I help small to mid-size business owners increase the value of their business and meet their retirement goals using tax reduction strategies before it is too late.
Business Owners will either exit their business by Design or Default!
Most owners are so busy working on their business they never think about how they will leave their business. All business owners will exit their business by either disability, death, or retirement. They can choose to have an exit plan that covers all three or they can hope for the best. If you plan for all three, you’re planning to leave your business by design. If you choose not to have an exit plan, you’re choosing to leave your business by default. If you doing nothing, it will result in a fire sale and this will determine how much you, your family, or your partners get paid.
To exit by design requires planning that starts as soon as possible. This starts with a proper valuation of your business. I have a strategic partnership with CPAs and attorneys that will provide a free informal business evaluation to get you started.
Your Retirement & Benefit Package
Next, you should consider a retirement and benefits package that incentivizes all employees to deliver the best product or service to grow the value of your business. By doing so, you as the owner can gain extra benefits to supplement and enhance your retirement on a tax-favored basis. At the same time, you get to reward top performers as well as help every employee prepare for their retirement. You can do this in a way that doesn't financially hurt.
Finding a Buyer
If you are going to sell your business, start now preparing to sell it at its highest possible value. That means having the correct accounting procedures in place to support the valuation. Begin the search for a willing and capable buyer. Otherwise, start the process of grooming a key employee to make sure they qualify for financing or are trustworthy enough for you to finance the venture for a while.
Passing the Business to Family
If you are going to pass the business on to a family member make sure that the family member wants the business. You will also have to consider how this decision will affect the other siblings and whether it will cause a family feud. We can discuss distribution strategies between the siblings inheriting the business and the ones not. Beginning the discussions early can prevent family fights and lifelong separations.
Schedule a free 20-minute business owner overview web meeting by filling out the form below.