Planning Your Exit Strategy

Many clients own profitable and growing businesses that provide them with income, wealth, challenge, satisfaction and pride. However, at some point the business owner will want to leave his or her business. The key to successful exit planning is in addressing, realistically and directly, some rather basic questions:

What are your primary planning objectives in leaving the business, such as departure date and income needed to achieve financial security?

Do you know how much your business is worth? What is a reasonable price and terms?

Who is ready, willing and able to manage your business when you are gone?

Do you already have someone that can buy and successfully manage the business? Or, do you need to make efforts to find such a buyer?

Have you provided for your family's security and continuity if you die or become incapacitated?

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This article originally appeared in The Business Owner Journal, the periodical of choice for owners of small and midsize private businesses. All rights reserved, D.L. Perkins LLC. © 2010.

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