Exit Planning – It might not be what you think
There’s a sign outside our office that lets the public know that our Firm assists in exit planning. Unfortunately it seems that a lot of people think this is a plan to exit the world of the living. Not so.
A good exit plan asks and answers all the business, personal, financial, legal and tax questions involved in transitioning a privately owned business. It includes contingencies for illness, burnout, divorce and death. Its purpose is to maximize the value of the business at the time of exit, while minimizing taxes and ensuring the owner the ability to accomplish all of his or her personal and financial goals in the process. When you have an exit plan, you are able to control how and when you exit (the business). Please contact Michael Reynolds for more information on exit planning.