If you’re like many business owners, a significant portion of your wealth is tied up in the business. However, there is a real obstacle to getting the wealth out of the business: Over the next five years, Baby Boomer retirements will create an incredible competition to sell nearly 500 businesses a day.
Unfortunately, less than 15% of Main Street business owners will actually sell their business. The rest simply liquidate and close their doors.
Key aspects of exit planning
Exit planning is the process of developing your strategy for the transfer of the business. This plan includes some of the most important decisions you will make as a business owner. You may choose succession to the next generation. Or, it could be a sale to employees. Maybe you will sell to another entrepreneur. You may even be acquired by a larger company.
Your exit involves tax, legal, financial, operational and risk management expertise. However, no one practitioner has all the knowledge required for every aspect of the plan. Exit planning is coordinating those skills so that they work together for a single objective. We help identify your objectives, your resources, and maximize the business’s value.
Benefits of creating and executing an exit plan :
- Achieves both your business and personal goals
- Maximizes company value and minimizes taxes
- Assists in the survival and growth of the business
- Preserves harmony among all business owners
A few years of advance planning will radically influence what may be the biggest financial transaction of your life.
Take 15 minutes and complete a free ExitMap assessment below to see your readiness in exiting your business.