Building a successful business and minimizing risk may seem like opposite strategies, but typically, they go hand in hand. Once a business matures past the early, sometimes chaotic stages of development, business owners often turn toward actions that can protect them from the unexpected. Common examples of risk mitigation include purchasing life insurance on owners’Read more about Reducing Risk Can Build Value[…]

One of the most important goals of Exit Planning is to position business owners for post-exit financial security. To do that, business owners and their advisors must have several pieces of information: how much the business is currently worth, how much money the owner will need to live the post-exit lifestyle they choose, and whichRead more about What Business Owners Assume About Financial Planning Hurts Them[…]

As a business owner, you likely have plenty on your plate. You have a business to run, perhaps a family to care for, and many other responsibilities that require your time. So, why should you consider pursuing exit planning? Can it help address issues relevant to you without eating into what little time you have?Read more about What Exit Planning Can Do for You[…]

Many business owners take pride in the businesses they’ve built. Some of those owners are so proud and dedicated to their businesses that they’d be happy dying at their desks, doing what they love. They believe that they can wait until they’re ready to begin thinking about what happens when they exit the business, eitherRead more about Even If You Never Plan to Exit Your Business, Exit Planning Can Still Help[…]

Exit Planning can be complex. Between setting your exit goals and transferring your business, you’ll attempt to build business value, find an appropriate successor or buyer, navigate perplexing tax implications, and keep your key employees onboard. And that’s just a few of the things you’ll do! With so many considerations surrounding your business exit, youRead more about Why You’ll Need an Advisor Team[…]

As you consider your business exit, you may find that approaching it alone is prohibitively challenging. You may also find that some of the advisors with whom you’ve worked don’t have all of the skills, tools, and strategies necessary to help you exit on your terms. While planning for your future is the key, youRead more about Getting the Results You Want[…]

Planning a business exit can seem like a lot of work at first. From building business value to developing capable successors to figuring out exactly what you want to do with your life after you leave, Exit Planning might look like too much work for one person to do. Where can you start? Consider writingRead more about Three Benefits of Written Exit Plans[…]

When business owners start their businesses, they often create a written business plan to guide them toward success. However, many successful owners don’t mimic that process when they begin to approach the end of their business ownership. There are three areas in which forgoing planning for the future can create unintended consequences for business owners:Read more about What’s So Important About Planning?[…]

If you’re considering transferring your business ownership to family, you might be tempted to put your family’s wants over your own goals. While this altruism may be admirable, it can also cause more problems than it solves. Consider the case of Darnell Orie. Darnell Orie was unsure how to approach his business exit. His son,Read more about Balancing Your Goals With Your Family’s Goals in Family Transfers[…]

For many business owners, a sale to a third party is their assumed Exit Path. Some business owners even start their businesses with the goal of finding a larger, more deeply pocketed buyer; selling the business; and retiring early. The potential to sell the business for cash draws business owners to third-party sales. If youRead more about Unforeseen Challenges to Third-Party Sales[…]

Generally, business owners feel comfortable being owners. They enjoy what they do, but rationally, they know they need to change their roles in their businesses eventually. But most owners don’t resist planning their exits on a rational basis. Instead, they resist Exit Planning at an emotional level. Consider Clancy, a 50-year-old business owner. He lovesRead more about How Emotion Affects Your Business Exit[…]

According to surveys, up to 79% of business owners plan to exit their businesses within the next 10 years, with more than half saying they want to exit within the next five years. However, many business owners fall into the trap of the “rolling five-year Exit Plan,” in which owners constantly reset their exit datesRead more about The Importance of Setting an Exit Date[…]

For business owners, the idea of exiting their businesses, which for many owners define their professional lives, can seem like a gigantic undertaking. They ask themselves, “How can I possibly do all of this? Where can I go for help, and what do I need to know?” These questions are perfectly normal to ask asRead more about Handling the Early Stages of Exit Planning[…]

When you set about starting your business, you likely had big goals and expansive dreams about its success. Whether success meant having an impact on your community, making as much money as possible, or something else, you probably wanted your business to become the ideal firm in your market. As you build your business towardRead more about How Does Exit Planning Protect Business Value?[…]

An important part of a successful ownership transfer, regardless of Exit Path, is the presence of key employees. Key employees are those who have a direct and significant impact on business value, meaningfully participate in the business’ strategic future, and whose combination of skills and experience would be exceedingly difficult to replace. Because of theirRead more about When Key Employees Stall Your Exit[…]