IL Estate Planning Blog

Tuesday, January 31, 2012

Business Exit Strategies

According to John H. Brown, author of "The Completely Revised How To Run Your Business So You Can Leave It In Style":


Steps for choosing an exit strategy:

1) Start Early:  Business exits take time.  Sometimes buyout deals take months or years to orchestrate.  Brown suggests that owners think about their exits long before they are ready to make the move.

2) List Objectives:  Owners should prepare a list of their objectives including how much money they will need after leaving the business.

3) Time Frame: Owners should anticipate the timing of their departures.

4) Get Help:  There are professionals who specialize in business transitions.  Getting objective assistance with business valuation is extremely important.

5) Cash Flow:  Realistic projections of cash flow will determine if an "insider" purchase of stock is feasible.

6) Tax Analysis:  Owners need to know the tax consequences of their plans before committing to any strategy.

7) Mindset Changel: Understandably, a business owner who has worked hard to overcome hurdles and is finally in charge of a business may be reluctant to relinquish control and walk away.  It requires changing one's mind-set to work toward the next goal - exiting on one's own terms.

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