Have you been enjoying the 2020 Tokyo Olympics? The Olympics, much like exit planning, encompass people from across the globe as they go for the gold. Well, in the exit of your business it is not so much “gold” as it is “money,” but the metaphor stands.
One of the most popular and most watched Olympic sports is Gymnastics. This is in no small part because of Simone Biles, arguably the greatest athlete of all time. Simone Biles is the five-time World all-around champion, a seven-time Olympic medalist, and has 27 medals and counting. Not only has she proved herself to be the one to beat in every competition she enters, she also has four signature gymnastics moves named after her.
As Biles competes in her second Olympic Games this summer in Tokyo, we encourage you to harness a bit of her flexibility, strength, and skill in your business. Lucky for you, multiple exit planning advisors can win the gold for their business owner clients.
Build Value by Being Flexible With Your Strategy
Flexibility and strength are some of the most important skills to have in gymnastics. Imagine running full speed at a stationary object and then flipping over three full times in the air without flexibility and strength. It would be impossible. These same skills are needed to build value in a business. As a business consultant or professional advisor, you are an owner’s go-to person for improving their business before a sale by highlighting areas where owners might have to be flexible.
Business owners can be hesitant to make necessary changes in their business. They are the owners, they clearly know what is best for their business, right? This is not always the case. Business consultants offer creative and flexible solutions to improve value. Exit Planning Institute President, Scott Snider, refers to value advisors and business consultants as the “unique advisors who are brought in to solve a variety of issues with leadership, culture, and customer loyalty and entanglement.” By working with owners on every aspect of their business to build value, business consultants give owners the flexibility to have the next act they desire.
Balance Personal, Financial, and Business Needs
Being an elite gymnast requires precision and balance. Try doing a back handspring on a four-inch wide beam without it and let us know how that goes. During the exit planning process, a consultant must balance an owner’s business, personal, and financial needs. All three of these are equally important for a successful business transition. We refer to these as the “Three Legs of the Stool.” Without all three equally balanced, the stool would topple over.
Linda Ruffenach, Founder and Chief Strategist of Execuity LLC, says “the best way to understand the need for building value in an owner’s business is to ask them, ‘What do you need to do in the beginning to be better prepared down the road? How can your business improve today for you to be successful later?’” Business consultants help spot pain points in businesses that owners may not have noticed or known how to resolve.
Most owners know their business goals and the multiples they would like their business to sell for, but they fail to think about the personal and personal financial impact of exiting their business. According to a recent survey, 27% of business owners have no plan for their life post-business. It is the job of a business consultant to work with the owner to determine where they see themselves in the next act of their life and how much money is needed to meet these goals.
Download our white paper, A Look Inside The Unique World of Value Creation, to learn more about balancing the Three Legs of The Stool in your client’s business.
Become the All-Around Champion of Exit Planning
To become the all-around gold medalist gymnast, the gymnast must be the best out of all the women competing in all four events: Floor Exercise, Uneven Bars, Vault, and Beam. This requires near-perfect technique and endless hours of training at an elite level. The all-around champion of exit planning has to master the personal, personal financial, and business needs of a business owner while building value in their business. While Simone recently announced that she will be pulling out of the Olympic all-around competition to focus on her mental health, the all-around Exit Planning Advisor title is presented to hundreds of advisors year-round. This title is known as CEPA, the Certified Exit Planning Advisor credential.
The CEPA credential is a major business development opportunity for consultants. Thousands of already credentialed advisors are looking for strategic business consultants to help grow wealth in their owner’s companies. Join the vast network of CEPAs and grow your practice exponentially. Value creation starts with you. Frame your process with the CEPA credential and grow your network.
Learn more about the CEPA credential and register for an upcoming in-person or virtual credentialing program. Become the Gold Medalist of Exit Planning and your business owner clients’ most valued advisor.Learn how CEPA benefits Business Consultants