“For the first time ever, EPI is adapting SOOR for the Minneapolis-St. Paul market (and Minnesota Business Magazine sought to cover it). The idea is a) to get local business owners thinking about exactly which ducks they need to get in which rows before their exit, and b) provide clear local benchmarks for owners curious (or worried) about the competition’s readiness.” Julie Keyes spearheaded this initiative which led to getting results regarding business owners’ apprehensions, concerns, and questions when it comes to Exit Planning.
For her work, Julie was featured in Minnesota Business Magazine.According to the magazine:
Planning your exit? First, set aside a few minutes and take Exit Planning Institute’s confidential State of Owner Readiness (SOOR) survey. When it’s released later this year with input from hundreds of closely held Minnesota firms, it’ll provide the first deep dive into the local SMB community’s readiness for what’s next….We’re really excited to have granular data for our own areas says Julie Keyes, president of KeyeStrategies, an EPI partner on the survey.
Based on the survey and Julie’s experience working in Exit Planning, business owners face a conundrum of questions AND opportunities. Business owners say they understand the importance of transition planning, yet few actually plan their exit. Questions business owners MUST consider are: what is going to happen when you finally relinquish day-to-day control over your business? Are you going to sell it and live off the proceeds? Do you have a successor lined up to continue your legacy? Only you can know but, whatever you have in mind, it pays to have a formal and well thought-out succession plan and exit strategy. For a lot of owners, the transition of a business is a once-in-a-lifetime event. With the right plan, you can increase the business value and boost the proceeds you receive from transition, set up the successor for future growth and success, and help maintain employee harmony. The State of Owner Readiness Survey was a case study for business advisors, professional exit planners, AND the business owners they serve.
Published by Tiger Oak Media and based in Minneapolis, Minnesota Business magazine covers small and midsize companies throughout the state, revealing the successes, challenges, and lessons to be drawn from their experiences. We keep this focus steady across industries, providing a fascinating mix of companies and personalities in every issue. Readers turn to us for not only useful information, but also inspiration as they pursue their success.