"I've Built My Business – Now What?"
After devoting many years of your life to building your business and investing in its success, you probably will reach a point when you are ready to move on. But how do you successfully navigate the process of leaving, and ensure you reap the rewards of all of your hard work? How do you maximize value, mitigate tax implications, find a successor, and keep clients and customers happy if and when you decide it's time to leave? These are but a few of the questions faced by successful entrepreneurs, whether they have built one company or three or four.
The key to a successful exit is planning well in advance for a sale, buyout and transition plan. And it's not just planning for the financial aspects of an exit; selling a business is emotional, and may involve other family members or multi-generational concerns. At Hood & Strong, we have a team of certified exit planning advisors who can help business owners manage and focus on this complex task.
Exit Planning: How Does it Work?
In essence, exit planning involves the sale of your business, taking yourself out of the day-to-day operations, and moving on to the next phase of your life. Exit planning is the creation and execution of a strategy that allows owners to leave their business, on their own terms and conditions. It is an established practice and process that creates a written road map and involves efforts of several professionals facilitated and led by a Hood & Strong exit planning advisor who manages the plan creation and ensures its timely execution.
What is involved in the exit planning process?