It's been fun. The excitement of climbing to the high point of the ride and the thrill of waiting for that moment when you feel the rush that you are sure is coming. . . then of course there are always the low points. Those moments when you feel the blood rush back to your head, and your stomach lurches just a bit, and sometimes the ride is just too rough to be fun. . . green in the face and slightly queasy, you swear that is the last time you make that mistake!
Then, you find yourself back in line for the next ride because the good part, the excitement, draws you back over and over.
As much as we love the floral industry it can be much like a carnival ride. The creative energy, the beauty of color, texture, and fragrance gives us a grand thrill, and the impact our products have on the lives in our communities carries us through the scary moments of floral retailing. In short, we keep getting back in line for the ride. We do it because it's worth it. What we do because it's important. Flowers are powerful.
Eventually though, each carnival comes to close, the rides stop and it is time to move on. It is the same with our flower shops. Whether you are ready to move on from your shop now, or down the road, it takes careful planning to optimize your exit and get the best possible return.
Exit strategy is planning for selling, closing, or passing the business along to the next generation. These are all scenarios that can be overwhelming and require skills that are not generally part of a florists tool box. it is important to partner with professionals who can help you formulate a plan; accountant or financial planner, attorney, and a consultant who understands the unique characteristics of flowers and retailing.
What exactly is "Exit Planning" and why should we care? Because whether you are facing health issues, changes in your personal life, or simply want to have more freedom, leaving your business is a major financial event that will have long-term impact.
If your business is doing great then you definitely want any type of transition to be smooth and successful, maximizing the financial return for all your hard work. If you are facing a crisis, internally or externally in your business, then you need to minimize the financial consequences and protect yourself from costly mistakes.
"Exit planning is the process of developing the business owners strategy for what may be the biggest financial transaction of his/her life. . . the transfer of the business."
John F. Dini Your Exit Map
No single professional can address all aspects of an exit plan. The skills of each professional must be carefully coordinated which can be a challenge. Having a business consultant that understands exit planning and your unique needs as a florist will result in an effective exit plan.
Make it Great Day!
Interested in reading more on exit planning? Check out Your Exit Map;Navigating the boomer bust. by John F. Dini.