By Scott Everly
It has taken years to get your business where it is today. Although it may seem premature to discuss an exit strategy, it is an equally important element of your business plan. The business owner’s exit plan can affect many decisions related to the business, since the exit plan could be one of many options, including initial public offerings (IPO), strategic acquisitions, or management buyouts (MBO). (1)
All business owners must one day transition the business, which means advanced planning is critical to achieving their goals—both for their business and family. Nearly 48% of business owners who want to sell their business someday have no formal exit plan. (2) What is the advantage of creating an exit strategy? For many business owners, it could put them in a tax-favored position once they are ready to make a move.
Let’s take a look at what Wealth Management Resources covers in our strategic exit-planning process.Read more