Exiting Your Business Successfully
Jul 16, 2010
Exiting Your Business Successfully:
What You Need To Know
If you are like most business owners, you have devoted an immeasurable amount of work and resources into growing your company. With all that you have invested, doesn’t it make sense to plan an exit from that business that protects the wealth you have accumulated in it? After all, exiting your business will certainly be one of the most important financial events of your life. The first step is to understand that an exit is not simply the sale of your business. Rather, it is a process that may occur over many years and selling your business is just one of many options available to you. Designing your exit strategy will take time, planning, and forethought but will allow you to reap the greatest reward for your years of hard work.
EXIT PLANNING EXPERTS
Frank graduated from Bryant University with a Bachelor of Science (B.S.) Degree in Accounting and a Master of Business Administration (MBA) degree in Management. He currently lives in northern Rhode Island with his wife, and has two adult children.
What is an Exit Plan?
An exit plan outlines your options as a business owner for transition of your business in the most wealth-protective way. This plan takes into account all factors related to your personal life, your business, the timing you would like for the exit, as well as potential successors or buyers.
The most obvious exit option to most business owners is the sale of the business to another buyer, perhaps someone in the same industry. It is important to know that less than 20% of businesses successfully sell to an outside buyer. What if you are one of the majority, and selling your business is not an option, do you know what exit choices are?
Free Seminar for Business Owners
Join us for a free seminar with exit planning experts who will discuss the six steps to planning a successful exit from your business:
- Planning for the exit
- Determining your financial and mental readiness
- Determining what type of exiting owner you are
- Learning about the exit options available to you
- Understanding the value of the options you choose
- Executing your exit strategy plan