Why exit planning?
At some point, you are going to leave your business.
The question is WHEN? And on WHAT TERMS?
An exit plan is written for the succession or transfer of a business’ ownership and control. This plan is derived from the owner’s goals, an analysis of the available options and a thorough review of the financial consequences.
The Six (6) Step Exit Planning Process
Establish exit goals
Analyze financial and mental readiness
Discover the type of owner you are
Learn your exit options
Know the value of your exit
Execute plan – protect your wealth
Exit planning is a process, not an event. A holistic review of your wealth and goals is the first step.
“Begin with the end in mind.” — Stephen Covey, The Seven Habits of Successful Living