Exit Planning for Business Owners
The day you start or acquire a business is the beginning of your exit from that business. Whether you retire, die or become disabled, you will exit your business at some point. The only questions you can address are “when” and “how.” Exit Planning is the process to address these questions. Our Exit Planning Attorneys will help you plan for the single most critically important financial event of your lifetime – the transition out of your business.
The end result of the Exit Planning process will enable you to answer "yes" to the following seven questions:
Like Business Succession Planning, you have an Exit Plan today. Do you know what yours is? It is contained in your Will, any Trusts you may have, your Shareholders’ or Operating Agreement, your retirement plan and how you own your assets. Many people discover they have different and conflicting Exit Plans based on different documents they have signed and how they own their assets.
At its core, “Exit Planning” involves the following planning areas:
What does it take to create an Exit Plan?
Setting objectives is the most critical part of this process. You can't know you're on the right track if you don't know where you are going. You must also realize that the different people necessary to make your Exit Plan possible have different objectives that your Plan must consider. The goal is to create an Exit Plan that every necessary person agrees to support and implement.
Exit Planning is not a one-time process. Your Plan is a living document that must be continually measured and adjusted as your circumstances and objectives change.
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