Business Choosing the Right Exit Planning Consultant

Choosing the Right Exit Planning Consultant

Choosing the right exit planning consultant is crucial for ensuring a successful transition out of your business. Here are some guidelines to help you select the best exit planning consultant for your business:

1. Define Your Goals: Before beginning your search for an exit planning consultant, clearly define your exit goals. For example: Are you looking to sell your business, pass it on to family members, or pursue another exit strategy ? Understanding your objectives will help you find a consultant with the expertise and experience relevant to your specific needs.

2. Do Your Homework: Start by researching exit planning consultants in your area. Make sure they understand your business. Look for exit planning consultants with a proven track record of helping business owners achieve their exit goals. Most exit planners are not “business” consultants, so check their online reviews, testimonials, and referrals to learn about the consultant’s reputation in addition to the scope & breath of their experience working with businesses like yours.

3. Evaluate the Consultant’s Exit Planning Experience & Expertise: Look for consultants who are certified in: (i) exit planning, (ii) succession planning, and/or (iii) business consulting. Ask the exit planning consultant about the tools and methodologies they use to help clients navigate successful exits. Make sure that they also subscribe to a code of ethics.

4. Interview Potential Candidates: Interview several exit planning consultants to discuss your goals and assess their suitability. During the interview, ask about: (i) their approach to exit planning, (ii) the services they offer, and (iii) how they tailor their strategies to meet the unique needs of each client. Pay attention to their communication style, responsiveness, and listening skills. You can download a “free” consultant evaluation form on the store page of Greater Prairie Business Consulting, Inc.’s web page at:

5. Is the Exit Consultant a Good Fit for Your Business: Building a strong rapport with your consultant is essential for a successful partnership. Evaluate whether you feel comfortable working with the consultant and whether they demonstrate a genuine interest in understanding your business and objectives. Trust and open communication are critical for navigating the complexities of exit planning.

6. Review the Exit Consultant’s Fee Structure: Discuss the consultant’s fee structure upfront to ensure it aligns with your budget and expectations. Some consultants charge a flat fee for their services, while others may work on an hourly basis or charge a percentage of the transaction value. Clarify any potential additional costs or expenses to avoid surprises later on.

7. Check References: Do not hesitate to ask for references from past clients who have worked with the consultant. Contact these references and ask them about their experience, satisfaction with the consultant’s services, and the outcomes of their exit planning process. Honest feedback from former clients can provide valuable insights into the consultant’s performance and professionalism.

8. Last, Trust Your Instincts: Trust your instincts when selecting an exit planning consultant. Choose a consultant who not only possesses the necessary expertise and experience but also demonstrates a genuine commitment to helping you achieve your goals. A strong partnership built on mutual trust and respect is essential for navigating the complexities of exit planning effectively.

By following these steps, you can select an exit planning consultant who will guide you through the process with confidence and expertise to help you achieve a successful transition out of your business.



About the Author

James J. Talerico, Jr. is an award-winning author, speaker, and a nationally recognized small to mid-sized (SMB) business expert. 

With more than thirty- (30) years of diversified business experience, Jim has a solid track record and an A+ BBB rating helping thousands of business owners across the US and in Canada tackle tough business problems to improve the performance of their organizations.

His client success stories have been highlighted in the Wall St. JournalDallas Business JournalChicago Daily Herald, and on MSNBC’s Your Business. He was named “Texas Business Consulting CEO of the Year,” by CEO Today Magazine, identified as a “Top 10 Management Consulting Entrepreneur to Watch in 2023” by Entrepreneur Magazine, was listed among the “10 Most Visionary Companies to Watch in 2023” by Inc. Magazine, and has also been ranked among the “Top Small Business Consultants” followed on Twitter.

For more than half a decade, Jim was a regular guest on “The Price of Business,” a nationally syndicated radio program on Bloomberg Talk Radio and has also appeared as a subject matter expert on many FOX Radio interviews. He is a regular contributor to several blog sites and has frequently been quoted in publications like the New York Times, Dallas Morning News, Philadelphia Inquirer, The Entrepreneur’s Review, and on, in addition to numerous, other industry publications, radio broadcasts, business books, and Internet media.

Jim received a Gold “Stevie Award” for “Thought Leader of the Year,” a Gold “Stevie Award” for “Media Hero of the Year During Covid” and a Bronze “Stevie Award” for “Best Entrepreneur” in the Category of “Business and Professional Services” at the American Business Awards ® in New York City. The competition received more than 3,700 nominations and is the premier accolade for business excellence in the US honoring organizations of all sizes and industries. Jim also received an “Outstanding Leadership Award” at the Money 2.0 Conference for his contributions to the financial services industry.

Jim is the author of “8 Steps to Becoming An ETHICS FOCUSED ORGANIZATION,”™ a small business certification program that utilizes a unique eight – (8) step approach for strengthening ethics in any organization. The certification program won the Better Business Bureau’s “Torch Award for Ethics” for the North – Central Texas Region, the Better Business Bureau’s “International Torch Award for Ethics”, and a Gold “Stevie Award” for “Ethics in Sales” at the International Sales & Customer Service Stevie Awards ®. Participants who complete this certification program are eligible to receive eight – (8) continuing education units from the University of Texas’ Division of Enterprise Development.

His public speaking experience includes The Better Business Bureau (BBB) North – Central Texas Chapter, The International Association of Better Business Bureaus (IABBB,) The Institute of Management Consultants (IMC USA,) The Collin County Small Business Development Center (SBDC,) Success North Dallas, First Friday’s Book Synopsis – Dallas, Texas, American Subcontractors Association (ASA) – Houston, Texas Chapter, and several local Chambers of Commerce (COC.)

He is also a Certified Management Consultant (CMC) ® and an active member of the Institute of Management Consultants. The Certified Management Consultant ® mark is awarded by the Institute of Management Consultants USA (IMC USA) and represents evidence of the highest standards of consulting, a commitment to continuous development, and an adherence to the ethical canons of the profession. Less than 1% of all consultants in the world are Certified Management Consultants (CMC) ®. [Click Here for IMCUSA’s Code of Ethics.]

Jim currently serves as the IMC Dallas – Fort Worth Chapter President and has actively participated on different IMC USA national committees.

He, moreover, completed his ISO 20700 Self-Declaration Checklist Training from the International Council of Management Consulting Institutes (ICMCI.) [Click Here for Greater Prairie Business Consulting, Inc.’s ISO 20700 Self-Declaration Check List Template.]

He received his Certified Business Exit Consultant (CBEC) ® designation from The International Exit Planning Association (IEPA) to help entrepreneurs, small business owners, family businesses, and middle market companies maximize their business exit. [Click Here for IEPA’s Code of Ethics.]

Jim has, furthermore, served as a strategic advisory board member to several “for-profit” and “non-profit” organizations, Judge for Texas Consilium’s Business Excellence Awards, Judge & Judging Chair for the International Sales & Customer Service Stevie Awards ®, and has volunteered his time to numerous humanitarian causes.

Jim has a B.A. in English & World Literature from Rutgers University, a B.S. in Business Administration from Thomas A. Edison University, and he is in the process of completing his M.B.A. from the University of Texas – Arlington.


Check out more business stories here. 

Leave a Reply

Your email address will not be published. Required fields are marked *