What is Involved in the Discover Gate
Copyright Exit Planning Institute
The ﬁrst step in the Value Acceleration Methodology is to identify what an owner already has. This provides a baseline measurement of business value. This is called the “Triggering Event” and is needed for business planning, tax and estate planning, and personal planning.
The ﬁrst gate of the Value Acceleration Methodology, the Discover Gate, includes four key components:
1. Business Valuation
- Recent EPI research found that of those owners who have written transition plans, 43% include a business valuation as a part of their overall strategy. Justin Goodbread states, “A valuation puts your business’s strengths and weaknesses front and center. What is truly valuable about this is that it enables you to then take action to improve the areas that are lacking. Readiness and Attractiveness.”
2. Assessment of the Company’s Readiness and Attractiveness
- Assessing the Company’s Systems, Processes, Human Capital, Sales and Sales Process and Culture identifies opportunities to increase value.
3. Assessment of the Owner’s Preparedness to Exit
- Creating and maintaining updated Personal Financial Plans, estate plans, and tax plans are important for one’s personal ﬁnancial strategy and mitigation of personal ﬁnancial risk. Through this assessment owners determine their attractiveness and readiness for a business exit.
4. Creation of a Prioritized Action Plan
- The ugly truth is that most business owners have never created or implemented a solid Strategic Plan. Regardless of what stage the business is in, the owner should always be looking to grow value and be ready for opportunity when it knocks. These components collectively act as a Triggering Event to begin the owner’s exit planning process.
Now is the time to implement a value acceleration plan for your business. If you are ready to take charge of your future, contact Weiss Advisors today for a no-obligation discovery consultation.