If you own a business, you’re always busy.
But you still must plan for the day when you move on to a new phase in your life.
To develop this exit strategy, you’ll need to answer some key questions.
First, how much must you get from selling your business?
You’ll need enough to fund your retirement and your estate plans.
Second, how much is your business worth?
You may want to have it evaluated a few years before your planned exit.
Next, how can you fill any gaps between what you need from the sale of your business and what it’s actually worth?
You can always try to boost your business’s profitability, but you could also adjust your retirement plans somewhat.
Here’s another question: Who will take over your business?
You’ll have to decide among several options, such as selling to a family member or an outside buyer.
Finally, who can assist you?
You can get help from your financial, tax, and legal advisors and possibly a commercial banker and a business evaluation expert.
Exiting your business will take a lot of planning and decisions - but if it’s done right, it can be worth the effort.
This article was written by Edward Jones for use by your local Edward Jones Financial Advisor John Dickerson. Member SIPC.
