How the Exit Planning Process Works
Many business owners believe the sale of their business will be a simple process of choosing a business broker, setting a price, and then deciding where to celebrate after the closing papers are signed and the check is in the bank.
This, of course, is not necessarily the wise way to approach the end of a commitment to a business that you have devoted most of your life to.
First of all, it’s important to understand that a business broker may not have the expertise to guide you through all the factors involved in selling your business. In fact, a fast sale may not even be the ultimate best answer for your needs.
Exit Planning Process
• Is succession a possible option, and do you really want to cut all ties with the business?
• Will you want an agreement providing a transition period and consultation commitment included in the agreement?
• Have all assets been properly identified and included in the value of your business?
• Are you getting the full and favorable price considering future value?
• Is a sale even the only option? A transfer of operational responsibility may be what’s best.
• Do you have an interest in ensuring the business retains certain standards pertaining to community involvement, environmental stewardship, or other issues you hold to be important?
The bottom line is that selling a business should be approached with a focus on setting goals and achieving those goals. Net-net, when you have moved on, there should be no regrets about the way an exit, succession, or sale was handled.
Brian Parker has the experience necessary to explore every option and consider every contingency so you make the right decision for your needs and goals. Please click here to review Bryan’s educational credentials, industry experience, and certifications for handling your future business decisions.
Bryan Parker (612) 294-8730