You call the shots. Most business owners believe
that an exit strategy is crucial to their business, yet few have
one. Ownership succession planning ensures your financial prosperity
and gives your business the chance to thrive upon your departure.
Your financial needs for retirement most often rely, in part, on
the equity in your business. Therefore, ownership succession planning
and liquidity planning are critical.
What are your goals? Developing a succession
plan for your business can be a very emotional and challenging
process. The starting point is defining your goals. What
is best for your family? What is best for your company? What
are the expectations of your key managers? How much money
will you need to retire? What will you do if you’re no longer
involved in the management of your business?
Creating a roadmap. We will help you address
these issues and many others. Many times the interests of family
members, other shareholder interests or key employees need to be
clarified. If a decision is made to sell the business to a third
party, we will help you identify and implement strategies to maximize
the value of your investment. Whichever exit strategy you choose – selling
your ownership interest to family members, your partners, managers,
or a third party, we can help assist you to define your goals and
create a plan to achieve them.
Rest assured. However you structure your ownership
succession and whatever liquidity strategy you choose, the two
processes are inextricably linked. Your future – and the
future of your business – depend on your ability to develop
a practical succession plan for your business. Then, with your
plans in place, you can focus on your family, your friends, your
community interests, and your legacy.
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