One of the biggest mistakes that business owners make is not creating an exit and/or succession plan at the time they create their business and then never get around to making one at all.
Why Should I Create a Business Exit Plan?
You may feel you don’t need a business exit plan because you do not intend to sell your business any time soon. Unfortunately, 50% of business exits are not voluntary and are a result of:
- Death
- Disability
- Divorce
- Distress (Financial or otherwise)
- Partner Disagreements
Business owners that have an exit plan in place will benefit in the following ways:
- Exit your company on a timetable that you control
- Achieve your personal and financial goals
- Receive maximum value for your business when you transition away from it
- Leave a legacy to your children
- You control the transition process instead of being at the mercy of others
Exit planning involves coordinating professionals of many different disciplines. Your exit planning team may be comprised of:
- Estate & Business Attorney
- Financial Accountant
- Tax Professional
- Business Valuation Professional
- Investment Banker
- Merger and Acquisition consultant
- Business Broker
Working together we will ensure that you have someone on your side that acts on your behalf as a quarterback for your exit planning team.
Contact me to take your complimentary Exit Planning Assessment to determine how prepared you are for a smooth transition.
Learn more about our Business Transition Program.