What is the first major deliverable in the Discovery Gate?

In the context of exit planning, the Discovery Gate serves as a critical phase where essential information and insights about the business are gathered to inform subsequent planning efforts. The first major deliverable in this phase is the Triggering Event.

The Triggering Event refers to the specific circumstances or conditions that prompt business owners to consider exit strategies. This could include various life events such as retirement, health issues, or changes in market conditions. Recognizing and articulating these triggering events is vital, as they shape the direction and urgency of the exit planning process.

By identifying the Triggering Event early, advisors can tailor their approach to align with the owner's motivations and aspirations, ensuring that the exit plan is not only functional but also meaningful. This foundational understanding helps to lay the groundwork for the following stages of planning, such as assessing business value or determining financial gaps, which are represented by other deliverables like the Value Gap or Profit Gap. These subsequent components build off the insights gained during the Discovery Gate.