Hitting Your Target
Do you have an exit plan? I would like for you to imagine for a moment, we are in a large field. Approximately 50 yards away is a target. I hand you a bow, and I hand you an arrow and I tell you I want you to hit the target in the bullseye. That would be quite a feat in itself, but before I give you the chance to aim, I put a blindfold on you and spin you around in circles until you are quite dizzy. “NOW”, I exclaim, “Hit the target”. Frustrated, you tell me, “I can’t hit that target? I can’t see it and don’t know what direction it is!” That would be very true, but I have one better, How Can You Hit A Target You Don’t Even Have?
If you don’t have specific goals as to when you want to retire, or how much money you need to live the lifestyle you are used to currently, how will you ever hit your target? When you were in your 20s or 30s, did you have a target age you wanted to retire? What was that age back then and how old are you now? Are you on track to accomplish that retirement goal? You may be there already and not even know it!
If you are not where you want to be, what do you need to do to get there? The Enterprise Group can work with you to make and define a plan, a goal. We can help you implement that goal. If you are to the point of retirement, OR if you are ready to take on a new venture, you need an exit plan. Schedule an appointment for us to meet with you and create a plan, and then implement that plan.
Map Your Exit Plan
- Every Business Owner should have a specific goal as to when he or she wants to retire
- This goal should include the age you want to retire and the timeline to prepare exit plan.
- Your goal should define the amount of money/ income needed to maintain the lifestyle you want in retirement
- You should define a series of short term and midterm goals to lay your path to retirement
- If you have family in your company, realize that statistically 70% of businesses fail that pass to family members or employees. Selling the business can insure that you will have this money in retirement and will have an inheritance for those children and grandchildren. If you are thinking about passing the business down to your children, take a hard look to see if they have that entrepreneurial drive and discipline to successfully take over your business.
- Speak with The Enterprise Group so they can help you organize your plan