Most small business owners fail to seriously plan a viable business succession strategy. Even if you have no plans to retire, succession planning is needed in the event something happens to you – death, serious illness or disability.
What mistakes to business owners make when considering an exit strategy for their business? The biggest mistake business owners make when considering an exit strategy for their business is not planning it early enough. Many business owners rarely think about their business as a salable asset until something happens, like a health concern or a burnout. A reactionary plan is not as beneficial as planning early, and therefore it is crucial to get everything in order long before that day comes. Being prepared can significantly increase the value of your business at the time of exit. Not planning a viable exit strategy puts the business owner, and their personal financial future, at a true disadvantage. https://tritonfinancialgroup.com/audio/small-business-exit-strategy.mp3 The outright sale of […]
Succession planning for your business should not be an after thought. If you view your business as an asset from the start, you will set up and structure the business to get the maximum amount for it. You should at least start planning 10 years before you think you want to sell the business. Don’t wait for a health scare to begin the planning. Listen to the discussion https://tritonfinancialgroup.com/audio/small-business-succession-planning.mp3
If you own your own company, when should you get the company ready for sale?