Exit Plan In Business

It doesn’t feel like there is the time or the impetus to create an exit strategy, especially if you don’t plan to sell soon.But, you can’t be complacent about exiting your business.

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It can be a big risk to accept an offer in this manner.

But having an exit strategy in place means you can recognize if this type offer matches your financial needs.

It also helps you visualize your company with the next person at the helm.

Whether you intend to pass your business onto your children, sell to a buyer your M&A team has identified, or liquidate your assets and close the doors, your exit strategy will guide the direction of your company.

Objectives may include maximizing (or setting a goal for) proceeds, minimizing risk, closing a Transaction quickly, or selecting an investor that will ensure that the business prospers.

The strategy should also take into account contingencies such as illness or death.

A study by Securian Financial revealed that 72% of small business owners have no exit strategy at all.

The reality is it can take years to execute a successful exit, so the endgame needs to be in your mind from the start.

In addition to business aspects, personal considerations need to be taken into consideration, including considerations about estate taxes, capital gains taxes, or other taxes.

Often in life, we wait until a change in circumstances to make a big decision.


Comments Exit Plan In Business

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