Exit planning is about fulfilling your personal and corporate goals in a sound and orderly manner that is cost-effective and tax-efficient. An exit is more than a business transaction so we focus on the overall transition to help business owners exit wisely. We take a holistic approach to ensure business owners accomplish both their personal and their corporate objectives by executing the right transaction at the right time and being well prepared for the next stage in their lives post-exit.
Many business owners experience just one exit and all business owners have their first exit. The exit process for medium-sized companies is not broadly known and, frankly, seven and eight figure exits can get complex. Learning the rules of the game while the game is being played can be tough … and expensive. Planning and preparation can pay huge dividends, figuratively and literally.
Exits come in all shapes and sizes so one approach cannot fit everybody. Wise exits are tailored to each owner’s objectives, circumstances, needs, and resources.
- Joe is ready to sell his business and has a pretty good idea who he thinks the buyer is … but is it his best buyer?
- Sally is thinking seriously about selling her company to employees … but do they have access to capital to pay her, are they ready to run the company without her, and what are the potential tax ramifications?
- Mathew and Mary want to turn the reins over to the next generation … but how do they fund their retirement, have confidence that the next generation is ready to manage the company, and what is the best way to minimize taxes?
- Frank knows he needs to sell sooner rather than later to fund his retirement and to leave a legacy for his family … but what is the best way to start the process and how can he avoid getting taken advantage of?
In addition to answering these types of questions, it is also important to anticipate and address life-issues after the business transaction closes. The business transaction serves as a means to an end … but the end in this case is a new beginning, which should reflect your passions and aspirations as well as those of your loved ones.
Why invest in exit planning? First of all, exit planning helps you avoid many common pitfalls that threaten getting a deal closed, adds stress, and could result in getting paid less than you should.