Whose Future — Besides Your Own — Is Riding on Your Exit Plan?

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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How Today’s Exit Plan Creates Tomorrow’s Lifestyle

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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When Should I Hire a Controller?

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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Goal Setting – You Can’t Exit Without It!

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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The Most Efficient Way to Plan Your Exit – and Reap Benefits Today

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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Developing and Retaining Key Employees

#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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Finding and Hiring Key Employees

#1 in a Series of Three Articles on Key Employees Every business owner knows the importance of having the right people in the right positions. When that’s the case, your company has a cohesive culture, continuity of vision, seamless operations, and forward motion. Obstacles and struggles are few. Having the right people is especially critical …

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How the Tax Cuts and Jobs Act Affects Small Business Owners

The Tax Cut and Jobs Act was President Trump’s first attempt at tax reform and makes major changes to both individual and business income taxation. Initially touted as simplifying tax code, it actually added more than 500 pages. Generally affecting tax years beginning after December 31, 2017, some provisions are intended to be permanent and …

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Resolve to Make 2019 the Year You Start Your Exit Plan

Most business owners are counting on the proceeds from the sale of their business, upon their exit, to maintain the security of their lifestyle. 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 …

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5 Steps Toward Building Business Value

Planning for the eventual exit from your business and the transfer of its ownership involves creating objectives about what you want to do personally – whether pursuing another business endeavor or retiring – and whether you’ll be financially prepared to exit on your terms and provide your family with the lifestyle you want for them. …

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