Exit Planning

Exit planning is a process that will result in successfully transitioning out of the business.  You need to:  set priorities, determine the value, sale to an insider or outsider and this should incorporate into your estate/wealth transfer planning.  How much longer do you want to work in the business?  What annual income do you require?  Who do you want to transfer the business to; family, co-owner, key executives or and outside party?  Sometimes there is a conflict of values between family and business.  Loyalty & stability can conflict with goals & competency.  Common techniques include;  buy sell agreements, capital transfers and gifts.  The use of insurance fits into potential sources of funding as well as providing stability for the business to continue for years to come.