10 Biggest Mistakes CEOs Make That Block Their Exit

Business owners are so focused on survival in this new economy, too many of them are not thinking about their end game. They are making critical mistakes with long term consequences that will block their exit plans. For small and medium size businesses, I think these are the

10 Biggest Mistakes CEOs Make That Block Their Exit –
When They Want To Cash Out And Move On

Here’s my Top 10 Red Flags Restricting CEO Exit Success:

1. Emotional resistance or denial, negative mindset  towards letting go of the business
2. No plan to make it happen
3. No team, not the right team to maximize value and transfer leadership and management to
4. No communications to the team, customers, or experts of the plan, the goal, and what’s in it for them
5. Lone ranger mentality, insisting on going it alone
6. No strategy/ no systems in place to run the business independent of the CEO
7. Sloppy books don’t impress buyers, investors or vendors to value the business in the best light
8. IP in their head. Hoarding knowledge reduces business value and is unappealing to both strategic and financial buyers
9. No contingency plan/ no continuity plan means the business is 100% dependent on the CEO
10. No education on their exit options and tax implications means an ill-prepared CEO can’t make the best decision

And in terms of Moving On:

1. No consideration of what their reinvention will/could be/ not knowing what they need out of the business before they decide to exit

What are your thoughts? Ideas?  About the mistakes CEOs make that block their exit.

Kerri Salls
Exit Strategist

P.S.  If you have any questions relating to exiting your business, please email me. I’d be happy to assist in whatever way I can.