Regardless of the industry, number of employees, annual revenue, or the product or service you offer, if you own a business you have three things in common with every other business owner: You don’t want to pay more taxes than you absolutely must. At some point, you WILL exit your business. When you exit your …
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Many business owners feel shaken by the impact of the pandemic on the business climate and may be questioning whether their vision of the future is still possible. One of the best antidotes to uncertainty is having a solid plan! It’s never the wrong time to start exit planning, and the more lead time you …
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The Exit Planning Peer Advisory Board (PAB) provides a safe place for business owners to discuss their challenges and offer support and insights to their fellow members. A look back at the last few meetings reveals another layer of the group’s value. The events of this year have put businesses and their leaders to the …
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“Expect the best. Prepare for the worst. Capitalize on what comes.” – Zig Ziglar At our July Peer Advisory Board (PAB) meeting on Exit Planning, the discussion was around what business looks like as we re-emerge and get back to business in this phase of the COVID-19 pandemic. We focused on addressing what responsibilities business …
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The sudden and unexpected economic impact of issues surrounding COVID-19 likely has business owners who were considering selling and exiting their business reconsidering their strategy. The influence of these external factors may not be something you’d factored in or for which you have a contingency plan. So now, when it is clear what elements may …
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With stock fluctuations, speculation and unknowns swirling around the coronavirus situation, business owners are focused first on ways to continue doing business. But especially for those who are planning to exit their businesses in the next few years, there is concern about maintaining the value of their business. First, some general advice…. Don’t panic – …
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Every business owner needs an exit plan in place many years before his or her intended exit date. Once your exit strategy and plan have been developed, an essential next step in the process is assembling a team of preferred advisors. Your exit planning expert will likely be at the hub of that team, interfacing …
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A buy-sell agreement, also referred to as a buyout agreement or business continuity agreement, is a contract that provides for the sale of an owner’s share of a business should certain events occur. When you start a business with one or more partners, your intention is to be in it for the long haul. If …
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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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