The ExitMap® Questionnaire©, Assessment©, Analysis© and Action Plan© Advisor FAQs
Answers to commonly asked questions about working with the ExitMap®
Q: Why are my clients directed to a different Assessment© from the one that advisors use?
A: The ExitMap® site is designed to help and support Registered Advisors and ExitMap® Affiliates. While there is no inappropriate information for clients on the site, it is less confusing to have them use a single-purpose Assessment©. There is no difference in the two Assessments.
Q: I already use a system for business planning and improvement. Why would I use ExitMap®?
A: ExitMap® is a marketing and client engagement tool. A business owner who is anticipating life after the business is completely different from one who is focused on building an enterprise. The scope of The ExitMap® includes consideration of time frames and tax ramifications along with factors that affect business value. Most business improvement approaches support ExitMap® findings, just as most estate and tax planning approaches are best considered within the framework of increasing business value.
Q: What is the best way to market The ExitMap® to clients?
A: Starting a discussion about exit planning faces the same challenges as one regarding funeral planning. An owner will agree that it is important, but has no sense of urgency. For that reason, letters, emails and newsletter, while they help pave the way, will not make the phone ring. We recommend a number of personal approaches.
1) While in a regular meeting with the client (reviewing tax returns or estate documents, for example) ask him or her to complete the free online ExitMap® Assessment© as an initial step to long term planning.
2) Call the client and ask him or her to complete the review prior to such a meeting, and to schedule an extra hour to review the ExitMap® Analysis©.
3) Offer a breakfast or brown-bag lunch event to discuss the coming tidal wave of Boomer exits. (Presentations for Affiliates come in both narrated and silent versions.)
Q: I asked a number of prospects to take the Assessment©, but only a few did. Is there a cost associated with recommending it to prospects?
A: No. Affiliates only pay for the Analysis© they will use in debriefing meetings. You can use the Assessment© with as many prospects as you wish, and review the results before deciding whether to purchase an Analysis© for that client.
Q: What if my client’s situation changes?
A: Many things can affect an exit plan. The loss of a key employee, change in market conditions, or owner’s health are all frequent issues. Many times, you may want to modify the Assessment© answers after discussing them with your client. Once you have assigned an Analysis© code to a specific client, he or she can retake the Assessment©, or you can modify it for them. Each revision will create a new Analysis© and score without further cost.
Q: What should I charge for an ExitMap® debriefing?
A: A debriefing has two major objectives. It reviews the accuracy of a client’s Assessment responses from an objective viewpoint, and it identifies the scope of work available for the advisor and others. Some professionals treat it as an initial step in a larger process, and don’t charge at all. Some charge for the debriefing, but apply it to any future engagement. Some charge according to their normal hourly rate, allotting between one and two hours for the debreifing process.
Q: How should I assemble a planning team?
A: The best exit plans are collaborative efforts between business, legal, tax and financial planning professionals. Since you will most likely use the ExitMap® with existing clients (at least at the outset), you should respect your client’s other incumbent relationships. As the leader of a planning team, however, you have an obligation to your client to make sure all the professionals involved are qualified.
1) If a specific skill is not in place, have two referrals ready in that specialty, so your client can have a choice.
2) If an incumbent professional lacks the specific skills or experience to assist in exit planning, offer to bring in another who has agreed in advance to respect the existing client relationship for a limited role in the planning.
3) If an incumbent professional is threatened or uncooperative, use the materials at ExitMap.com to illustrate the scope of work available when participating on the team.
Q: I have a good team. How can we leverage our client base?
A: Many exit planning professionals form advisory groups where non-competing professionals meet regularly to discuss cases and share referrals. Having everyone in a group become ExitMap® affiliates gives them a common starting place for joint assignments.
Q: Several people in my firm want to utilize the ExitMap®. How should we do that?
A: Of course, you could simply share one account. There is nothing preventing you from allowing other users, but additional Affiliates in your company have some substantial benefits.
1) Each affiliate is listed in the directory, and can be identified by other ExitMap® professionals.
2) Affiliates receive referrals of business owners who take the Assessment but don’t have an ExitMap® Affiliate who can debrief them.
3)Specific advisor information will be included on final reports.
A second or subsequent professionals from the same firm can purchase an ExitMap® membership at a discounted rate.
Take the ExitMap® Test Drive
Trying the ExitMap® for yourself will allow you to:
• See the reports your clients will receive
• Review the quality content contained in each report
• Experience the customization features first-hand
• Learn how feedback aligns with client responses
• Understand how debriefing leads to new advisory work
After taking the Test Drive you will become an ExitMap® Registered Advisor with benefits that include access to sample reports, a subscription to the
exit planning blog Your ExitMap exit planning Blog, the “Beating the Boomer Bust” eBook, relevant exit planning articles and notification of training and updates.