A large number of business owners in the Boomer generation (born 1946-1964) are planning to transition out of their business in the next 10 years (University of Connecticut and Price Waterhouse surveys). However, it is estimated that less than fifty percent of business owners have been proactive in planning for the orderly exit from their business.
A well designed and fully implemented business exit plan will enable business owners to :
- Control how and when they exit the business.
- Preserve business value in both good and bad economic times.
- Achieve business and personal financial Goals
- Facilitate owner retirement planning.
- Minimize federal and state taxes upon exit from the business.
- Maintain key employee loyalty and eliminate family member stress and uncertainty.
- Give the owner strategic options from which to choose for a successful business exit.
Past experience has shown that business owners who fail to plan for an orderly business exit generally sell the business for less money, lose control over the exit process, and do not achieve
their financial goals. This is not the legacy business owners want to leave employees and family.
Should you need business valuation assistance or have questions, please call one of our credentialed professionals at (615) 822-8342 or contact us via email.