As a society that thrives on constant labor, we give very little thought to what happens when we are ready to end our work. We spend a vast majority of our time working that we rarely focus on creating a strategy to dissolve our businesses successfully. With the professionals at Janicek Valuation & Forensic Services, you can wisely plan when and how you will transfer ownership of your business.
At Janicek Valuation & Forensic Services in Hendersonville, TN, our certified experts help you plan a successful transition when selling your business. We have teamed with the Hendersonville Chamber of Commerce to host a seminar on the transference of business ownership. This seminar will be held on September 24, from 12:00 to 1:00 PM, and is open to the public.
It is estimated that 4-7 million small business owners in the United States are a part of the Baby Boomers generation, a segment of the population that is rapidly approaching retirement age. While so many of these people have worked tirelessly to enjoy these golden years ahead, many are at a loss as to how they can navigate the business exiting process. With 75-90% of a small business owner’s personal wealth tied up in their business, it becomes difficult to plan a systematic and strategically beneficial transfer of their ownership.
There are several reasons why people fail to adequately plan their business exit. First, many feel they are too busy to focus on it. Fears that no one else will be able to properly take over, that key employees will leave, navigating the successful transition of ownership to another family member, and the belief that health and competence will continue indefinitely are all factors that impede successful planning of business exiting. For all these reasons and more, it is essential to have well-trained and experienced experts giving help and advice along the way.
But what happens when you are forced to enact an instant exit plan? The Four D’s—Divorce, Disability, Death, and Departure—can require a business owner to dissolve or transfer ownership in a moment’s notice. And without a comprehensive strategy put into place, people fall victim to a slew of mistakes that would be otherwise avoidable.
Acting under the pretenses of haste and urgency, many will sell to the first competitor who approaches them, without taking stock of its economic benefits. The sale price often becomes the primary focus, and business owners ignore the terms and structure of the transaction. Failure to sufficiently prepare business financial audits, use of inexperienced advisors, and a lack of understanding toward the key business drivers and market forces can lead to a haphazard transference of ownership.
When selling your business in Middle Tennessee, it is important to address several different questions: What is the worth of my business? How much do I need to comfortably retire? How much will I net after taxes? What can I do to increase the value of my business? And when should I plan to sell it?
With a quality exit planning team, you can reap the benefits of transferring your business ownership in an efficient and successful manner. You will be given more control of how and when you exit the business and of your imminent financial success from its sale, and you will be in a better position to maintain the integrity and success of your company.
Give us a call today to find out more about business exit planning at 615-822-8342. For more details on the upcoming seminar at the Chamber of Commerce in Hendersonville, TN, visit: http://tinyurl.com/jvfs-free-seminar