The Importance of Endurance During a Business Exit

Have you ever noticed how many movies there are about Sled Dogs? There are truly an astonishing amount of movies that take place throughout a Sled Dog Race. While the plot points might vary per film, the general premise is the same: these Sled Dogs have the endurance, stamina, and quality teamwork that make them the heroes of their respective films.

As an owner’s advisor, do you have what it takes to get them through their exit plan? 

Working Through Sprints

Sled dog races include "sprint" races over short distances of 4 to 100 miles, mid-distance races from 100 to 300 miles, or long-distance races of 300 to over 1,000 miles, like the Iditarod. Sprint races frequently are two or three-day events with heats run on successive days with the same dogs over the same course. 

Chris Snider writes in Walking to Destiny, “The goal is to come up with no more than five personal and five business actions to implement in 90-day sprints.  But what should you do first, second, and third? How do you prioritize?” Without a streamlined strategy to deploy, owners are not prepared to execute their personal and professional changes they need to protect the value they have. Let alone build upon that value to position themselves to harvest that value when the day comes to sell. 

By utilizing the Value Acceleration Methodology in the Exit Planning process, CEPAs have the framework to set their owners up for success. The Value Acceleration Methodology helps focus personal and business goals and align daily business operations. 

Running With the Team

In a sled dog movie, whether the dogs can speak or not, they have incredible communication with the other dogs and the Musher, or the person driving the sled. As an advisor, you are part of a team of other advisors and trusted individuals working with the owner to improve value, strengthen operations, and ultimately prepare an owner for exit. In this case, the advisors are like the sled dogs. 

Accountability is the backbone of any successful team. On an owner’s team, advisors must work collaboratively to manage the owner’s business, personal, and financial goals. According to a McKinsey report, well-connected teams see an increase in productivity by 20-25%. This increase in productivity among advisors on an owner’s exit planning team can ultimately lead to improved business value. While communication within your client’s business is a large component of their business value, the communication among members of an owner’s exit planning team can lead to improved business value as well. If the advisors do not communicate strategies, next steps, and timelines, they risk missing important steps in an owner’s exit strategy. 

Learn more about the Value Acceleration Methodology and exit planning teams here!