business sale and succession planning
Whether selling your business soon or over a longer horizon, preparing as if it is being sold in the near future is one of the best ways to ensure financial health.
WHAT IS AN exit strategy
An exit strategy is often thought of as the way to end a business — which it can be — but in best practice, it’s a plan that moves a business toward long-term goals and allows a smooth transition to a new phase, whether that involves reimagining the company’s direction or leadership, staying financially sustainable or pivoting for challenges.
A fully formed exit strategy takes all business stakeholders, finances and operations into account and details all actions necessary to sell or close. Exit strategies vary by business type and size, but strong plans recognize the true value of the business and provide a foundation for future goals and new direction.
The same actions that are important to successfully growing and maintaining your business, help you increase your business sale price. Specifically:
- Building a great team: Your people are your business.
- Investing in your business: Investing in new equipment, new technology, employee training and education, marketing and leadership.
- Understanding what makes your business unique: Do you have a niche and solid business processes?
- Being organized: Having a clear system for keeping projects on budget, maintaining margins and properly utilizing labor.
Engaging in these actions is an integral part of your exit strategy. An exit strategy is an important consideration for business owners, but it’s often overlooked until significant changes for your organization are already imminent. Without planning an exit strategy that informs business direction, entrepreneurs risk limiting their future options. To ensure the best for your business, plan your exit strategy before it’s time to leave.
At Beckley & Associates, we help our clients with all important aspects of their business sale, including:
Optimizing the Sale of Your Business
Equity Planning Post-Tax Net Worth
Preparing your business for sale?
What is the value of my business?
The importance of organizing your records.
Engaging your team in the sale.
Best practices for structuring your business sale.
Choosing the right advisors.
Growing your business for sale.
What options do I have to reduce taxes on the sale of my business?Retirement and estate planning.