Succession Planning: Your Business is at Risk Without a Plan
Many business owners have the majority of their wealth wrapped up in their business. They may even plan to use it as the principal source of their retirement funding. However, unexpected life events can happen at any age and without careful planning your business may not survive the death or retirement of an owner.
A succession plan ensures the right people inherit your business, operations continue to run smoothly, and owners are able to exit under fair circumstances. In fact, the more owners your business has, the greater the chance that at least one owner will leave the business unexpectedly, which may result in serious consequences for your business and even your family.
What Is Flexpertise®?
Flexible access to professional guidance and expertise.
Exemplars’ Flexpertise® process is an entirely new way to think about how professional services are delivered. Flexpertise is based on the fundamental principle that relationships come first, and it is the relationship that generates a better outcome.
With Flexpertise®, you receive proactive guidance and advice for a set, value-based price. Flexpertise® offers a dedicated professional that is a consistent part of your team and serves as a resource to access other experts across tax, law, strategy and capital. You will work together to develop a strategy and plan, while using regularly scheduled meetings for ongoing review of goals and progress.
The Hourly Bill vs. Value-Based Pricing
The Hourly Bill Creates Tension
Over 50% of organizations continue to use the hourly bill and cost-plus pricing models. It is the most common billing method across service industries, and involves dynamic generation of billing records for projects, time, expenses, retainer balances, amounts owed and paid, and other information.
The Hourly Bill:
Rewards Inefficiency: Although it may not always be intentional, the hourly bill rewards inefficiency. Clients who pay by the hour want the work to be completed as quickly as possible. Firms, on the other hand, earn more when they slow down the work flow. The interests of the customer and the firm are misaligned from the start
Uncertain Scope: Sometimes projects take longer than expected. It is likely that a budget and time frame was discussed before the project started. The customer makes the decision to agree to services based on the estimated cost, not the final cost. Notifying the client that the time frame and budget has changed can create tension, or sometimes firms even just absorb the extra costs.
We Want to Hear Your Thoughts
* All responses will be kept confidential and private. *
Do You Have a Capital Raising Strategy?
The capital raising process can take a long time and it’s a serious undertaking. A capital raising strategy is essentially a roadmap for how your organization will pursue and obtain the funds it needs to fuel its growth.