President of The Principium Group Ron Edmonds weighed in on what business owners need to think about when developing an exit strategy. Successful exit strategies require several key components. Foremost, they need to be planned out well in advance of your future sale of the business and retirement plan, sometimes as far out as five to 10 years. Next, you need to have a profitable business with not only historic revenue growth, but also future growth potential and a solid book of business. Lastly, you must have strong internal and external systems along with a great management team that understands what it takes to be profitable and can ultimately run the business in the owners’ absence.
These important points just may be the difference between having money for your retirement or having to work another 10 years.
To gain even more insights, listen to the interview in its entirety by clicking here.
Show: Exit Strategies For Landscape Contractors
Guest: Ron Edmonds, president of The Principium Group, Cordova, Tenn.
Date: Aug. 28, 2013
