Business Exit Planning

Everybody eventually leaves the business.

One day, you will leave your business. You will exit either voluntarily (through sale or retirement) or involuntarily (through death, disability, bankruptcy, liquidation, or fire sale).

Get the most value for your business when you sell it, pass it on to family, or transfer it to key employees.

  • Only 30% survive into the 2nd generation.

  • Only 15% survive into the 3rd generation.

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80% of businesses NEVER find a buyer!

Get a plan in place to prepare for a sale, a transfer to key employees or to pass it down to family.

 Why Small Businesses Fail

60% = Conflict with partners or family

25% = Heirs can’t manage a business

10% = Unexpected taxes & expenses

Lack of Independent Financial Resources

The  business often represents  the  bulk  of  the  owner’s  wealth.  Older generation members  may be dependent on business cash flow to continue their lifestyles.

With a Business Exit Plan, you can keep control, keep an income stream, and still responsibly transfer the business or sell it to investors.

Businessman fail

Why Should I Plan Ahead?

 

Don’t Lose Business Value

Have you been looking forward to the day you can retire, perhaps turn your business over to a son or daughter, or sell it? Even if you are not planning to stop working, you need to plan for the day you cannot run your business due to unforeseen illness or death.

Most business owners do not take the time to plan for how they will leave their business. They are busy running the company, or they don’t know where to start. But if you continue to own a business until you die, it will be included in your estate and could be subject to substantial estate taxes. Your family could be forced to sell the business or its assets at “fire sale” prices. Then you will have worked hard all these years so that the vultures and Uncle Sam, not your family, will reap the benefits.

Planning for how you will exit from your business should be an integral part of your estate and retirement planning. Proper planning now can provide you with retirement income, reduced income and estate taxes, and even let you benefit a charity if you so choose, regardless of whether you transfer your business to family members at discounted values, to employees, or to an outside buyer.

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Transfers to Family

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