Preparing to Exit
Per a recent study by University of Connecticut, more than 70% of former business owners regret selling their companies less than a year after the sale.
What accounts for this level of seller's remorse?
The primary reason is lack of preparation on the part of the business owner. Preparing your exit plan is similar to building a home or even how you built your business. Each piece of the process needs to be in place for maximum performance. This can generally take 3-12 months or possibly more to develop.
There are key tasks that need to be completed during this critical phase, including determining what the ultimate exit will be. Many options are available to the owner, including a sale to an outside party, including a partial sale (majority/minority), Employee Stock Ownership Plan (ESOP), or transitioning the business to a family member.
Have questions? You should. Our experienced Exit Planning Advisors are always available for a no-cost and confidential consultation.