Once you recognize that transitioning out of your business is on the horizon, a world of opportunities opens up as you begin to plan for what comes next. With proper planning, you will maximize the chance for a satisfying post-sale life.
During this initial step, you and your exit planning advisor will outline the core objectives of what you wish to accomplish, and within what timeframe. This may mean selling the business, transferring ownership to a family member or merging with a competitor.
You and your advisor will generate an accurate accounting of all that you have – your business and personal assets – along with financial statements to allow an accurate valuation and cash flow projections to verify against your goals.
With the baseline information gathered, you will work with a team of advisors to help you mastermind an implementable exit plan strategy, one that is realistic and meets your goals.
The value of your business today may not be its maximum potential value in a year or more. You will be presented with an in-depth business analysis and recommendations of dozens of ways to preserve, protect and maximize the value of your business before the eventual sale or transition.
The time has finally arrived for selling your business or transferring ownership to a key party or group. This is where all the planning pays off and details are managed with the help of key, trusted advisors.
You will continue to work with your advisors to round out the details of tax matters and any pending transaction minutia. In addition, any remaining financial, legacy and estate planning matters should be completed now, with appropriate periodic review after that.
As a business owner, you have worked long and hard to build your company and sustain your livelihood. As an owner begins to think about the future, a new world is opened up. That new world can be exciting, challenging and/or scary…sometimes all at the same time. A well-planned exit strategy can mean the difference between a smooth, profitable transition versus one that ends with the closure of a business, or the sale of that business at a value that is much less than it could have been.
The CPAs and consultants at Stewart Archibald & Barney are extremely well versed in assisting clients to navigate through their options of getting the most out of a business so they may enjoy not only many years of retirement, but also enjoy the final years working in the business leading up to retirement.
Among the many considerations for any business owner:
Several of the CPAs at Stewart Archibald & Barney are Certified Exit Planning Advisors (CEPAs), meaning they have passed the stringent Exit Planning Institute’s (EPI) program for quality advisors. CEPAs and members of EPI grow, preserve and transition business wealth and help owners and their families navigate ownership transitions.
CoreValue® is one of the tools used by the CPAs and advisors at Stewart Archibald & Barney. CoreValue is a powerful computer modeling software program that performs a comprehensive business value assessment, a strengths and weaknesses profile, peer and industry comparison and many more data points to paint an accurate business position for the owner, all in time to make a series of recommended action steps to maximize the business sale or transition value at a future date. The program is incredibly robust, yet it creates life-changing results for business owners and their families. Call Stewart Archibald & Barney to schedule a complimentary presentation to learn more about this strategic, wealth-building tool.
More Benefits of Exit Planning for Business Owners
If you answered “no” to any of these, you would likely benefit from a comprehensive exit plan, and Stewart Archibald & Barney can help. Call one of our CPA advisors today at (702) 579-7000.