Do you want to PASS a business to a family member, SELL a business to a 3rd party, GIVE it to an employee, or extract value?
You must have an intentionality about what you want to do with your business, whether selling the business, closing the business down, giving the business away–and retiring. Maybe you foresee some family business succession problems. What’s the plan?
It’s tragic how the most savvy businesspeople—whether professionals or entrepreneurs—often fail to create a viable succession plan. You really need to plan over a five-year horizon to ensure that you derive maximum value during your retirement—and ensure your business continues to thrive. Lonnie Martin, chair of Vistage International, joins Jim Cunningham to discuss tax planning, estate planning, liability issues, and more. How do inside sales, outside sales, and “squeezers” play out? When is it best to simply close the doors? We’ll also discuss what Business Succession Planning is and how it helps your business prepare for all contingencies.
Remember, planning for an eventual exit is a process and you need to follow some “best practices” in order to maximize your business’s value. We’ll talk about the 5 Keys to Maximize Value like:
- Consider joining a peer group
- Pay attention to Macroeconomics
- Pay attention to “Key Inputs”
- Business Hygiene
- How to know the difference between a good and bad deal
If you’re considering selling or transferring your business over the next five to ten years, you must speak with an expert about the best way to do this!