Succession & Exit Planning
As a business owner, the earlier you start planning to exit your business, the more options you have.
Begin with the end in mind. Know what you need and what you have.
Your personal written financial plan will tell you what you need to net from the sale of your business to provide for a comfortable retirement. If there is a gap between the valuation of the business and what you need to net from the sale of your business, it’s time to go to work strategically.
Determine your best options for exiting your business.
Is it a sale to key employees or family members, an open market sale, or an employee stock option plan (ESOP), etc.
As Certified Financial Planners™, we assist you in building your exit planning team starting with a well-qualified CPA and corporate attorney.
Taxes
Strategies to help you keep as much of your hard-earned money as possible:
- Determine if your company is in the best entity structure (LLC, S-Corp, C-Corp, etc.).
- Identify the best tax reduction strategies along with proper implementation.
- Figure out how to transfer wealth from the business to you, the owner(s), tax efficiently.
Risk Management & Business Continuity Planning
- Protect what you have worked so hard to build.
- Assess key risks to the business and coordinate protection against possible liabilities and perils.
- Protect your human capital with employment contracts, key person insurance, etc.
- Properly fund a well-written buy-sell agreement to protect all of the owners from death, disability, divorce, and divestiture.
- Develop an intellectual property protection strategy with an IP attorney.
- Contingency planning for possible events that may derail your business plan.
Employee Benefits
- Recruit and retain employees by providing the most cost-effective qualified retirement plans and insurance benefits.
- Maximize retirement savings through non-qualified retirement plans for highly compensated key employees.
- Provide financial education & retirement planning guidance to employees.
Incorporating Your Business into Your Personal Financial Plan
- Include the business into your estate and asset protection plan while accounting for equalization for heirs if one takes over the business.
- Coordinate investments for appropriate diversification with business and real estate holdings
- Understand your real estate holdings and how to maximize the income.
The earlier you start planning to exit your business,
the more options you have.
Begin with the end in mind.
Know what you need and what you have. Your personal written financial will tell you what you need to net from the sale of your business. If there is a gap between what the business is valued and what you need to net from the sale of your business, it’s time to go to work strategically.
Determine your best options for exiting your business.
Sale to key employees, open market sale, employee stock option plan, etc.
Build your exit planning team starting with a well-qualified CPA, CFP, and corporate attorney.