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XCEL Exit Badge™
The XCEL Exit Badge™ was created to help entrepreneurs prepare for succession and/or to sell their business. Most entrepreneurs have most of their personal wealth trapped inside their business. The coaching exercises in this series are designed to help business owners determine their exit goals, evaluate their personal and business readiness to exit, evaluate different exit scenerios, and create and execute a succession plan.
The first step in a successful exit is to stop and write down your goals on a piece of paper. As difficult as this is, business owners need to spend some time visualizing their exit and their post-exit goals. Having a coach can help you with this difficult process.
Once you have defined your exit goals, it is time to evaluate your personal readiness. This step includes both your financial readiness and your mental readiness. Once again, having a coach is a great benefit to helping you through this process.
If you are like most business owners, most of your wealth is trapped inside your business. To unlock this wealth you will need to evaluate the readiness of your business for a transition or sale. Completing the XCEL Score™ can help you evaluate business readiness.
There are many different scenerios for exiting a business. These different scenerios can range from working part-time, establishing an ESOP, selling part or full interest, etc. It is important to evaluate each option and weigh them against your goals and your personal and financial needs.
85% of all private/family businesses fail to make it to the third generation. The primary reason for the low success rate is owners are uncomfortable with this subject and procrastinate. For a successful exit, an owner must be as committed to their succession plan as they were to their startup plan. Once you have completed your goals, personal and business readiness, and properly evaluated each of your alternatives, you will be in a great position to create and execute your succession plan.
Each coaching session is guaranteed - if you feel the time we spend together does not create value you will not pay.
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