Selling your business when it’s time for your ‘great escape’
It may be a high priority for the near future or something to mull over the longer term, but the need or desire to sell their company for most business owners over the age of 50 will eventually become reality and, with the proper measures and advisers in place, this critical transaction can be conducted with minimal stress.
Selling or transferring a company is a process that, to be successful, requires a written plan. This plan should set your exit objectives—financial and otherwise—and document how you will achieve those goals.
A checklist assigning responsibility for all tasks that must be completed throughout the exit planning process is vital. This roster should also set task completion dates and designate parties responsible for completing each task.
Executing an exit plan should not be a solo endeavor. If you go it alone, you will likely leave a lot on the table—in terms of money, time and perhaps even your emotional well-being. It may be in your best interest to hire an experienced team of professionals, including a trained exit planner, an attorney, CPA and financial advisor.
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