Exit Planning is a holistic approach to designing a strategy that will allow you to receive maximum value for your life's work after exiting your business. It encompasses setting Exit Objectives (e.g., when do you want to leave, to whom will you sell the business), pulling together a team of Trusted Advisors (e.g., CPA, attorney, financial advisor), and writing down each aspect of the transition sequence. Any business owner who wants an orderly, financially sound, and tax-efficient exit from his or her business needs an Exit Plan. You'll have the peace of mind of knowing that you've designed a plan to assure the following:

  • Receive maximum value for your business at the time of transition.
  • Put into place tax strategies to reduce your tax burden.
  • Keep yourself in control of the process.

As an Exit Planner, we are the business owner's chief of staff. With the business owner's input, we gather information, assemble the Exit Planning Team, and offer a set of Recommendations. We oversee the building of the Exit Plan, much like a general contractor would coordinate the construction of an office building.

A Comprehensive Exit Plan should include the following:

  • Your retirement goals and objectives.
  • A listing of your current personal and business financial resources.
  • A strategy to build and protect the value of your business.
  • A plan to sell your business to a third-party buyer OR
  • A plan to transfer ownership to an insider.
  • Business-continuity instructions for unexpected circumstances (e.g., death or disability).
  • A personal wealth and estate plan

Some owners never want to retire. Do they need an Exit Plan? The short answer is yes. Because an Exit Plan looks at many different aspects of their business and personal situation, we recommend building a Plan to cover business-continuity issues, estate planning, and building business value, which are all pieces of a comprehensive planning effort. An Exit Plan can cover all the bases.

Exit Planning is a proven method of allowing business owners like you to exit their businesses on their terms. Call us today to arrange for a confidential assessment of your Exit Planning situation.

Five Critical Elements of a Successful Exit Plan

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