Exit Planning - Preparation Will Allow You To Sell Your Business On Your Terms

 Business ownership transfer will be either on a voluntary and non voluntary manner, or let's describe as proactive or reactive. The realities are that most business owners do not “formally” plan for ownership transfers; in fact, it’s estimated that 85% of business owners have no exit strategy. The following are some reasons why.

• Emotional Issues – Have not come to grips with “letting go”, plus trying to meet the varying needs, through some level of consensus, amongst other stakeholders (i.e. family, employees, and co-owners).
• One Sided Role – Too busy in the role of manager of the day-to-day operations in “growing the business”, leaving little time to address the dual role as an owner, and the eventual exit from the business.
• Qualified Successor – Difficulty finding a qualified “internal” replacement to both own and run the business, or simply don’t know how to groom one.
• Taxes – Dealing with the fact that most every ownership transfer will be taxed in some way (gift, estate, income).
• Lack of Advice – The business owner’s advisors (CPA, Attorney, etc.) are not addressing this planning activity at a practical and emotional level it demands.
• Changes – Maybe what many business owners, partners and stakeholders fear most – things will be different. Change is inevitable!

Change or transformation whether it's personal or business will always cause an ownership transfer. So whether it’s formalized or not, at some point in time, there will be an exit from the business. It’s a matter of choice if a business owner is proactive and develops an Exit Plan.

But a business owner can start with a first step by watching this video:

For a complimentary consultation:
Contact  Cecil Williams (cecil@bizbrokerflorida.com) or call  at 888-925-5055 ext.206.  Visit my personal website to search for business for sale in Florida www.bizbrokerflorida.com  Also, visit our Florida Business Exchange website at www.fbxbrokers.com