While working on setting a date, you can get started on a second element: making a preliminary analysis of your financial needs. Most of us have been through the exercise of listing assets and expenses so that our financial advisor can plug in various growth and inflation assumptions as well as our life expectancies and number of years until retirement. Using these “what if” scenarios, we can estimate the size of our nest eggs. For more information call the number on the screen or visit us at businessexitnow.com
Setting a target departure date is absolutely indispensable to creating an exit plan. An exit plan for an owner who wants out in two years will look quite different than the plan for the same owner willing to stay for ten. Some owners, however, attempt to avoid establishing this date because they believe that they must carve it in stone. In reality, the departure date is the objective most likely to be adjusted and often, adjusted repeatedly. Other owners are uncomfortable picking a date out of the air. these owners are better able to establish a date if it relates to an event. For example you may want to work until the business value reaches a certain level. You must set this important goal and give the plan a framework within which to operate. For more information call the number on the screen or visit us at businessexitnow.com
The starting point for any type of plan is defining its goals. In the case of planning a business exit, this means knowing what it means to exit your business in style. We believe that the reason that business owners do not act on their goals is because their goals are not actionable, meaning the goals are too vague, insubstantial, and/or intangible. What owners need are goals that are precise, concrete, and real. Goals need to be smart. S for specific. A goal should have as narrow a focus as you can make it. M for measurable by some yardstick- money, size, time, etc. a for attainable. A goal should be able to be reached. R for relevant. A goal must be relevant to your situation. And T for trackable. A goal has to have benchmarks along the way to keep you focused. Remember goals should be smart. For more information call the number on the screen or visit us at businessexitnow.com.
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.
Here are eight ways for a business owner to leave their companies. Number one: transfer the company to a family member. Number two: sell the business to one or more key employees. Number three: sell to key employees using the employee stock ownership plan, or ESOP. Number four: sell the business to one or more co-owners. Number five: sell to an outside third party. Number six: engage in an initial public offering. Number seven: retain ownership but become a passive owner. And number eight: liquidate. Given the right circumstances, one of these paths may be appropriate for you. The process of determining exactly which path is best presents an obstacle to many owners. However, if you wish to leave your business in style we suggest that you work through our three step path selection process. For more information call the number on the screen or visit us at businessexitnow.com.
Business exit planning is an established process that creates a written roadmap or exit plan, involving efforts of several professionals facilitated and led by certified exit planning professional. A certified exit planner follows the systematic approach that applies a consistent set of steps, giving you as a business owner the ability to develop a unique, customized action plan. Using a certified exit planner and the business exit process will help you maximize financial return, minimize tax liability, plan for contingencies and increase the likelihood of a successful transfer of your business. For more information call the number on the screen or visit us at businessexitnow.com.
The business exit process begins and ends with the owners principal exit objectives: Number one: the date the owner wants to leave. Number two: the amount of money owners want in the bank when they leave and number three: the successor they chose to take over their companies. Once the owners set these three objectives with our help, they can proceed through the next six steps of the process: determining and if necessary, building and protecting business value, managing and coordinating business continuity, estate planning issues, and finally, executing the transfer so that it meets the owners financial and personal goals. For more information call the number on the screen or visit us at businessexitnow.com.
The seven-step exit planning process from the Business Enterprise Institute is a tested, owner-centric process that business owners use to help plan successful exits from their companies. The process benefits both owners and their companies even if they never plan to exit. The process begins and ends with the owner’s principal exit objectives: number one: the date the owner wants to leave. Number two: the amount of money owners want in the bank when they leave and number tree: the successor they chose to take over their companies. For more information call the number on the screen or visit us at businessexitnow.com.
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