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Ask a room full of business owners if they need a successor CEO on their team as part of their exit planning, and usually you will hear: “Yes,” “No,” “It Depends,” and “Maybe.” Surprisingly, each of these seemingly contradictory answers can be correct, depending on the business owner’s exit goals and situation. Hiring and grooming a future CEO requires a major effort, and CEO-caliber leaders do not grow on trees. Therefore, it’s important to know if you need a successor CEO to achieve your exit goals because getting this wrong can derail your exit success. Here’s how to tell:

Happy Fourth of July!

To help you celebrate and to provide some light reading while you relax this holiday week, download below any of our free and popular eBooks on helping business owners prepare for exit. While celebrating America’s freedom, learn how to reach your own financial freedom and exit successfully:

If you share ownership of your company but personally have at least 50%, you are probably used to being in control. On issues like company strategy, money, and people, you have the final say. But what about when it comes to exiting from your company? For example, what if you want to sell the business, but one or more minority co-owners do not want to sell? Are you still in control? Probably not. Here’s why.

We are pleased to announce the publication of our newest eBook, “Your Last Five Years: How the Final 60 Months Will Make or Break Your Exit Success.” This complimentary eBook expands upon our widely-watched webinar of the same title and covers:

• Why business owners must begin planning their exit five years prior to their desired exit date
• The most important questions to formulate an effective exit plan
• Step-by-step guidance on how to get started

When do you need to get a business valuation?
Many exit planning books, websites, and advisors recommend getting a business valuation as one of the first steps in exit planning, if not the very first step. At NAVIX, we disagree. While business valuations are a critically important tool in certain situations, business owners should not rush into getting a valuation without careful consideration. The following six misconceptions explain why.