change management
DEPT
by George A. Walden II
WHEN SOMEONE KNOCKS, WILL YOU BE READY?
Why the Key to Exit Planning Is Budget Planning
For effective CEOs in growing companies,
being approached by the competition and
financial groups for acquisition will happen – successful companies have the market
beating a path to their doors. To be ready
for the first knock, CEOs must prepare for
the process by making exit planning a regular component of their annual budget and
business development program.
The first step in this process is to define
what the exit objectives are. After all, it’s
nearly impossible to get there without a
definition of what a successful exit looks
like. If the company is performing well and
is approached but is unprepared, this usually
means the advantage goes to the buying
group and not to the seller. Waiting until the
end of the process to consider the exit objective can lead to disastrous results.
12
Like all goal setting scenarios, starting
with the end in mind is key. Who would
think about starting a trip without knowing the destin ][ۏ