One thing all business owners have in common: they will eventually retire, lose capacity to run the business, or die, hopefully in that order. How you plan now will determine how successful you and your business are in the transition when you no longer run the business. This transition process is often referred to as having an Exit Strategy.
One of the biggest hurdles business owners face when approaching Exit Planning is the thought:
“I don’t have enough time to do all that.”
On the surface, it makes sense. Exit planning is a complex, time-consuming process — it can take years and requires a lot of coordination. But the good news is, you may not need to be as involved as you think.
In this article, we’ll explore what business owners actually need to do in the Exit Planning process, and where your trusted Advisor Team can take the lead.
Understanding the Role of an Exit Planning Advisor
Not every advisor is an Exit Planning Advisor.
An Exit Planning Advisor is someone who leads a team of professionals—like CPAs, attorneys, and financial planners—to help business owners develop and execute a tailored exit strategy. They may have a specialty of their own, but their central role is to coordinate the entire process and make sure your plan stays focused on your goals.
Your Exit Planning Advisor can:
- Build your Advisor Team from scratch.
- Incorporate existing advisors you already trust.
- Manage communication and collaboration across the team.
- Develop and refine your personalized Exit Plan.
This means you don’t have to spend months assembling a team or figuring out who should do what. The Exit Planning Advisor takes on that responsibility—so you can get back to running your business.
Your Most Important Job: Define Your Goals
One of the biggest misconceptions about Exit Planning is that the owner must come to the table with a complete plan.
Not true.
Your job as the business owner is to share your goals:
- What does your ideal exit look like?
- Do you want to sell, transfer to a family member, or something else?
- When do you want to exit?
- What kind of lifestyle do you want to maintain post-exit?
From there, your Advisor Team does the heavy lifting:
- They’ll assess whether your goals are achievable.
- If they’re not, they’ll provide alternatives and rationale.
- They’ll design and implement a plan to pursue those goals.
- They’ll help calculate the amount of money you’ll need post-exit for financial security.
Remember: your exit plan starts with what you want—not what you think the plan should be.
The Value of Realistic Expectations
While a good Advisor Team can work wonders, they’re not magicians.
If you’ve been treading water for the past decade and hope to sell your company for $25 million, they’ll help you recalibrate expectations and show you how to increase your business value over time.
Their job is to:
- Keep you grounded in reality.
- Provide strategies to improve business performance and value.
- Help you prioritize financial security while also working toward your personal goals.
You may not be able to turn straw into gold—but you can turn it into a strong financial future with the right team behind you.
How Hands-On Should You Be?
Every business owner is different.
Some prefer to sketch out a plan and hand it off. Others want to be deeply involved in the process. And some simply want results with minimal involvement.
All approaches are valid. Your Advisor Team’s job is to work the way you work.
Think of your team like a sports organization:
- You are the team owner.
- The Exit Planner is your head coach.
- The rest of your advisors are your players.
You set the direction. The coach develops the strategy. The players execute the plays. You don’t need to jump on the field yourself, but you always have the authority to adjust the game plan.
And sometimes, your Advisor Team may even suggest a better path to achieve your goals faster. For example, they may recommend hiring a new key employee to increase the company’s value more efficiently before your exit.
Stay Focused on What You Do Best
A major benefit of assembling a strong Advisor Team is that you can focus on running and growing your business while the team handles the planning.
As the process unfolds:
- You stay informed but not overwhelmed.
- You get to focus on the aspects of the business you enjoy.
- Your managers and team can take on greater responsibility—an essential part of preparing the company to operate without you.
This transition isn’t just practical—it’s necessary. A key objective of Exit Planning is to make your business less dependent on you so it remains valuable and successful after your departure.
The Bottom Line
Exit Planning is a major undertaking, but you don’t have to do it alone—and you don’t have to be involved in every detail.
By partnering with a skilled Exit Planning Advisor and a strong Advisor Team, you’ll get the support you need to:
- Identify your goals.
- Build a custom plan.
- Position your company for long-term success.
- Exit on your terms.
And best of all, you can stay focused on growing your business and living your life throughout the process.
We’re Here to Help
At Pittman & Associates, we help business owners identify and prioritize their objectives for their businesses, their employees, and their families. If you’re starting to think about your exit—or just want to understand your options—we’re happy to help.
Whether that means offering more information, guiding you through the first steps, or connecting you with a qualified Exit Planning Advisor, we’re here for you.