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Glossary of terms used on this site

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Term Definition
Exit Strategy

(Wikipedia) - a means of escaping one's current situation, typically an unfavourable situation. An organisation or individual without an exit strategy may be in a quagmire. At worst, an exit strategy will save face; at best, an exit strategy will peg a withdrawal to the achievement of an objective worth more than the cost of continued involvement.

(BSR Analysis Element)- The BizSuccession Solutions scope of Services for this element is as follows. The need for exit strategy rules constitute a principal reason for business succession planning. Immediate exit strategy planning is about the setting up of clear and certain rules to ensure the viability of the business when a owner wishes to be paid out and to leave the enterprise without adequate warning. Of equal peace of mind the procedures make possible the orderly removal of a owner with litigation reduced to a threat only. To consider management of capital shifts, banking and customer comfort, staff understanding and maintenance of morale, supplier confidence and brand protection throughout this process.

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We were looking for a method to ensure two of our senior partners could afford to retire in 4 years, and that we could afford to purchase their shares. Jim gave us much more than we expected and spent a great deal of time understanding our issues. His report is one of the most important in our business and will be often referred to in future years.