If you have built a business, you are no stranger to hard work and planning. In fact, you may have worked so hard that you’ve had little time to think about your own retirement. Creating a strategic exit plan will make the transition to the next phase of your life much easier–for both you and your employees.
A good exit plan starts with an analysis of the business owner’s goals and then creates a strategy to assure their realization. There are numerous topics to consider. When do you want to leave the business? What is your business worth and how much money will you need to support your family? What will happen to your employees? There are tax, charity, and inheritance questions to think about, as well as your legacy to the community.
One of the most pressing concerns is whether you plan to sell your business outright or turn it over to the next generation. If you want your business to continue, then you need a succession plan. Succession planning can be the most important part of your exit strategy, especially in a family-run business. We can help you develop a succession plan and/or a general exit plan that is fair to all participants, has a targeted timeline, and maximizes the value of the business.