You’re busy serving customers. Managing employees. Overseeing the day-to-day operations of your business. Stepping down as the head of your company may not be on your radar, but sooner or later you’ll need to think about what will happen to your business once you’re out of the picture. We recommend that business owners start thinking about their business succession plan at least five years before planning to implement it. (more…)
Posts Tagged ‘Business Valuation’
This month marks my 38th year in public accounting, 32 of which have been as a principal interacting with business owners and executives of closely held entities. I have been able to observe the good, the bad and the ugly as it relates to exiting a business. Throughout the years, I’ve had the privilege to serve some outstanding captains of industry who exemplified the ideal way of exiting a closely held business. (more…)
If you’re a business owner, did you know that you can significantly increase your net wealth by simply changing the way you look at your business? (more…)
Last year, I was consulting with a client who owned a business that was worth over $20.0 million. He said that one of his advisers told him “Why waste your time and money developing an exit and succession plan? You will be dead and won’t care and let others take care of it after you die.”
I guess that’s a good plan – if you don’t mind the chaos it creates for your family members and if your legacy is not important to you. (more…)
Exit strategies are the options that you have to leave your business. There are only a few exit strategies that Ohio business owners can choose from and each will provide you with a different level of proceeds when you leave. All strategies will require planning and time to implement.
It’s never too soon to start planning your exit. You will eventually leave your business, and it’s better to do so before a life-changing event forces you out. The sooner you plan, the more options you will have. (more…)