Preparing to exit your small business can be your path to success. Businesses are usually their owner’s biggest asset, and not strategizing how to leave the business can put them, their employees, and their families at risk. You should learn about and plan your possible exit transitions well ahead of time.
Integrate your long-term financial and personal goals into your exit plan. Preparation is needed to maximize your business’s value and to provide for a successful ownership transition. A good exit plan involves matching your goals and objectives with the best sale or transfer options and the exact method with which to achieve a successful transition. Your exit strategy needs to address your specific situation and your goals.
Putting an exit plan into place well ahead of your actual exit will help you to smoothly handle many vital matters. It will help you to maximize the value of your business and determine the required growth to meet your financial goals. It can protect your personal and business assets that increase as your business grows. It will prepare you to groom others to lead. Ascertain the options that are most likely to meet your goals and to respond to unexpected offers appropriately. Know the right timing for implementing the exit strategy. It will help you to minimize taxes. It will allow you to meet your goals. Finally, and very importantly, it will be of great comfort.
Preparing a good exit plan will get you ready for both your planned exit and an unexpected one. Work with your business advisors to help with the plan. Seek guidance from Shoffner & Associates, counselors to small business.
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Freya Allen Shoffner, Esquire
Counselors to Small Business and Families.
Give us a call at (617) 369-0111 or email email@example.com