It can be very confusing for middle-market business owners to figure out who to turn to for help. There are a whole bunch of people out there who call themselves “exit planning professionals.” Many of these individuals and firms highlight exit planning “certifications” or credentials like “CEPA,” “CExP,” or “CBEC.” It can be quite difficult to understand exactly what these people do and whether they can help you.
Spoiler alert! They can’t. Exit planning consultants do not do what ExitMinded does.
Who are they and what do they do?
“Exit planners” are typically wealth advisors, CPAs, estate attorneys or business or leadership “coaches” or consultants. For these individuals, “exit planning” is not their main service offering, but rather an “ancillary service” mostly designed to make them appear more attractive or better qualified and basically increase the likelihood that potential clients will choose them for their “core” service.
More importantly, however, these “exit planners” focus on the business owner, not the business itself. Their principal job is to help business owners clarify and document their personal goals and objectives as well as their timeline to retirement. They often help owners with estate and tax planning and also counsel owners on how to handle difficult or awkward discussions with family members about their roles or involvement in the business. Many will also help business owners adjust to life after the business, essentially serving as their “therapist” through a major life event. To be fair, some “exit planners” do work with business owners to identify potential candidates to take over their role, and to develop a plan to “groom” a family member or internal candidate for that role. However, this is often nothing more than helping owners assess, select and coach the best CEO candidate from the next generation. It is less about what the business itself may be lacking from its management ranks.
These “exit planners” are neither interested in, nor qualified to, assess the client’s business from a buyer or investment banker’s perspective and pinpoint the very specific obstacles within the business that need to be addressed before the company can become genuinely “sale ready.”
In short, exit planners seek to provide “owner planning,” while ExitMinded very specifically and intentionally focuses on preparing businesses to be “sale ready.” ExitMinded bridges the wide chasm between these consultants/planners and investment bankers and M&A advisors, who want clean, sellable businesses. Our ultimate deliverable is not a plan, it is readiness.