Is Exit Planning Right For You?

Everyone will eventually exit their business – either voluntarily or involuntarily.  Either way, without considering and planning for your exit transition, the value of a closely-held business, the risk to family, customers, employees and others connected to your business can be significant.  Most owners would like to leave in style and a well thought through strategy will help make it happen.   The following exercise will help you determine if exit planning is right for you.

Owner's Self-Assessment

How prepared are you to exit your business?  The following review questions will help you to assess your readiness to exit your business.

If you answer “Yes” to most of these questions, great!  You’re part of the 28% recent studies have shown that have done some exit planning.  Perhaps now is a good time to revisit your plan to make sure your goals are still realistically attainable.

If most of your answers are “No” – more planning is required to realize your goals in the future.  Isn’t now the right time to get more information?

Whether it is time to reassess your plan or to start planning for your exit, we can help.  To contact one of our Exit Planning Experts click here.

• Have you planned your departure date from the business?

• Do you know the income you will need to achieve financial security? 

• Do you know to whom you want to leave the business? 

• Do you have a plan to increase the value of your ownership interest? 

• Do you know how to sell your business to a third party that will maximize your cash and minimize your tax liability?

• Have you discussed the transfer of your business to family members, co-owners or employees while paying the least possible tax? 

• Have you implemented the steps necessary to ensure that the business continues if you don’t? 

• Have you provided for your family’s security if you should die or become disabled?