Now the business has created a framework for preparing for the exit event. However, it is critical that two processes occur which assure that:
The business executes the plan properly and in a timely fashion
This may be the most difficult task of all, because the "tyranny of the urgent" constantly gets in the way of implement the exit plan. When in the midst of fighting fires of unhappy customers, suppliers, or employees or trying to grow the business to meet this year's revenue goal, often the task from the exit plan get lower priority.
It is important to have a single individual be the project manager of this process other than the owner. This may be a trusted employee or an outside resource.
The business reach out to experts who can help them find transactions companies, buyers, and/or financing sources that will be instrumental in the final stages
Once the business is prepared for the exit event, then the owner needs to decide who will represent the company, who will be tasked to find and screen buyers, and who will find financing to support a leverage buyout or to implement a recapitalization.
These tasks will likely be implemented by either a business broker or an investment banker.