The Exit Planning Peer Advisory Board (PAB) provides a safe place for business owners to discuss their challenges and offer support and insights to their fellow members. A look back at the last few meetings reveals another layer of the group’s value. The events of this year have put businesses and their leaders to the test – more than any event in recent history, and PAB members have found that their peers have dug deep to find and offer business solutions as well as personal and moral support.
Board members have together found creative solutions for issues related to:
- Pivoting to adjust to changes in the business climate
- Retaining business value
- Working remotely
- Changing technology needs
- Retaining employees and when/how to bring them back
- Helping with the added stress that employees may be experiencing
- Best ways to implement health and safety protocols
- Maintaining connections with clients
- Finding new products to offer and new ways to serve customers
- Changes that were intended to be temporary but may benefit the business long-term
- Reassessing their companies’ preparedness for events beyond their control
- Coronavirus relief funding
- Cultivating company culture during the pandemic
- Taking a fresh look at when to sell their businesses
- Adjusting their exit planning strategy
- Newly discovered opportunities
- Finding hope and gratitude
The Peer Advisory Board has actually grown during this time – a testament to the value that is found in the support and insight of peers, not only for planning and carrying out their own exit strategy, but making their business better now, and finding a lifeline to get through tough times.
Like all business owners, you’ve likely dealt with changes that have required digging deep into the details of your business and how you operate it. You may have also discovered that it’s a good time to re-evaluate your long-term goals and exit strategy. The earlier you start to plan, the greater your chances of success at exiting on your terms, and the greater the opportunity to prepare for unexpected changes that can most certainly happen. We invite you to be a guest at our next Peer Advisory Board meeting and see for yourself the value in ready access to the wisdom and support of your peers. Contact me for details or for a complimentary consultation to discuss starting or revising your exit plan.