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 is not planning for an exit strategy early enough to increase the value of the asset. Business owners rarely think about their business as a salable asset until something happens like a health event or burnout. A reactionary plan is not as beneficial than planning early to ensure you have everything in order to increase the value of your business at the time of the exit. Secondarily, by not planning a viable small business exit strategy, it puts the business owner at a disadvantage as it relates to your personal financial future. The outright sale of the business can be […]
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
If you own your own company, when should you get the company ready for sale?