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Create a Plan to Eventually Exit Your Business

Updated: 1 day ago

The Three Universal Goals of a Successful Business Transition


Every successful business transition—regardless of company size, industry, or ownership structure—starts with clarity. In my experience, there are three universal goals that every business owner must define before an exit plan can truly work:


  1. Financial – After leaving the business, how much annual income do you and your spouse need for the rest of your lives?

  2. Departure Date – When do you want to leave the business, and what does “leaving” actually mean for you?

  3. Successor – Who do you want to take ownership of the company?


Until these questions are answered with intention and honesty, exit planning remains theoretical. Let’s break each one down.


Goal #1: Getting What You Want Financially

Financial security is a non-negotiable requirement of a successful exit—but it’s only part of the equation. Just as important is defining the annual income you’ll need to support the lifestyle you envision after stepping away from the business.

For many owners, this goal is discretionary—but powerful. It’s often the reason exits are delayed: not because owners can’t leave, but because they don’t yet have what they want. And that’s okay. The choice is always yours.


This is why working with an experienced financial planner is critical. A best-in-class advisor can help you:


  • Clearly distinguish between financial needs and financial wants

  • Quantify the capital required to support both

  • Identify gaps between where you are today and where you want to be

  • Build an investment strategy to help close those gaps over time


Exit planning without financial clarity is guesswork. With it, you gain control.


Goal #2: Leaving When You Want

Establishing a target departure date gives structure to your exit plan. It creates a timeline for action and aligns your advisors around a shared objective.


Importantly, choosing a date doesn’t lock you in. Plans evolve. You may decide to stay longer—and that’s perfectly fine. What matters is this:

You only have a choice if the business is ready for you to leave.

A business that depends entirely on its owner dictates the exit timing. A business that’s been intentionally prepared gives the owner options.


Goal #3: Transferring Ownership to the Right Successor

The third universal goal is defining who will own the business next. Will it be:


  • A family member?

  • A partner or management team?

  • A third-party buyer?


There’s no universally “right” answer—only what best supports your goals. And if you don’t yet know the answer, that’s okay. Many owners delay this decision until they fully understand their financial position and value gap. The key is recognizing that successor choice directly impacts value, timing, and risk.


Expect Your Goals to Evolve

As owners engage in the exit planning process and work closely with advisors, clarity increases—and goals often change. That’s normal.


In fact, early adjustments are a sign of good planning. Modifying goals early is far more efficient and cost-effective than changing course after a plan has been finalized and implementation has begun.


Beyond the Numbers: Values-Based Goals

The three universal goals apply to every owner—but many exits are driven by goals that go beyond money, timing, and ownership.

Values-based goals are often non-monetary and deeply personal. They may be harder to quantify, but they are no less important. Common examples include:


  • Family harmony

  • Preserving owner legacy

  • Recognizing and protecting employees

  • Taking the business to the next level

  • Minimizing taxes

  • Maintaining company culture

  • Community involvement

  • Quality of retirement

  • Charitable giving


To uncover your own values-based goals, ask yourself:


  • What is my vision for the company without me?

  • What is my vision for myself without the company?

  • How important are my values to each of those visions?


One powerful question to reflect on is:“What are the likely consequences to others of transferring my ownership as I intend?”


Discussing this with your spouse, children, advisors—or even other owners who have already exited—can bring valuable perspective. When the business is no longer the center of your daily focus, what comes next?


Final Thoughts

Setting clear goals is the most important step in the entire exit planning process. In many ways, it may be the most important decision you make in the rest of your business-owning career.


Once your goals are defined and your current resources are quantified, you complete the first phase of exit planning. At that point, you’ll know:


  • How close you are to achieving your goals

  • What gaps must be addressed

  • How long the journey is likely to take


Exit Planning Key Takeaways

  • Concrete goals are essential. Without them, progress is accidental rather than intentional.

  • Goals drive coordinated action. Focused execution requires clarity.

  • Financial independence is the acid test of a successful exit. If the plan doesn’t deliver security, it isn’t successful.

  • Base goals on facts—not assumptions.

  • Exits take time. The earlier you start, the more options you have to reduce risk, increase value, and maintain control.


You don’t need to reinvent the wheel—but you do need a plan.



You will receive a report outlining your readiness to transition your business.


credited to David Lupberger, CPA for the content.

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