What is an Exit Strategy?
An exit strategy or exit velocity is the plan you have in place for when you retire, leave your business, sell your business, etc. While everyone’s story and plan is different, the fact still remains that there should be an exit strategy in place. What are your goals for your business? What do you plan to do when you retire? Will you be able to retire? How much money will you need?
What is an Exit Strategy Consultant?
An exit strategy consultant helps answer all the questions listed above. Your consultant can help you decide how much you’ll need to save to retire, when you can retire from your business, whether you should try to sell or pass on your business, and so on. Having an exit strategy consultant that has experience and knows the right questions to ask to get you where you need to be is so important for planning for your future and the future of your business.
Who Needs an Exit Strategy?
While the short answer is, of course, “Everyone”, each person’s exit strategy plans and needs are different. A business owner must decide when the time is right to try to sell his business or pass it down and if he’ll have enough money to live on if he does so. If you work for an employer, you must decide if your retirement fund has been built up enough over the years and what the benefits are of staying in the company or retiring now. So many questions must be answered to properly prepare for your exit strategy which is why the sooner you begin your exit strategy consulting and planning, the easier and more prepared you will be for your exit strategy.
To learn more about Burke & Schindler’s exit strategy consulting and planning, contact one of our advisors at Burke & Schindler today to start the journey of ending your business journey right.