Planning your exit?
First, set aside a few minutes and take Exit Planning Institute’s confidential State of Owner Readiness (SOOR) survey
. When it’s released later this year with input from hundreds of closely held Minnesota firms, it’ll provide the first deep dive into the local SMB community’s readiness for what’s next.
“There are 10,000 baby boomers turning 65 every day, and this generation owns 63% of privately held businesses in the United States," Christopher Snider, managing partner of Snider Premier Growth and president of Exit Planning Institute, said in a promotional release.
Of those who sold their businesses in preparation for retirement, roughly 75% of this cohort “‘profoundly regretted’ the decision…within one year of exiting due to lack of readiness,” Snider stated.
For the first time ever, EPI is adapting SOOR for the Minneapolis-St. Paul market. The idea is a) to get local business owners thinking about exactly which ducks they need to get in which rows before their exit, and b) provide clear local benchmarks for owners curious (or worried) about the competition’s readiness.
“We’re really excited to have granular data for our own area,” says Julie Keyes, president of KeyeStrategies, an EPI partner on the survey.
Help from Friends
EPI produced and distributed the SOOR survey with help from a slew of local partners: Exit Planning Institute’s Twin Cities chapter, CliftonLarsonAllen, KeyeStrategies, Lindquist & Vennum, MCM Capital Partners, Vercor, and VisionOne High Performance Group. The Association for Corporate Growth, a booster group for middle-market businesses, provides ongoing support for EPI’s mission.
According to Norman, the preliminary results of the State of Owner Readiness Survey will first see the light of day at the Twin Cities Owners Forum
, a March 6 confab for SMB owners and execs. Registration is $80 – a small price to pay, one hopes, for the networking event of the quarter.
“We’ve hosted these business events across the country to great feedback from middle market owners,” says Norman, “and we are encouraging Minnesota Business readers to attend and hear the results of the survey firsthand.”
And if you’re ready to begin planning your exit? According to Scott Snider, EPI’s vice president, Minneapolis-St. Paul has an unusually dense concentration of “high-quality advisors” who specialize in exit planning – including Keyes herself.