Though not an everyday discussion, business exit strategies are a vital stage in the life of the business. Savvy owners will benefit themselves with better management, better organization, and better sleep if they are committed to designing the future exit of their business.
Unfortunately, most business owners only think about their exit plan when they are old, sick, or experiencing a major life change. This may be a necessary time, but this is not the right time to think about an exit plan.
The right time is the day the business opens! The most successful (long term successful, that is) business owners DO PLAN for their inevitable retirement and relinquishing of their business. In fact, some of the most successful entrepreneurs in the world create businesses with a definite and organized plan to sell them in 5 to 7 years.
The key to productive exit planning is aligning three main aspects of the owner:
- personal
- financial
- business
We spend time to figure out what your personal goals are in planning your eventual exit. Not all are the same. Not all will have the same timeline, need of healthcare, ease or difficulty of moving, proximity to relatives, etc. Your personal specifics weigh heavily on how you will plan your exit.
Likewise, your financial needs will vary. Some have need of a high income to sustain a lifestyle. Others have whittled things down to the bare minimum, and have little need for a regular income. Most are somewhere in the middle. Whatever your financial needs are, we will design an exit strategy that accommodates those.
Finally, since your business is a major, if not the most important, aspect of your retirement, we will help you prepare your business for the market in hopes of securing the right buyer, at the right time. This part of the equation can be demanding and complicated. We are experts in valuing, packaging, marketing, and selling businesses, and will guide you through the process from start to completion.
As certified exit planners, we teach business exit strategies here at Centurion. We will help guide you to run your business so that in time it operates entirely without you, because to get the most out of your business when you sell, you must not be a necessary part of it.
We will show you how to:
- engage and employ key people to replace you in your duties
- minimize your time requirements and maximize your output
- structure your business entity so that taxes are reduced or deferred
- plan the sale so that buyers are easily transitioned into the business
- time the sale so that your duties are the lightest when you exit
…and many, many more business exit strategies to ensure you gain the most possible benefit and have the least possible liability from the sale.
All you need to do is contact us on the form here or scroll down to see our phone number and give us a call. We are here to assist you. We provide consultation to help you decide if now is the best time to sell – or later. Either way, you will benefit knowing what your options are and how they will affect you in the days ahead.
Further, as you begin to plan your business exit strategies, we will connect you to the right professionals who will show you how to leverage your profits, save thousands in taxes, and organize a plan for your future.
Business exit strategies involve planning your business, valuing your business, selling your business, and then deciding what to do with the rest of your life. We cover it all 🙂
Rhett Kniep is a Certified Exit Planning Advisor (CEPA) with the Exit Planning Institute, and an expert in exit planning and strategies. He will help you put together a powerful plan to exit your business and realize the maximum return.
Contact Us today!