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Kevin Kennedy is the President of Beacon Exit, LLC. The content of this article is based on his personal experience of successfully exiting his 63-year-old roofing company, the transfer to the company’s third succession team, and his training. The information is not intended to be legal, accounting, insurance or tax advice. Please contact your business advisors for this advice. Beacon is a process consultant that provides written plans and support programs to private owners for succession and exiting their business. For more information, visit www.beaconexitplanning.com.
For many roofing contractors, a successful final chapter of their business is to transition or sell it to a new owner so they can retire comfortably. This is a critical phase, as most contractors fail to sell, and most end in liquidation for around 10% of their book value.
To ensure that your inevitable exit is a successful one - an exit that will deliver on your future financial, personal and business goals - you need an exit plan.
Many baby boomer roofing contractors intuitively understand they need to plan for the exit but are consumed with the day-to-day grind and procrastinate.
Kevin Kennedy and Joe Bazzano's first book, The Contractor's 60 Minute Exit Plan, is a 82-page book offers a guide for roofing contractors to navigate the scary and sometimes treacherous process of exiting their business when the time is right.
Most owners, whether their business is worth $2 million or $30 million, continue to be stuck in their business until they can clearly see the path to replace their income and maintain their lifestyles.