Prepare To Exit

Exiting a business with financial success takes knowledge and planning.

Change is an inevitable aspect of every life cycle. With business, the final evolution can take a variety of forms. You may be ready to retire and pass the business on to a family member. Perhaps your goal is to sell to outside investors and use the proceeds as a retirement nest egg. Or the business may have declined so much that the best exit is a legal dissolution of your company. These tools and resources will help you manage the big decisions ahead for a successful transition.

Defining your goals and expectations for the exit plan

The starting point in developing an exit plan for your business is to define your long-term personal and professional goals. Of course, there are many competing interests to consider in the process. In addition to your personal goals, you need to include key employees, partners, and family members in your decision making. To maximize the effectiveness of the Exit Plan, all of these parties should have input into the development of the plan. Read More on Defining your goals and expectations for the exit plan
Goals and expectation of others in the exit plan

The details of your exit plan have an impact on many stakeholders. These interested parties include the business owner’s spouse, children, company employees, and possibly business partners. Each of these groups has specific needs and expectations to consider as you prepare your Exit Plan. Read More on Goals and expectation of others in the exit plan
How do you value your business?

If you have made the decision to sell your business, one of your biggest challenges will be to determine its value. Most entrepreneurs have worked hard for several years to build their business, and it is often the most valuable asset they own. Read More on How do you value your business?
How much do you need to retire?

For an exit plan to be successful, one of the first things you need to do is to complete an assessment of the owner’s financial needs in retirement. In preparing an exit strategy, the goal of this calculation is to determine the amount of money the owner will need to get from the business upon exit. Read More on How much do you need to retire?
How to Pass Your Family Business to the Next Generation

You have worked for many years building your business to what it is today. While you are very proud of what you have accomplished, it’s now time to begin the next chapter in your life. Read More on How to Pass Your Family Business to the Next Generation
How to retain key employees during the transition

Transition in ownership of a company creates a period of instability for its employees. While they may be happy for your ability to move on to the next chapter in your life, they do not know what the impact of this change will have on their life. Will the new owner keep all of the current employees? Will there be changes in pay and benefits? What will the changes in culture be? Read More on How to retain key employees during the transition
Managing family conflict

One of the biggest hurdles in developing a plan to successfully transfer a family business from one generation to the next is resolving family conflicts. If conflict does occur, you may not even proceed with the development of a succession or exit plan. Read More on Managing family conflict
Retirement planning calculator

Use this calculator to help create your retirement plan. View your retirement savings balance and withdrawals for each year until the end of your retirement. Social Security is calculated on a sliding scale based on your income. Including a non-working spouse in your plan increases your Social Security benefits up to, but not over, the maximum. Read More on Retirement planning calculator
Retirement planning calculator for two working spouses

Do you know what it takes to work towards a secure retirement? Use this calculator to help create a retirement plan if your household has two working spouses. It gives a great view of your retirement savings balance, along with your withdrawals for each year, until the end of your retirement. Read More on Retirement planning calculator for two working spouses
Selecting the right successor for your business

Many believe that management succession planning is only necessary if the business owner wants to ensure that his or her company continues after retirement. Obviously, management succession planning is important for those who want to pass the business on to their heirs, sell the business to a management group, or if the owner wants to reduce involvement in the day-to-day operations of the business while maintaining ownership. Read More on Selecting the right successor for your business