Too many business owners make the mistake of thinking that the time to prepare and develop an exit plan is when they are ready to exit their business, Unfortunately, once they reach that point, most of the value that could be generated by developing and implementing a productive exit plan has already been lost. So begin today. It will require a significant investment of your time and resources. But if you chose to take that step, you are likely to look back at it as one of the wisest investments you have ever made in your business.
All closely held businesses face the possibility of an owner dying, retirement or becoming disabled.
A business owner’s death or disability can create major problems. A lifetime of hard work and investment can be jeopardized, leaving the other owners and the deceased’s family in the difficult position of sorting things out. A properly structured and funded Buy-Sell agreement permits an orderly transfer of the business.
The Business Owner Succession Strategies (BOSS) Group provides training specifically designed to help business owners recognize the challenges of succession planning and implement appropriate solutions.
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