Everyone leaves their business at some time...one way or another.
"Getting out" proves to be extremely difficult for most business owners, however. If your desire is to be able to exit your business on your terms, when you want, for a price that meets your financial requirements, then your exit takes careful organization over time. Hope is not a strategy and accidental or unplanned exits are rarely optimal. Therefore, it makes sense to investigate and implement the correct strategies for your exit...right now...even if your transition out appears to be years away.
Your exit options are:
- Wind it down and liquidate now.
- Run it "forever" and then wind it down and liquidate.
- Give it or sell it to your children.
- Sell it to your partners.
- Sell it to your employees.
- Sell it to an outside buyer.
Each of these approaches requires a specific set of strategies tailored to your unique circumstances. Without careful design the strategies for one approach are not necessarily complementary with those of another. Poor planning can actually make your situation worse, reduce your options, expose you to needless taxation and cost you millions of dollars.
CrossPointe's "LegacySolutions" is an integrated and systematic process that can enable you to develop and successfully execute your personal exit strategy. For more information on LegacySolutions and to discuss your exit objectives in confidence, contact us.