The sooner you start thinking about your exit and begin to have meaningful conversations, the higher the likelihood you’ll be able to meet your goals. A thorough exit plan is a fairly complex document. However, at a minimum, it should address these key areas:
Tax – Ensure tax mitigation strategies are in place to be as tax efficient as possible in converting your business ownership into personal wealth.
Legal – Use sound legal tactics and instruments to protect you and your business.
Financial – You should have an accurate model of how you will achieve your post-exit financial goals.
Operational – A detailed plan to support the business’s current and future operational needs in areas such as management, financial stability, and reinvestment.
Familial- Clear plan to help to maintain family harmony and achieve family goals.
Emotional- Readjust your purpose and address whatever else may be important to your peace of mind in post-exit life.
Remember how much effort and time it took to create your business plan, put it into effect, and get your company off the ground? Your exit deserves, and requires, the same kind of consideration, effort, and planning.
If you’d like to learn more about implementing an exit strategy for your company or simply want to talk about your options, contact us today!