Creating and passing on a family business is the quintessential American experience. If you’re a business owner ready to leave a lasting legacy, working with a certified business coach will ensure your business lasts through generations as thoroughly and cost-efficient as possible.
Your Business Exit
A business exit involves the following:
- Selling your business to buyers.
- Merging with another company.
- Passing your business on to a familial or chosen successor.
- Pursuing an employee or management buyout.
Developing a business exit strategy gives you control over the following elements:
- The influence you have in the future of your business upon leaving, whether voluntary or involuntary
- How you set up your estate and legacy
- The successor
- The proceeds from selling your business
Why Family-Owned Businesses Succeed With a Business Exit Strategy
- Creating an exit plan complements your business plan by representing the bigger picture of running your business: it serves as a vision of your future, so instead of being another responsibility to manage, it’s naturally integrated into your long-term goals.
- With your business exit strategy in place, you will pass on your business on your terms with a voluntary and involuntary exit plan.
- You will identify and take your assets and health insurance into account.
- When choosing a familial successor, you ensure that they learn the business skills needed to become the new leader of your business.
- Estate planning and trust arrangements to ensure the passing down of your family business is secured.
- You’ll integrate legacy and generational planning into your exit strategy to establish a properly managed and lasting legacy according to your wishes and stipulations.
Exit Planning and Family Succession Process
- Financial preparedness: I use an assessment to calculate the revenue needed to fund the succession and create an optimal funding strategy. We also assess your health insurance options as sources of funds.
- Valuation: use market analysis to identify your current market value to strategize valuation improvements to appeal to your ideal prospective buyers. Coaches create a strategy for your business to reach the optimal sales value needed to fund your exit.
- Improving profitability: I use financial assessments such as a Comparative Benchmark Report and Projections Report for financial goals and create a 5-10 year projection of your growth.
- Operations and change management: we strategize maintaining optimal daily operations under new family ownership and implement change management to ease the transition.
- Locating your assets: if your business needs more funds, you will identify which assets are available to sell.
- Succession leadership development: we will create and execute strategic and performance plans for your long-term goals in preparation for your successor.
- Estate and legacy planning: secure your cash, securities, and assets and confirm their distribution to beneficiaries according to your wishes and stipulations.
Business owners needing professional assistance with exit planning can book a consultation with me today.
