Business owners without a succession plan are going to retire on Uncle Sam’s terms, or their family members’ or key employees’ terms, not their own terms.  To paraphrase the famous basketball coach, John Wooden:

 

“Failing to plan is planning to fail.”

 

• Smoothly divest themselves of their business
• Obtain liquidity to fund retirement or other expenses
• Provide for the needs of their family after they are gone
• Ensure continuity of the business they started
• Reduce the tax burden on themselves and their family; and
• Exit on their terms, not the IRS’s or their heirs or competitors

Remember that planning your exit is not exiting.  Don’t let your fear of not being in control stop you from acting now to plan your exit.  You will still have many years in your business before you hand over the reins (see previous post on this). And if you think about it, planning your exit is the ultimate way of controlling your company: you decide how you leave and what happens after you leave. Nothing is left to chance.

Give me a call if you would like to discuss your business succession plan.