{"id":37025,"date":"2022-01-17T15:39:26","date_gmt":"2022-01-17T20:39:26","guid":{"rendered":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/?p=37025"},"modified":"2022-01-17T15:39:26","modified_gmt":"2022-01-17T20:39:26","slug":"business-report-does-your-business-have-an-exit-strategy","status":"publish","type":"post","link":"https:\/\/www.saratoga.com\/saratogabusinessjournal\/2022\/01\/business-report-does-your-business-have-an-exit-strategy\/","title":{"rendered":"Business Report: Does Your Business Have An Exit Strategy"},"content":{"rendered":"<figure id=\"attachment_36929\" aria-describedby=\"caption-attachment-36929\" style=\"width: 200px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-36929\" src=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2021\/12\/ed-jones-snell-200x300.jpg\" alt=\"\" width=\"200\" height=\"300\" srcset=\"https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2021\/12\/ed-jones-snell-200x300.jpg 200w, https:\/\/www.saratoga.com\/saratogabusinessjournal\/wp-content\/uploads\/sites\/48\/2021\/12\/ed-jones-snell.jpg 432w\" sizes=\"auto, (max-width: 200px) 100vw, 200px\" \/><figcaption id=\"caption-attachment-36929\" class=\"wp-caption-text\">Robert Snell, financial adviser with Edward Jones Financial in Saratoga Springs.<\/figcaption><\/figure>\n<p>By Rob Snell<\/p>\n<p>If you\u2019re a business owner, you\u2019ve got so much to think about, and you work so hard, that it might be difficult to envision the day when you\u2019re in a different place in life.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>However, that day will likely arrive, so you\u2019ll want to be prepared for it, which means you\u2019ll need an exit strategy. But how do you create one?<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Here are some steps that can prove helpful:<\/p>\n<p><span class=\"Apple-converted-space\">\u00a0<\/span>\u2022 Start planning early. Making a quick exit is probably not a viable strategy for most business owners. Instead, you\u2019ll want to plan far ahead for when you want to leave your business behind.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>This will require some thinking about the big picture: What will the company look like when you\u2019re gone? Are you essential to its survival? If not, do you want to sell it to a key employee or an outsider? Or would you prefer to keep it in the family?<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>After you\u2019ve answered these types of questions, you can then move on to consider specific solutions, such as creating a buy-sell agreement with an employee or gradually transferring the business to family members.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><b>\u2022 <\/b>Determine how to fill a retirement income gap. You could spend two, or even three, decades in retirement \u2013 so you\u2019ll want to be sure you\u2019ll have an adequate income stream to cover all those years.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><span class=\"s1\"><span class=\"s2\"><!--more--><\/span><\/span>You may be able to draw on Social Security and whatever retirement plan you might have established, such as an SEP-IRA or an owner-only 401(k), but these sources may still leave you short of what you\u2019ll need to live on during your retirement.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>However, your business will probably be your biggest asset, especially if you own some real estate connected with your operations. So, if you\u2019re planning to sell your business, how much will you need to get for it to fill any retirement income gap you may face?<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>Of course, it can be somewhat tricky to place a valuation on a business that may not be sold for several years, but with some research and the right forecasting tools, you should be able to develop a pretty good estimate.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><b>\u2022 <\/b>Get professional help. Creating and executing a business exit strategy takes time \u2013 and expertise. So, as you think about your own situation, you might want to assemble a team that includes your financial, tax and legal advisors and an expert in business valuation. This last position\u2014business valuation professional\u2014will obviously be particularly beneficial in estimating the value of your business for a future sale.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p><b>\u2022 <\/b>Include the next generation in your plans. If you\u2019re planning on transferring your business to the next generation of your family, you\u2019ll certainly need to involve them in every step of the process.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>But even if you\u2019re going to sell the business to an outsider, or liquidate it entirely, you should keep your grown children informed of what you\u2019re doing, since they may be affected by the outcome.<span class=\"Apple-converted-space\">\u00a0<\/span><\/p>\n<p>You also may want to include them in any meetings you have with your financial, tax and legal advisors. Selling or transferring your business will be one of the most important financial moves you\u2019ll make \u2013 so plan ahead, get the help you need and find the exit strategy that\u2019s right for you.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Rob Snell If you\u2019re a business owner, you\u2019ve got so much to think about, and you work so hard, that it might be difficult to envision the day when you\u2019re in a different place in life.\u00a0 However, that day will likely arrive, so you\u2019ll want to be prepared for it, which means you\u2019ll need [&hellip;]<\/p>\n","protected":false},"author":89,"featured_media":36929,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-37025","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-reports"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.6 - 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