Exit Planning and Estate Planning have the same general goals. Once owners see that the two processes share the same goals, they can leverage the time and money they spend developing their Exit Plans into the design of their estate plans.
Remember: One day, you will leave your business.
Don’t wait until you’re ready to transfer your business to create an air-tight buy-sell agreement.
Business-continuity planning is vitally important to owners’ companies and families. Without a well-considered business survival plan, the consequences for owners’ employees, customers, and, most importantly, family and estate can be dire.
If you co-own your business, the business-continuity agreement (or buy-sell agreement) is one of the most important documents that you will sign.
If you think that an inside ownership transfer your business to your children or management team is inherently risky, you’re right.
These 10 elements of selling to insiders can help make any inside transfer successful.
Whether your company is small or large, selling it to a third party is the biggest challenge—and opportunity— of your business life.
Let’s dismantle the most common objections business owners have to undertaking the Exit Planning needed to leave their companies successfully.
At some level, all owners understand that they will someday leave the businesses they have created. Buyers pay for business value, not for the departing owner.