“As a third generation business owner Briggs worked with me to decide what was the best way to exit and how my life would look like post sale. That was a number of years ago and the Briggs folks are now my friends and we work on numerous projects together. LIFE IS GOOD!”
- Mike Faucher, Former Owner, Superior Bread & Baking Companies.
In our experience it is quite likely that your (family owned) business does not have a well documented and thought out exit strategy, just as it may not have a well thought out succession plan or a current valuation. The reasons for this are quite simple. Entrepreneurs work so hard that it is not uncommon for them to be surprised when they are 50- or 60-something and suddenly may be very successful but also beginning to think of retiring or exiting the business.
At Briggs we believe that the valuation, exit strategy and succession planning should go hand in hand with one another. Succession planning is the process by which a logical successor for the business is identified; an exit strategy allows the business owner to identify the steps towards obtaining the optimal value for the business at the time when he/she is ready to retire or exit. The ‘who will be taking over’ and the how and when need to be answered in the context of many different scenarios that an exit strategy process will yield. We have discovered that entrepreneurs wait much too long to codify that strategy.
The succession process provides an unprecedented opportunity for the owner to take a fresh look at where the company is headed, establish new goals, identify any missing talent, and take actions to secure skilled outside talent. Having an established strong managerial track record provides confidence to potential buyers or investors, thus increasing the overall value of the business.