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Business Owners
The demands for the time and attention of business owners is greater than anyone else. You own the business. People depend on you to make the right decisions. The bulk of your net worth is tied up in the business and if it struggles, the ripple effect could be huge. Add to that the “typical” challenges with everyday life - spouse, children, community involvement, personal time - and owners can quickly find themselves “out of balance”.
As a business owner who can you turn to? Your spouse can probably only take so much. Your employees aren’t the right place to go for your own challenges. Friends are great, but too often they’ll tell you what they think you want to hear, not what you need to hear.
Working with a coach you’ll have a place to brainstorm, consider options, make plans, be held accountable and realize the progress you want.
In addition to the traditional coach-client relationship, Kansas City Transitions Group offers Exit Planning. Since all owners will eventually leave their business, this four phase program is designed to allow you to leave your business when you want and how you want. The program is comprised of the following phases:
- Phase 1: Building Your Foundation
- Phase 2: Controlling Your Future
- Phase 3: Ownership Planning
- Phase 4: Being “In Process”
The first phase will help you clarify your values, what you want in life, where you’re headed and what’s uniquely important to you. You’ll begin to address your needs, wants, desires and plan your life now and after ownership of your business.
Phase 2 involves goal setting, planning and making sure the life you want to live (now and after you sell your business) is within your reach. Controlling Your Future sets into place plans to help you realize your true potential and start owning your life, your free time, and your future.
Ownership Planning is not planning for your business. It is planning for you, the owner. This coaching lays the foundation for how and when you will exit your business - maximizing your revenue, minimizing taxes, planning for the future and ensuring your objectives for exiting your business are met. The steps involved in Ownership Planning are:
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Step 1: Determining the Value of Your Business
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Step 4: Selling the Business for a Note
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Step 2: Preserving, Protecting or Promoting Value
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Step 5: Contingency Planning for the Business
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Step 3: Converting Value to Cash
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Step 6: Wealth Preservation Planning
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Being “In Process” is the ongoing relationship you’ll have with a coach as the first three phases are executed and the plans for your future and implemented. Who will you be accountable to in executing the plans? Who will be there to support and encourage you through the changes of running a business, to planning your exit, to exiting and living the next phase of your life? This is the process of your life - and a great time to have a coach to support and encourage you.
A step-by-step approach to Ownership & Exit Planning may be found using this link.
If you’re a business owner who has the forethought to begin looking at your exit strategy, click on the attached e-mail link to request our short questionnaire to help determine your exit readiness: exitplanning@kctransitionsgroup.com
Or, for a personal discussion about exit planning, personal coaching and how to determine your future, please contact Dan Gabbert at (816) 525-9219 or dan@kctransitionsgroup.com.
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