As a business owner, are you prepared to successfully transition out of your business when the time comes?
Half of all business transitions are unplanned due to the Five Ds: Death, Disability, Divorce, Disagreement and Distress. Additionally, owners often receive unsolicited offers to sell their business. Today’s businesses, therefore, must continually maximize value to prepare for transition at any time. Even if you have no plans currently to exit your business, you should ensure you are making smart decisions today that will prepare you and your company for that eventual transition.
Having spent years building a successful and rewarding business, have you considered the next chapter for your business, your employees, you personally and your family?
With so many day-to-day tasks competing for a business owner’s time, very often planning for the next phase in your business seems like something to deal with later. There are many options to consider from keeping the business in the family to selling and everything in-between. Where do you start when considering this process?
Brian Feeney, Partner with RBK and Certified Exit planning Adviser (CEPA) says “a business transition plan is not merely an “exit plan” or a “sales strategy”. A business transition plan is an effective business strategy that drives the acceleration of value in a business. A properly executed business transition plan results in the maximum value for a business, enabling the owner to achieve their financial goals inside and outside of the business.
An exit plan is a comprehensive roadmap that addresses all the business, personal, financial, legal and tax issues involved in selling your privately owned business. Its purpose is to help ensure the survival of the business; to preserve wealth for your family; and to provide continuity to your employees, customers and vendors.”
Business owners should consider their business transition plan under each of the following headings:
- Business Valuation
- Financial planning
- Estate planning
- Insurance planning
- Tax structuring
- Due diligence
- Wealth management
RBK’s multidisciplinary team guides business owners through the entire process, eliminating the need for multiple sources with in-house capabilities to meet all of your needs. Our Value Acceleration / Exit Planning services ensure that business owners will leave with greater wealth, pay less in taxes, retain more influence and have a smoother transition than if left to chance.
To find out how RBK can help maximise the value in your business, contact:
- Charlene McCrossan, Audit & Business Advisory Senior Manager, (090) 6480600
- Brian Feeney, Audit & Business Advisory Partner, (090) 6480600