Business Succession: Act Now For A Smooth Exit Business Succession: Act Now For A Smooth Exit October 8 Cheap Malik Monk Jersey , 2013 | Author: Rich Regalas | Posted in Business
Many entrepreneurs are either overwhelmed with the thought of exiting, or are so busy fighting daily business issues that they think they cannot plan their exits. “I haven’t decided what I actually want to do with my business, or how much money I’ll need, or when I want to leave, so how can I plan my exit? Besides, I don’t want to exit right now.” If you’ve thought this, or said this Cheap Glen Rice Jersey , you are not alone.


As Winston Churchill observed, “I never worry about action, but only about inaction.” Know that in your indecision, you are making a decision. You may be deciding to settle for a least profitable exit for yourself and for your family, if you take a passive attitude toward the indisputable fact that you will-one way or another-leave your family business.


Why should you act now? Why is it so important to act now? As an entrepreneur who isn’t sure about what you want, or when you want to leave, why not just wait?


Basically Cheap Alonzo Mourning Jersey , planning and selling a company for top dollar takes time-sometimes as long as 5 years. Preparing the business for the transfer will take most of those years. If you decide to sell to workers or family, they’ll need that time to make the money to pay you for your interest. Reason being, these are two groups who seldom have any assets.


Allowing more time can let you design and execute income tax-saving strategies, build value, strengthen your management team, and start a gradual transfer of ownership (not control) to family, or to key employees.


More time often equals less risk. If you don’t start early Cheap Dell Curry Jersey , you likely won’t have time to implement the right strategies, and you’ll probably end up transferring your business on less-than-optimal terms if you wait too long.


The market may not be paying peak prices when you are ready to sell to an outside party, and may not operate on your schedule. Activity could be non-existent in many business areas. Look at the state of the Mergers and Acquisitions market in 2008 and 2009.


For these reasons you should start developing a practical exit strategy and plan ASAP. If leaving a business you’ve worked so diligently to build, and having little or nothing to show for it is unacceptable to you, then begin now by taking the following steps:


1. Develop an exit planning team to establish a plan with accountability for decisions and deadlines.


2. Work with a financial advisor to decide your financial needs.


3. Fix a departure date.


4. Decide whom you want to succeed the business.


5. Have your company valued to see if: a) you should selltransition today; andor b) it has the value needed to meet your financial and other exit objectives.


It is not difficult to decide to do something soon to develop the most suitable exit path. The success of your business exit is simply too important to you, your family and your workers to leave to chance. Why wait? The failure to act can potentially be fatal to a lucrative exit.


For more tips, see more articles on family businesses.


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