Perhaps the most important thing to remember is that developing a good exit plan is a multi-disciplinary endeavor. No single professional advisor has all of the expertise needed to design a comprehensive, integrated exit plan. The best exit plans incorporate input from a team of advisors that includes:
· A business attorney with M&A experience,
· A financial advisor or wealth management professional who does planning work,
· A tax specialist who is versed in the latest tax issues, an
· An insurance professional, and
· A Business Intermediary who specializes in exit planning.
Sticking to your exit plan is just as important as having one. You should meet with your advisors on a regular basis to ensure that crucial steps are being completed on schedule. Nobody likes to pay unnecessary fees, but the cost of developing a good exit plan is usually tiny compared to the additional value received at the time of sale. After all, exiting your business is probably going to be the most important deal of your life time. Don’t just shoot from your hip.
Ohio business coach and Certified Exit Planning Advisor, Ralph Berge can help. Call him 440.838.0991.
