Establishing thoughtful objectives lay the foundation for a successful exit plan. Doing so well in advance of your departure helps give you the time necessary to make your goals a reality. Step one: identify your most important objectives, financial and nonfinancial. Example: how much money will i need from the transfer of the business to assure my family financial stability? And, do i want to stay involved? Step two: as you develop consistent objectives and motives, you then must value your company and determine its marketability. This analysis usually provides more direction and can help eliminate potential exit paths. Step three: the final step in choosing a path is to evaluate the tax consequences and strategies of various exit paths. Many tax-minimizing techniques require, literally, years to fully implement. For more information call the number on the screen or visit us at businessexitnow.com.
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