“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.
This article is not intended and should not be relied upon as legal or tax advice pertaining to any specific matter. You are encouraged to seek competent legal and tax counsel before proceeding with any transaction involving any of the matters discussed above.