What is exit and succession planning?
Often referred to as business succession planning, exit planning is the development of a strategy and a roadmap that enables the business owner to maximize value and leave their business on their own terms.
Why do you need exit planning?
At some point, all business owners will quit their business. For most business owners, this is a once-in-a-lifetime event. It is vitally important because the average business owner has 50-90% of their net worth invested in their business.
Most businesses cannot be sold today so the business owner hopes.
Preparing your business for sale can be a hectic affair, perhaps triggered by an unplanned and time-bound event. Usually this leads to a lot of unpleasant tradeoffs and a result that falls short of the owner's goals.
The alternative is a systematic approach started 3-10 years in advance and driven entirely by your personal exit goals. This is the approach we can help you with.
When Should Your Exit Plan Begin?
The short answer: three to ten years before your planned departure.
The earlier you start planning, the more likely you are to meet all of your goals and leave your business on your terms and on your schedule. One of the key ingredients for a successful exit plan is time. Depending on many factors, such as your goals, your priorities, the current condition and value of your business, your succession plan, and your non-business assets, there may be changes that need to be made prior to your departure that may take years to complete. implementation.
Although you can't control the ups and downs of the M&A cycle or the tax code, you can control the readiness of your business. If you plan to leave your business within the next 10 years, now is the time to start working on your business and bring the many moving parts required for a successful exit under your control.
Who participates in the development of my exit plan?
The planning process is led by an exit planning advisor who has specialized training for this purpose. Additionally, your existing advisors, such as your attorney, CPA, and financial advisor, may be asked to participate at some level, depending on the type of plan that is created. It is important to get the opinion of your current trusted advisers if they already have a thorough understanding of your situation.
The Exit Plan advisor facilitates and manages the project and coordinates the efforts of his other advisers to avoid any duplication of efforts.
What is the next step?
The next step is a free half-hour phone conversation with our exit plan advisor. This enables you to learn more about the exit planning process and what it entails.
The call also lets you learn more about us and how we can help you. At the end of the call, you will know if the chemistry is correct and you want to continue.
I'd like to learn more about planning outings for my business!
For an assessment of your needs and an estimate of the fee, please let us know how to contact you: