Who’s Going to Be Calling the Shots for Your Future?

By George F. McCaughan

There are few things anyone can predict with confidence about the office furniture industry, but one thing is certain: At some point in the future, you will not own your business!

The key question is not so much when it will happen but rather, how is it going to happen? Are you going to be in charge of your destiny or are you going to let others make those critical, life-shaping decisions for you?

All too often, business owners put developing an exit strategy at the bottom of their to-do list and keep it there until they are ready to retire. The result: they lose both control and money during the transition. By then, it’s usually too late to do much more than improvise and compromise.

If you don’t have a well-crafted plan in place that defines in detail when and how you’re going to leave your business and—just as importantly—what you’re going to do after you leave, you’re not only shortchanging yourself and your family; you’re also doing a real disservice to the customers and fellow team members that you’ve spent most of your business career working long and hard to support.

It doesn’t have to be that way!

Here are just a few key ingredients to make sure that you and your business will be ready when the time comes to move on:

  • A well thought out exit plan to help maximize the full value for your life’s work

  • An in-depth understanding of core drivers that will enhance the value of your business

  • A plan to minimize the risk factors that may be inherent in business today that will diminish the value of  your company

Remember, you are the one impacting your future today whether you begin to develop your exit strategy or not.

To learn more about how you can develop an effective business exit strategy and ensure the kind of future you want for yourself and your family, attend the general session at WPF’s 2017 National Conference in San Antonio, April 2-5.

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About George McCaughan: Before selling the business and becoming a Certified Business Coach for FocalPoint Business Coaching, George McCaughan was president of Steelcase dealer Memphis Business Interiors. Previous to that, he held various leadership roles at International Paper. During his time at MBI, George led the organization through the great recession and subsequently transformed the company to achieve all-time records in both profitability and customer satisfaction indicators. In his current role, George combines his many years of business, operations, sales, accounting and financial leadership experience with the powerful, results-based content and expertise of one of the world's best-known business coaches, Brian Tracy. For more information, visit www.georgemccaughan.focalpointcoaching.com or contact George at GMcCaughan@FocalPointCoaching.com; PH: 904.834.9926.

 

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