A Step Toward Exit Readiness in Long Island: The 2017 Long Island Owners Forum Recap

According to national research cited in the State of Owner Readiness Survey (primary research conducted by EPI and its supporting partners), many Baby Boomer business owners are experiencing the next stage in their business’s lifecycle.  As these accomplished owners look ahead one, five, or ten years, they see transition, sale, or exit on their horizon.  Not a surprising reality, but the concern begins when you look at staggering historical success (or fail) rates for transitioning a privately held business.

Adding Value with The Triggering Event

It helps to know your value when you set out to grow your value. The Triggering Event demonstrates that correlation and gives you the launch pad from which to accelerate.

Write a Brand Statement.

You should be able to express your brand promise on one sheet of paper.

Build personal financial independence (part 4 of Start-Stop exercise)

Are you dependent on the income from your business?

Do a Start-Stop Workshop.

Complete a start-stop workshop with your key employees by asking the following three questions…

Define 3-5 strategic capabilities.

Define 3-5 strategic capabilities (skills, processes, systems, relationships ) your company needs. Can your staff articulate…

Hunter or Farmer?

Hunter or farmer? The truth? The company is there to support the hunter.

Write a SWOT Analysis with your team.

Doing this as a team exercise improves your ability to create employees who think like owners.

Hold a Critical Numbers Workshop.

Want big results? Host a company review with management.

Identify the threats of new entrants to your market.

Porter’s 5 Forces is a powerful tool for assessing the strengths and weakness of your business