Exit Planning

As you may know, Exit Planning includes “financial readiness.” A well thought out plan addresses how much you will need in retirement. We just had our Freedom Point deeper dive webinar this week and we talked about how to calculate your Freedom Point.

If you own a business, there are many decisions to make on a day-to-day basis. But, when it comes to selling your business, transferring it to key employees or family members, or retiring, planning can often become more complex. It is essential for business owners to have an exit plan as they transition to the next phase of life.

Many owners of family businesses are so busy running their companies that they never get around to making formal arrangements to pass on the business to the next generation or to other partners.

By now, you may have seen the movie House of Gucci. Lady Gaga and Al Pacino star in the true depiction of the Gucci family. The Gucci brand started with two brothers who own the family business equally. Each brother had a son, and each son was to inherit the empire. One of the sons was a ne’er-do-well, who always attracted and found trouble.

1. All business owners will need to (one day) exit the business.

2. All business entities have some value (even if it is net assets) that can be sold or transferred to someone else.

What does your Retirement Plan Design look like?

Whether you’re planning to sell your company sometime soon or sometime in the future, NOW is the time to ensure that your business isn’t all about you. Here are two key factors that are linked to the probability of getting an offer for your business when it’s time to sell. 

So why can’t you just sell your business in a couple of months?

Much is made of analyzing the personality traits of successful entrepreneurs. 

Some appear outgoing. Others are introverts. Some lean right, others left. Some are flashy. Others are frugal with their finances.

Their diversity can lead one to the conclusion that there are no common personality traits among successful founders.