There is a large group of baby boomer business owners that are reaching retirement and yet 78% of them have no formal transition team, 83% have no written transition plan and 49% have done no planning at all. Succession and exit plans ask and answer all the business, personal financial, legal and tax questions involved in transitioning a privately-owned business.
Succession and exit plans aren’t a single event – they are a process of maximizing the value of the business while the owner is still at the helm. Such plans are a way to exercise control over the future of the business and achieve financial freedom in the process. Create a business strategy with the end in mind. Step back and focus on what’s important and consider the following in accelerating the value of your business:
- Integrate best-in-class practices into daily operations;
- Obtain a current, accurate business valuation;
- Identify company values;
- Determine what investments are necessary for business improvements;
- Assess business risks.
It is difficult for most business owners to independently create and execute a transition strategy. Trained advisors bridge the gap for the owner, helping them create a master plan to accelerate the value of their business.
Need help in developing an exit strategy? SST has a team of advisors that can help you achieve you goals while maximizing your current and future wealth. Contact Ron Salmon (firstname.lastname@example.org) or Rachel Alexander (email@example.com) for more information.