Business owners are used to making decisions. They want to leave their companies when they want, to whom they want, and they want to ensure they get what they need in retirement. In the book, The Seven Habits of Highly Effective People, Stephen Covey suggests to "begin with the end in mind." Successful business owners know it does not happen without planning, hard work, sacrifice, and a little luck. Yet, most business owners have no exit plan for leaving their business.
Business owners often treat their business one of two ways: either they understand their business as an asset, or they see their business as their "baby." Those business owners in the former category are more apt to have some kind of exit planning, but seldom have business owners in either category sorted through the interdisciplinary planning process to achieve their true exit objectives. Business exit planning enables owners to leave their companies when they want, to the successors they want, and with the amount of cash they need while minimizing the risk of loss and taxes.
Business exit planning involves finding answers, especially to the following questions:
- How much cash will you need to meet your retirement needs?
- How much is your business worth?
- How can you maximize the income stream generated by the sale of your ownership interest?
- How do you sell your business to a third party and pay the least possible taxes?
- How do you transfer your business to family members, co-owners, or employees while paying the least possible taxes and ensuring maximum financial security?
- How do you ensure continuity in business operations if the unexpected happens to you?
- How do you secure financial independence for your family if the unexpected happens to you
We work with business owners to find answers to these questions and to develop a "Road Map." How a business owner answers these questions will determine how successful their plan will be. Taking clients through a proven process, we work with clients and their team of advisors to create and implement a business exit strategy. This strategy will maximize the value of the business and minimize taxes while securing the financial future of the business owner and their family.