Do any of us really know when it’s “our time to go?”
Prince is just the latest example of an early, unplanned departure. Shocking, sad, unbelievable … these descriptive words don’t do the event justice. But when the tears dry a bit, what’s almost as sad is that he apparently left no will, no plan for next steps after his demise, no instructions for his family and those closest to him for what to do next, after he’s gone.
But you may say … “I have a will, an estate, a burial plot, even a Power of Attorney for my executor.
What if you’re a Business Owner? Who’s on your exit planning team? In addition to those important documents and statements of intent after death … what about your business exit? How have you planned to pass your business on? To a son or daughter or other family member? Are they trained and prepared to take it over? Will they have to incur debt to buy it?
Or will you sell it to your partner or members of your senior leadership team? And do they have the money to buy it from you? Maybe you’ll sell it to a third party (typically the most popular option). But which third party? Maybe evenclose your business in an orderly fashion?
So, which is the best path for you? And what’s your plan to achieve it?
And when do you plan to sell it or pass it on? How old will you be? Do you knowhow much you’ll need to live a fulfilled life after exiting/selling your business? What risks do you face prior to exit – lost key employees, problems with co-owners, health issues?
Importantly, what will you do in life after exit?
So, who is on your exit planning team? A sound business exit plan involves tax, legal, financial, family, business and personal issues. You’re best served when your tax, legal and exit advisors collaborate to devise and implement a sound plan. So, identify an experienced team, select a quarterback to drive the process and meet with your team as a group … and get started.
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