Listen to the interview on the Business Innovators Radio Network:
Many business owners don’t think about exit planning until it’s too late. They may not have a succession plan in place or have thought about how they will sell or exit their business. This can be a big mistake, as it can leave them with less money than they could have made if they had planned ahead.
Exit planning is vital for all businesses, but it’s especially critical for small businesses and the business owners individually. That’s because small businesses typically don’t have the same resources or access to expert support as larger businesses do. In most cases they also do not have the same access to capital, and they may not have the same ability to weather a downturn in the economy.
Eunicia says: “Exit planning can help business owners maximize the value of their business. It can also give them peace of mind, knowing that they have a plan in place for what will happen to their business when they’re ready to retire or move on to something else.”
When unsure about where to start in planning an exit strategy, business owners should keep a few things in mind. First, they need to understand what they want from their business in the short as well as long term. Are they looking to sell, go public, or perhaps pass it on as part of their legacy plan? How does their personal financial situation fit into the equation? In other words, are all of their assets invested in the company?
Next, consider their options for exit planning and the desired time frame for such a transition. There are a few different ways to go about it, and the right approach depends on the goals. For example, if they plan on selling, they can sell their business outright or work with a business broker to find a buyer. They can also gift their business to family members or friends or donate it to a charity.
Finally, ensuring they have the right team to help them with exit planning is essential. At a minimum, this includes an accountant, a lawyer, and a financial advisor. Unfortunately, too many businesses are sold for inferior prices and many of those transactions are also heavily taxed. Having the right quarterback team in place can help significantly increase the proceeds from the sale as well as minimizing tax exposure. In addition to the right team, a customized plan is also key to ensure the ultimate goals are being met.
Exit planning is an important part of being a business owner. By planning ahead, business owners can ensure that they get the most out of their business and the time invested in growing them.
About Eunicia Peret
Eunicia is an accomplished wealth strategist and business owner with over 15 years of experience in the financial services industry. Eunicia honed her expertise by delivering significant financial improvements to the bottom line of Fortune 500 companies and renowned global brands across multiple industries.
Her passion is to help multi 6 and 7-figure individuals optimize their wealth-creation efforts by empowering them to leverage wealth-creating strategies that go beyond 401(k)s, IRAs, and other typical savings accounts in order to minimize taxes, maximize growth, and increase income in retirement.
Based on serving hundreds of clients, Eunicia is a strong believer that those who don’t have a personalized and holistic financial strategy will only get a fraction of the results.
Eunicia’s Wealth Freedom Formula is a customized hands-on financial consulting program offering end-to-end wealth optimization strategies that have historically only been leveraged by the ultra-wealthy. The tried-and-true personalized method has delivered significant bottom line improvements to hundreds of clients because it leverages a quarterback approach to ensure the client’s financial team is working in unison to minimize financial leakage.
Eunicia is a huge believer in empowering her clients with the tips, tricks, and know-how to grow and protect their money in a way that aligns with the client’s values and beliefs.
In addition to managing her own business, Eunicia serves as a strategic advisor to several business-oriented and female leader groups.
Learn more: https://www.empoweredfinancialplanner.com/
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