Creating Successful Transitions
How often do you exit a business? Most owners only exit a business once in their life. It’s a new experience with a series of decisions that can alter the outcome.
BIK & Co Helps:
- Lay Out the Plan to Begin the Process
- Decide an Exit Date
- Acquire Independent, Objective Professionals to Help
- Maximize the Sale Value
- Plan the Post-Sale Tax Impact
What is Your Best Strategy?
To close the business, merge it or sell it to an external buyer, family member, employee or existing co-owner or partner? Let us help you assess your options.
Time is a Valuable Tool in Exit Planning
In general, the shorter the planning timeframe is, the less profitable the sale may become. Time enables you to refine financial statements to look as favorable as possible; ensures key-men and non-competes are in place; allows owners to remove themselves as much as possible from the hands on parts of the operations, and provides time to let a tax strategy unfold, especially if gifting is involved.
How to Begin the Process…
- Establish a Timeline; this could be 6 months or 15 years
- Take Steps to Enhance Value; make the business physically and financially attractive to buyers
- Separate Yourself from the Business; the business is now an asset for sale
- Depersonalize Decisions; remove the emotional connection
- Create a Tax Plan; retirement strategy, estate needs, trusts, life insurance, health care, more…
- Prepare for Post-Exit; establish an investment strategy for the proceeds