Most business owners count on the proceeds from the sale of their business to maintain the security of their lifestyle following their exit. Yet a study by business transition specialists, ROCG, revealed that no more than 33% of businesses actually complete the sales process and that only 42% of study participants had formal exit plans …
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Every business owner will eventually leave their company whether by selling the business, or retiring and handing over the reins to a family member or trusted employee. While you might know that day is coming, you’re likely entrenched in running and growing your business today, and not giving your eventual exit much thought. Maybe that …
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As a business owner you know that, eventually, the day will come when you decide it’s time to leave your company – a transition that will likely involve the single largest financial transaction of your life. Extensive planning, which will affect how you do business today, is critical to a successful exit. And, of course, …
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I’ve worked with closely-held business owners for decades – as a CPA, tax consultant, and exit strategist. If there is one common denominator that holds true for each discipline, it is how crucial planning is in order to maximize one’s success. To ensure that the single largest financial transaction of your life – the eventual …
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There are many reasons to have a business valuation performed, including providing data necessary for buy-sell agreements, purchase and sale of a business, litigation support, insurance, estate planning and gifting, divorce, SBA loans, business planning, and gap analysis. And, of course, it’s a critical step in exit planning. But how long is a business valuation …
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A client recently shared with me the story of his business, before and after hiring a controller. Like many small to medium-size businesses, he was relying on an existing staff member – his office manager – to handle bookkeeping, invoicing, and other financial responsibilities. But when she suddenly resigned, the company was in turmoil and …
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Business owners leave their companies under many different circumstances and each owner’s vision of the next chapter of their life is unique. But all have some common objectives when eventually exiting their business: To leave their business in the hands of successors you choose To leave on a date you pick To leave with the …
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As a successful business owner, you’ve likely considered the day you’ll exit your company and what the next chapter of your life will look like. Although many business owners consider it, far too few start planning with enough lead time to exit on their terms. Exit planning is a complex process that truly can never …
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#3 in a Series of Three Articles on Key Employees Having the right people in the right positions is the foundation for a cohesive culture, seamless operations and greater success. It’s especially true for those who are considered “key” employees, who are also critical to a successful exit strategy. My most recent blogs focused on …
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#2 in a series of three articles on Key Employees Having the right people in the right positions is critical to the success of a business. This is especially true for those who are considered “key” employees, and key employees are critical to a successful exit strategy. My last blog, Finding and Hiring Key Employees, …
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