

As a business owner, you possess a multitude of strengths. You are diligent, disciplined, and know your industry and craft from the inside out. You may be a visionary.  But:

  • Are you a planner?
  • Do you thrive in the details?
  • Do you have a clear picture of what is driving the value of your business?
  • Do you know how to plan well ahead to minimize taxes at the time of sale?
  • Do you have a written strategy and succession plan with clauses for emergency and unexpected events such as death, disability or divorce?
  • Are you aware of all your exit options and the different factors that will facilitate your decision?

You may need to outsource your exit planning to make sure you maximize the value this portion of your life’s work. As author Richard Jackim said, “An exit plan asks and answers all the business, personal, financial, legal, and tax questions involved in transitioning a privately owned business. It includes contingencies for illness, burnout, divorce, death.”

An exit plan’s purpose is to maximize the value of a business at the time or exit while also minimizing taxes and focuses on the ultimate goals of the business owner beyond the sale of the business.

Exit plans need professional expertise.

Each component of an exit plan requires the expertise of a professional in a designated field. We have seen how much relief this type of planning and collaboration across a team can provide to a business owner and their family. We help fill these gaps, one by one, until a business owner is confident in their exit plan and comfortable, personally, and financially, with their options.

Let us help build your team to simplify your exit planning process and allow you to focus on your strengths. Your business value will grow because of it. Schedule a conversation with our Business Exit Planning Advisor.

 

**Jackim Quote from: The $10 Trillion Dollar Opportunity – Richard Jackim, Peter Christman – Google Books

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