Preparing For Your Exit
As a business owner, when should you start planning for transition? Or, what you might have heard called “business succession planning”? Well, it’s never too early. Don’t put it off until you’re thinking about retiring or selling. It can take years to get all the pieces in place, depending on your personal financial situation and the quality of life you desire after business.
Like any form of wealth creation, the more time you have to build your assets the more wealth you can accumulate. The same principles apply to your business, but rather than simply relying on dividends or other investment income you should focus on building the value of the business, so that when you are ready to transition out you can fully monetize your asset.
In our experience, many business owners think that they know what they want but they typically haven’t sat down and worked out what they really want. A successful transition is the last, ‘crowning’ achievement for many business owners, and there are many complex issues to manage along the way. We have found that a structured process is the key to preparing for transition. The level of planning involved requires considerable experience and skill because planning is the key to your transition success.
Find out how you can successfully transition your business
Whether you plan to hand your business to family or employees, or to sell it on the open market, you need to take the right steps to maximize your business’ value come sale time. Preparing a business for sale is like preparing a house for sale. It must ‘show’ well. A lot needs to take place before the final step, which is selecting the methods for attracting the right buyers.
Business transition, or succession, planning is a passion of ours. We have done this many times. We know the ins and outs, and what works and what doesn’t work. We love it when a plan comes together and you walk away with the just rewards for your years of effort.
ROCG’s Business Transition Roadmap
- Planning your business transition and exit
- Calculating your business value
- Succession strategies to management teams
- Eliminating business dependence on the owner
- Readying your business for transfer
- Preparing the offer memorandum for your business
- Marketing the business to potential acquirers
- Supporting the due diligence and transaction process
- Monetizing Your Business