Most business owners are so focused on short-term issues that they forget to make decisions and plans for how they will exit their business. But every business owner needs a business exit strategy.
Many assume that the decision to exit the business is voluntary. Most often, however, an owner is forced to leave the business because of incapacity or death. It is not enough to build your business and create value. You must have an exit strategy to get that value out of the business to benefit your retirement or your family when and how you want.
IF YOU ARE LIKE MOST BUSINESS OWNERS:
- Your wealth is tied up in your business.
- Your income is also dependent upon your business.
- The business is dependent upon you for its continued success.
If this sounds familiar, there are strategies available that you can use to help you transfer and protect your business wealth. This type of planning, also commonly referred to as “business succession planning”
No matter what particular exit strategy you chose, the best exit strategy is one that is planned and the sooner an exit strategy is chosen, the better. An exit strategy can take years to execute successfully.
The Poulos Law firm can help you get started on your exit plan with strategies including buy-sell agreements, preparation and documentation for selling the business, key employee incentive agreements, and drafting your estate planning documents such as wills and trusts.