Are you a Pilot or a Passenger
In your business?
You wouldn’t get on a plane without knowing where it was going! So why do so many business owners find themselves stuck operating their business with no idea where it is taking them?
The statistics are sobering! Of those businesses put on the open market, 8 of 10 will not sell. Of those that do sell, many will recognize lower valuations because the owners did not understand what drives business value or appropriately plan for their exit. And 75% of business owners who do successfully sell their business report experiencing “profound regret” one year after selling—again, usually due to poor personal planning.
How do owners deal with these realities, and ensure successful outcomes? It all starts with teaching owners how to fly their business. Flight Plan Strategies helps owners with Destination Planning by developing business Flight Plans that reframe Seven key questions that every pilot addresses before each, and every, takeoff flight:
Where is your business taking you?
Who’s coming with you on the journey?
When do you want to depart?
How long will your journey take you?
What route will you take to get to your destination?
What knowledge and resources are required to reach your destination?
What are the threats that will prevent your successful arrival?
The process starts with a Pre-Flight Assessment, which we call an ExitMap, a short, free questionnaire that scores how ready a business owner is for an eventual exit or transition and delivers a structured report highlighting strengths and gaps. Results are broken into four
main categories: Finance, Planning, Profit/Revenue, and Operations, each with its own readiness score.
Whether you are just starting your business ownership journey or preparing for a safe landing in the future, it is never too early or too late to start planning. So, start treating your planning like a pilot today, and Fly Your Business!
Sooner or later, every owner will leave their business. Sometimes this is by choice, and sometimes by necessity.
An Exit Plan is simply a strategic business plan with a defined time frame. It is the identification of your priorities and the preparation for a transfer of your responsibilities.
You may wish to step back from day-to-day operations, start a succession path for employees or family members, or perhaps divest the business from your asset base entirely. Regardless of your motivation, to facilitate a successful transition and control the process, you’re going to need to do some planning.
Even if you are not ready to exit today, establishing a plan will change the way you run your business and help you adjust to changing circumstances in the future. And just because you have a plan doesn’t mean you need to implement it immediately. It simply means that you will be ready when the time comes.
So, create your Personal Exit Map and establish a baseline for your Overall Exit Preparedness. 15 minutes to answer 22 questions is all it takes!
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