After owning & Operating an Engineering & Architectural Practice for 35 years, I’ve noticed most Practice Owners/Operators that have 15- 20 years in practice struggle with 3 main problems, when it comes to thinking about their exit.
Struggle # 1: They do not know when & how to start this type of planning.
Exit Planning is perceived to be very time-consuming and the return on time investment is not clear for them. Most practice owners have no clue what their practice is worth or have an unrealistic value.
Struggle # 2: They think they are too busy and will have plenty of time to plan for this in the last 3 to 5 years of their career.
Practice owners feel if their company makes lots of money it will sell for a good price. They do not know what a potential buyer is looking for. Profit means nothing to them, If when you are removed from the equation, the company cannot operate at the same profitability. Wait for the last 3 to 5 years for an exit plan, reduces the options substantially.
Struggle # 3: They do not realize the financial and emotional impact of poor or no planning
For most practice owners, the practice is the main source of income. But if it was built as a source of income only and not also as an asset they are up for a surprise; Leaving a lot of money on the table (paying more taxes than necessary, failing to maximize the value of their practice) or simply will have to consider that closing down is the only option left.
100 % OF PRACTICE OWNERS WILL LEAVE THEIR BUSINESSES, WHETHER PLANNED OR OTHERWISE! About 50% of practice owners, exit involuntarily (Death, Divorce, Disagreement, Distress, Disability…) would it not make sense to be Exit Ready!
If you bother inquiry to a broker, they will confirm to you, that about 80% of business owners that approach them to sell their business are rejected because either their business is not saleable, or the value of their business is not even close to what the owner thinks it is worth.
At Power Liberation
Company Details
- Employees
- 6
- Founded
- -
- Address
- 95 Radisson Drive, Embrun,95 Radisson Drive K0a 1w0,canada
- Industry
- Business Consulting And Services
- NAICS
-
Management, Scientific, and Technical Consulting ServicesManagement Consulting ServicesOther Scientific and Technical Consulting ServicesOther Management Consulting Services
- Website
- https://www.libpow.com/
- Keywords
- Business Development, Leadership, Planning, Financial Planning, Estate Planning, Business Value Builder, Human Resources, Tax Saving Strategy, Employee Incentive Plan, Business Continuity Plan, A, Engineering Practice Framework, Architectural Practice Framework.
- HQ
- Embrun, 95 Radisson Drive
Eapo Lib Pow Inc Questions
Eapo Lib Pow Inc's website is https://www.libpow.com/
Eapo Lib Pow Inc's LinkedIn profile is https://ca.linkedin.com/company/libpow
Eapo Lib Pow Inc has
6 employees.
View email and phone details for 6
employees at Eapo Lib Pow Inc.
Eapo Lib Pow Inc's industry is
Business Consulting and Services
Eapo Lib Pow Inc's top competitors are
Tamkeen Intelligent,
Tec Eurolab - Testing | Certificazione | Test Engineering,
Immersion,
Whangarei District Council,
Planetbeyond,
Technovora,
Technital S.p.a.,
Rigby & Rigby,
White Trillium Structural Services Inc.,
Canoe Financial.
Eapo Lib Pow Inc's categories are Business Consulting and Services
Eapo Lib Pow Inc's founding year is 2021
