In part two of this series, we discussed the basic outline for helping your business owner clients begin to plan and prepare an exit out of their firm. Once you’ve worked together to review the situation, define the runway, identify the outlook and select the appropriate method of sale comes the most critical part of the transition process – structuring the deal. Depending on whether or not an internal or external successor has been chosen, there are a number of factors that can impact the success (or failure) of the transaction. Once these are recognized comes the hard part of exit planning for many agents and advisors: following through with the deal and actually leaving the business to enjoy retirement.
Allen DuckCOO, Northstar Financial Companies, Inc. - Creative Edge
Exit Planning For Small Business Owners Part 3
Related terms: Business Insurance, Estate Planning, Financial Strategies, Life, Sales Strategies
Exit Planning For Small Business Owners Part 2
In part one of this series, we discussed the importance of helping business owners recognize and acknowledge the need for an exit plan. After all, according to a Wells Fargo/Gallup Small Business Index poll conducted in 2010, 47% of small business owners plan to never retire! Is that out of a desire to work or a perceived need to? It’s our job as the advisor to bring to light that we will not be able to work forever, and the businesses we’ve worked so hard to build can play a critical role in creating the retirement we want and deserve. In order to succeed in retiring profitably, as in business, we have to plan. Choosing the appropriate time to sell and maximize the value of the business as an asset is not as simple as listing it and waiting for the phone to ring – careful thought and preparation is imperative.
Related terms: Business Insurance, Estate Planning, Financial Strategies, Life, Sales Strategies
Exit Planning For Small Business Owners (including You!)
Part 1: Identifying current status and timing the exit strategy
Related terms: Business Insurance, Estate Planning, Financial Strategies, Life, Sales Strategies
