More than Just Selling Your Business
Selling is a transaction. Exit Planning is a process that precedes the transaction. Exit Planning is being prepared no matter what happens in the lives of the owner(s).
The Unforeseen: Why You Should Plan Now
- Prepare for ANY contingency such as death, disability, divorce, ownership conflicts that might cause an ownership change at any point prior to a planned exit;
- Protect what you have – including physical assets, intellectual property and technology; and
- Document an Exit Plan so all owners, family, key management, core advisors are on the ‘same page.’
Exit Plan to Optimize Your Investment Value
- Focus on strategies that increase and grow the investment value of your business. Acquire, divest, new markets, multiple entities, new products, and more;
- Set up programs to develop and retain key people;
- Create, document and implement systems; and
- Optimize EBITDA for funding the Exit Plan and for maximum Exit value.
Prepare for the Transition
- Position ownership structures, %’s, tax strategies for a smart transition at some later point;
- Design your role before, during, and after the transition; and
Identify Exit goals, timing, strategies, and a transaction team.