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What Is Exit Planning?
Exit Planners provide guidance to business owners to help them determine how to convert their illiquidity to liquidity while protecting their wealth and business for generations to come.
In the world of professional advisory services, there is an emerging field of study and execution called ‘Exit Planning’. An Exit Planner is a professional advisor or consultant who works with business owners to outline solutions for their privately held business that relate to that owner’s exit. Exit Planning includes providing solutions for the unique combination of personal and business issues that are intertwined to reflect an owner’s life choices both for their business and personal lives.
Exit Planning engagements are holistic and provide an owner with a framework within which an owner’s largest financial decision can be made – i.e. the exit from their business.
Statistically, most of a privately held business owner’s wealth is tied to their business and that business owner, more than 70% of the time, is depending upon the income from their business to pay for their personal lifestyle. Exit Planners provide guidance to business owners to help them determine how to convert their illiquidity to liquidity while protecting their wealth and business for generations to come.
There are essentially five (5) different strategies to consider when exiting your business. These strategies are:
All of these options should be carefully considered before deciding upon and executing any specific strategy. Most business owners will only get one chance to select the right strategy for them. The Partners at Strategic Advisors will lead you through this process and ensure that you choose the Exit Strategy that allows you to achieve your personal goals.