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What will happen to your business when you retire? |
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Excerpts from Marshall Loeb’s article on Market Watch.
According to John Brown, founder and president of Enterprise Institute, small business owners must plan their exit strategy 5-7 years earlier than the time they plan to retire.
According to Brown, small business owners must include the following five steps in their exit planning:
1. Determine your objectives: both in respect of timing as well as the amount of money you will require for financial security.
2. Designate a coordinator. You will need the services of a lawyer, a CPA and a financial advisor. One of them should be experienced in the planning process and act as a coordinator.
3. Have your business appraised by a professional.
4. Focus on improving cash flow, not gross revenue.
5. Put a management team in place. "This is critical. Third-party buyers will want someone to carry on the business. The management team should have a relationship with vendors, customers, etc."
None of these steps can be successfully implemented in a few days or months. “The more time you give yourself to implement a plan and figure out value, the better off you'll be.”
You can find the complete article at http://www.startupjournal.com.
Our services cover all the above steps. Our professionals have the expertise to meet your own personal needs, adhering to our high ethical standards and preserving confidentiality. We CAN help you.
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