Crucial Strategies for a Smooth Exit
The key to a seamless transfer is crafting a strong strategy
At some point in time, every business owner or leader will retire and either sell their ownership interest or leave the company to others. The key to a seamless transfer is to identify an exit strategy that addresses the needs of not only the departing person but also the business.
Map the course
A well-planned exit strategy can help owners extract cash from their businesses, addressing a variety of transfer scenarios. These may include voluntary transfers such as retirement, gifts to family members, donations to charities, stock compensation plans for managers or mergers and acquisitions. They may also include involuntary transfers such as death or disability, divorce, partner/shareholder disputes, bankruptcy, restructuring or natural disasters.
Business owners often overlook the possibility of unexpected events. But, as you know, operating a business without a contingency plan is like driving blindfolded: Things are fine as long as the road is straight and predictable. But when conditions change, a business owner can often run into trouble.
Please select this link to read the complete article from OSAP Strategic Partner Clark Schaefer Hackett (CSH).