The following is the first of a 3 part article by Louis Tucci of L. Tucci Financial LLC.
You can hear his full 20 minute interview here at www.ExitCoachRadio.com on Tuesday, 2/18 Owner Preparation for a Future
Exit
An owner’s exit from a privately held business is a
complex process that impacts nearly all of the people and other constituents
associated with that business. As a result, many owners will not execute on an
exit plan until they have a high level of comfort with how and when this large
change will affect them and the people involved with their organization(s). The
purpose of this newsletter is to address the types of things that owners can do
in anticipation of a future exit to attain a higher level of comfort with many
of the unknowns that accompany an exit strategy and implementation
process.
Where Effective
Leadership Intersects with Personal Desires and
Goals
When an owner begins to consider how and when they
will exit their business, they often face the dilemma of putting themselves
ahead of their company, employees, vendors, customers and anyone else associated
with their organization. This is often difficult to navigate because, at some
level, the leadership skills that made the owner successful to begin with – such
as putting other’s needs ahead of their own (i.e. employees, customers, key
business relationships, etc.) – now creates a feeling of conflict when deciding
to plan an exit. The owner must face the necessity of putting himself or herself
ahead of everyone else, which frequently proves to be difficult. In fact, owners
beginning this process often say, “My family comes first, but my employees and
company are a very close second.” Therefore, in order to strike a balance in
how an exit will impact all of the different people, the owner is advised to
begin to anticipate the needs of these various people and be specific in their
planning.
L. Tucci Financial LLC Louis Tucci
310 Passaic Ave.
Ste 203
Fairfield, NJ 07004
973-582-1003
ltucci@financialprinciples.com
www.ltuccifinancial.com Securities offered through Securities America, Inc., A Registered Broker/Dealer,
Member FINRA/SIPC. Neither Forefield Inc. nor Forefield AdvisorTM provides
legal, taxation or investment advice.
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