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What’s the biggest risk in exit planning? It’s not just market volatility or valuation swings — it’s the “car wrecks” that happen when collaboration breaks down, expertise is overstated, or discipline falters. If you’ve read my latest book, Can I Borrow Your Car?, you know my philosophy: every referral is a relationship you should return in better condition than you received it.
Why Exit Planning Demands More Than Just a Map
Exit planning is a complex, multi-year journey that requires a pit crew of experts: financial advisors, value drivers, attorneys, CPAs, HR specialists, and more. Each plays a unique role at different stages, and the stakes are high for business owners and their advisors. The goal? A smoother, more profitable, and ultimately successful transition — whether you set the date or life sets it for you.
Reflecting on my own experience — selling businesses under the strain of a family emergency — I know firsthand how crucial it is for the process to be resilient and well-coordinated. The best outcomes come when everyone understands their role and acts with humility and discipline.
The Two Biggest Causes of “Car Wrecks” in Exit Planning
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Inexperience: Too often, professionals step into roles they aren’t ready for, hoping things will go perfectly. But exit planning isn’t a place for trial and error. As Sean Hutchinson once said at the Exit Planning Institute Summit, “You don’t walk out of the stands and become a quarterback.” It takes practice, observation, and mentorship. The fix? Own your level of expertise. If you’re not the right fit, bring in someone who is — before timelines are extended and relationships are put at risk.
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Lack of Discipline: When the focus shifts from client outcomes to personal gain — chasing fees or retainers without regard for the client’s true needs — the process suffers. For example, pitching a three-year engagement to a client who’s less than a year from exit isn’t just tone-deaf, it’s dangerous. The best advisors honor the client’s timeline and focus on delivering what’s needed, when it’s needed.
How to Avoid the Wrecks: Rules of the Road in the Exit Planning Process
Collaborate and Communicate: Clearly define each professional’s role and responsibilities in the process. Regular, transparent communication keeps everyone aligned and the business owner confident in the journey.
Return the Car in Better Condition: Remember, you’re not just managing a transaction — you’re stewarding a relationship. Whether you’re the advisor, consultant, or specialist, your job is to deliver results that reflect well on everyone involved, especially the person who made the referral.
Your Call to Action
If you’re committed to making business transitions smoother, safer, and more successful — for your clients and your network — start by sharing your vision with your trusted contacts. Let them know you’re focused on collaboration, expertise, and discipline. Build a diverse network, engage early, and always strive to be the obvious choice in your industry.
Let’s keep more cars on the road — and fewer in the ditch.
To your continued success,
Related: Streamlining Referrals: How Top Advisors Multiply Their Best Leads
P.S. If you’re ready to join the waiting list or want to discuss how to strengthen your referral process, reply to this email or schedule a call. Let’s make your next transition your best one yet.