You’ve spent time building your business. But eventually there will come a time when you will need to start thinking less about building and more about transitioning. Are you prepared for the eventual transition of your business? The sooner you start, the better. Don’t wait until it is too late.
You might sell the business outright or pass your business on to your children, or other family members. You may retire completely or continue to work during the transition. Regardless of how you decide to handle your transition, you need an exit strategy.
Have you thought about how you would like to transition out of your business? Among the things you will want to consider as you plan your exit strategy are:
– When to sell the business and to whom
– How the purchase price will be determined, funded and paid
– How to protect your business value from estate taxes
For many, business continuation planning may seem like an overwhelming task. Maybe that’s why so few business owners successfully transfer their business! If you want to make sure your objectives and goals are met, it’s important to take time to think about your exit plan.
Fortunately, there are steps you can take today, like establishing a Buy-Sell agreement that can help provide the funds necessary for a successor owner to purchase your share of the business. When the time comes, would you like to be able to walk away from your business knowing that your goals were met, all by just taking a little time to plan today?
Call us today to see if a Buy-Sell plan is right for you.