As many business owners continue to make the shift towards retirement, this may create a competitive buyer’s market as they consider exiting and selling their businesses.
Maximizing the value of your business in a competitive marketplace requires proper planning.
In this guide, we’ll help you understand the many steps and things to consider when considering an exit or sale of your business.
What is transition planning?
Understanding who needs this kind of planning, what are the benefits of a good plan and how it relates to estate planning.
Understand the primary steps to transition planning including:
- Setting and managing transition objectives, including why you want to sell, are you ready to sell and what will you do next?
- Your preferred exiting strategy, keeping it in the family, selling your business to management and employees or selling to an outside interest
- How to value your business
- Steps to enhance your business value, including preparation, managing debt, solidifying your management team, strengthening financial controls and more
- Minimizing tax implications, how to structure the sale and plan for capital gains
- Your plan to accomplish personal financial goals
- How to build a team of trusted advisors