Former Business Owners Express No Regrets About Selling Out
Business owners are still active after they sell their businesses.Read More
Failure 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 More
A 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 More
Why 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 More
Family 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 More
Business 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 businessRead More
Biggest 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…Read More
Pre-Sale Due Diligence
[et_pb_section bb_built=”1″ next_background_color=”#000000″][et_pb_row][et_pb_column type=”4_4″][et_pb_text] This article is for those who have ever given thought to selling their companies to a third party. In order for you to attract a buyer to your company, you must engage in the pre-sale due diligence process well before your anticipated departure date. This process has been compared, not unfavorably,…Read More
Elements of a Plan to Sell to Insiders
Today we discuss the essential elements of a plan owners use to transfer a business to insiders (with the help of skilled advisors) that keeps the owner in control until he or she is paid the sale price. If you suspect that the children, key employees or co-owners you would pick to succeed you do…Read More
Does Value-Building Equal Exit Planning?
When we talk about building value in the context of Exit Planning, we ask the following questions:
1. What is the company’s current value?
2. What value must the company achieve to enable its owner to reach his or her lifetime income and other Exit Objectives?
3. Which tactics can owners employ to close any gaps between today’s business value and the value they need upon exiting?
4. How can owners transfer business value most efficiently (in terms of taxes and otherwise)?