Privately Held Business Owners,
Too many times I work with owners of privately held businesses where they have not even started an Exit Strategy or completed any Succession Planning. Whether you are planning on selling in 1 year or 10 years you need to preplan for you, your family and your business. Even if you feel the business will be taken over by family member or a long term employee(s) there needs to be a written plan in place that addresses all legal and financial issues.
The first step is getting your Exit Strategy team in place. These are professionals outside of your company that will enable you to maximize your financial benefits at closing. Your team might consist of your Accountant, Banker, Business Broker, Estate Planning Attorney, Certified Financial Planner and Insurance Agent. With your Exit Strategy team you have a group of trusted professionals with differing expertise all working wth your ‘after-sale’ life as a common goal. That is when you can feel confident you have your financial future under control.
The key is to start now and don’t procrastinate. Without a detailed Exit Strategy plan in place you, your family and business financial futures are not controlled by you.
Steve Boylan is President of BEACON Business Group, Inc. with offices in Mequon and Madison, Wisconsin. BEACON Business Group is a Business Brokerage specializing in small to medium sized privately held business transactions in Wisconsin.
