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So You’re Never Leaving…. Got A Plan For That?
We hear it all the time. Do any of these sound familiar? “I’m never leaving my business. I love what I do.” “I don’t intend to exit my business. I plan on working until the very end.” “I can’t leave my business. I wouldn’t know what to do with myself!” These are valid positions…
Read MoreA Race Against Time
Successful, active business owners seldom slow down. Many business owners are both great at planning (for their businesses) and terrible at planning (for themselves). There are so many great business challenges to tackle, planning for your personal ownership future can get pushed to the back burner. We all know that the only things likely…
Read MoreCan You Sell Your Company to an Outside Third Party?
We talk to business owners every day who “plan” to exit their companies via a sale to a third party because they believe that they’ll get more cash up front (and more overall) than if they sell their companies to insiders (family members or employees). Consequently, they believe there is far less risk selling…
Read MoreFormer Business Owners Express No Regrets About Selling Out
Business owners are still active after they sell their businesses.
Read MoreFailure to Plan Has a Price
I never worry about action, but only about inaction. –Winston Churchill “I haven’t decided what I ultimately want to do with my business, when I want to exit, how much money I’ll need, or whom to sell to. So how can I plan my exit? Besides, I don’t want to exit right now.” If you’ve…
Read MoreA Good Year to Avoid Last Year’s Mistakes
If you have a goal to sell your business in five years and you do not do anything to prepare for the sale, are you going to sell your business?
Read MoreWhy Should You Exit Plan When You Have No Plans To Exit?
We’ve all pitied the well-past-his-prime athlete who refuses to retire. Does the aging business owner who stays in his business deserve our pity as well? Is there something wrong with an owner who refuses to retire — not because he needs the money or the status, but–because he finds little meaning and significance in a…
Read MoreFamily Succession Planning Via Sale To Third Party
When Exit Objectives Clash Many business owners facing imminent exit have the enviable but difficult choice of either selling the business to an outside third party and achieving their financial objectives or, conversely, transferring the business to loyal motivated key employees or family. This is nothing more, or less, than a clash of exit objectives.…
Read MoreBusiness Continuity Solutions for Sole Owners
Because Jim had dreamed of selling his company at 60, he had given little thought to what would happen to his business and his family if something happened to him. So, Engineering Solutions died of an all too common cause—human error and neglect, setting off a chain reaction of ever worsening consequences for Jim’s family and business
Read MoreBiggest Exit Planning Myth
Myth: “My CPA will tell me when it is time to start planning for my business transition.” (Replace CPA with “attorney,” “financial planner,” or “insurance professional” and the myth remains intact.) Fact: Your advisors, be they CPA’s, attorneys, Financial or Insurance Professionals, may not initiate planning discussions primarily because you have not told them you are interested in…
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