Value is what your business is worth... what someone would pay for it. It is extremely important because value is what will help us afford our hopes and dreams in the future. Creating greater value simply gives us more options and financial resources for later life.
Pass the Torch provides a three step process to grow value for business owners:
Step one: determine what your business would sell for today. That is accomplished by a Valuation. Less than 10% of business owners have had a professional valuation done on their business. Valuations are affordable! You can only grow value to the goal you want if you know the starting point!
Step two: decide how and when to exit your business. An Exit Plan sets the date of departure and the proceeds needed to support the lifestyle the owner expects. It profiles the most likely successor and what will make the business highly attractive to him or her. And makes sure the business won't become worthless in the event of an accident or injury to the owner.
Step three: identify the Business Strategies that will create the exit value you need. Business Strategies are the keys that will grow value get you to your exit vision.
Each of the three steps above are enabled by three Pass the Torch products:
Valuations, Exit Plans, and Business Strategies. Clients work with Pass the Torch to develop any of the products individually, or as an integrated whole. When possible, it is best to weave together all three into what we call the "three legged stool". That way, each product strengthens and benefits from the others.
Active coaching also makes sure the careful planning is executed. Too often we start good things, like a diet, only to falter due to temptation or distraction. Pass the Torch knows you don't want that outcome.
Either way, their purpose is to help ensure a secure and profitable transfer of ownership in the future by being well-prepared in advance.
