The failure to create a well-defined exit or transition plan virtually guarantees that business owners will:
- Exit their companies as a result of pressure from outside circumstances, not as a result of their own desires.
- Exit their companies on a timetable that's forced on them instead of one that meets their needs.
- Undervalue their companies and leave hard-earned wealth on the table
- Pay too much in taxes
- Lose control over the process by being reactive and limiting their exit options
- Fail to realize all their business and personal goals
- Suffer unnecessary psychological stress
- Watch a lifetime of work disintegrate as a result of poor business continuity planning
- Lose confidentiality during the sale or exit process