SO WHAT CHOICES DO I HAVE IN EXITING MY BUSINESS?
For most businesses there are several choices to exit or transition out of your business. These strategies include:
- Selling the business to a third party.
- Selling the business to a partner, the management team, or the employees.
- Re-engineering the business so that the management team runs the business and the owner stays on only in a limited fashion.
- Recapitalizing the business by bringing in outside investors in order to take some cash out of the business, but continuing to run the business.
- Liquidating the business assets.
- Closing down the business
SO HOW CAN I CREATE AN EXIT STRATEGY THAT WILL ALLOW ME TO EXIT MY BUSINESS WHEN AND HOW I WANT TO AND GENERATE WHAT I NEED TO SUPPORT MY RETIREMENT?
The first step in creating an exit strategy is to commit to develop a good exit strategy document or plan. Having documented your exit strategy is to create a comprehensive exit strategy plan that outline the tasks that will need to be completed in order to accomplish the objectives that you have identified in your exit strategy.
We strongly urge business owners to create and work with a team of exit planning advisors, who can answer issues raised while considering their exit strategy. We also suggest that for most business owners implementing an exit strategy, they consider hiring an architect/advisor who will help them construct and manage the implementation of their exit strategy plan.