Exit Strategies
Everyone at some point contemplates if and when to change profession, take a more manageable approach to one’s personal life, or just simply when to retire. These are hard questions that may be difficult for anyone but yourself to answer. “George Foreman once said, “The question is not at what age I want to retire, it’s at what income.” As difficult as it may seem, there comes a time when you must realistically look at all aspects of a business exit strategy by seeking the advice of an expert who is not emotionally attached to your business but cares enough to make sure you are at the right place and time in your personal or business life.
We will create a plan for you to know:
When is the time to pull the plug and act?
This is the most emotional question a business owner must answer. How many times have you realistically asked yourself this question without having it deferred to the next day, month, or year to answer? By having all the proper elements in place in both your business and personal life while looking at your ultimate goal, the answer can come very quickly.
How do I plan the next three to five years to get the optimum return on the sale of my business?
Planning, planning, and YES, more planning to create a solid Financial Goal for your business through an increase in Income, Cash Flow, and managing Operating Expenses are just three of several factors that will need to be implemented to receive the optimum return of the sale of your business.
Do I have enough retirements funds?
On average, we tend to live longer now and are much more active than our parents in retirement age. So how much is enough for us to live comfortably, travel, and not have to become a greeter at our local department store to supplement our retirement income? As healthcare costs are soaring, the government must deal with the budget deficits in the foreseeable future and possible Social Security Benefits and Medicare cutbacks; your personal retirement funds become even more critical of an issue to live a comfortable life without any worries.
Are my Financial Statements and Tax Compliance up-to-date?
No matter how successful your business is or how long you have been doing your business, a potential buyer will require solid Financial Statements and Tax Compliance. No buyer will blindly offer the optimum price for a business without solid proof of its’ profitability, nor does the buyer want to deal with the issues of dealing with the taxing authorities for missed tax filings or non-compliance.
How do I structure the sale for optimum Tax Savings?
The U.S. Tax codes provide several options to a business owner when he or she decides to sell the business. By analyzing each individual’s personal tax situation, in addition to financial goals, we can provide an option that would suit each individual’s unique financial situation while taking into account the ultimate tax savings that the law allows.
Do I need a team of accountants, lawyers or brokers to the sell my business?
YES, and YES. You are good at what you do in your business, and these professionals are good at what they do. So, seek their advice to ensure you are legally and financially protected.