Most business owners will put off exit planning even if they are serious about retiring or transitioning into something different. That’s because exiting a company is something the majority of owners do not have experience with, and it can seem very intimidating. We’ve talked about many of the challenges involved in exiting on this blog,…

Why do people start their own businesses? In a wide variety of polls and informal responses, entrepreneurs say that one of the largest reasons is so they can be their own bosses. Sixty-seven percent of American entrepreneurs listed that as a motivator. While enjoying independence and control is valuable to owners, it can be challenging…

Building a business is about building transferable value, or the value of the business minus its owner. When an owner begins a business venture, he will have goals for the company, both financial and personal. As the company grows and gets larger and more profitable, business value builds. The purpose of good exit planning is…

We have discussed the importance of exit planning and why owners should begin the process of planning sooner rather than later. In our last blog we talked about creating a plan for an exit in the same way owners make and follow traditional business plans to build their companies and increase their value. Before an…

It’s very useful to create a written business plan when starting a business or growing a business once it is established and profitable. Creating a written plan forces the business owner to think about goals and the steps necessary to accomplish those goals. It’s equally useful to have a written plan when exiting the business,…

If you are a business owner in a family or multiple owner business, you may have heard of buy-sell agreements. You may be unsure of what they involve or if they are helpful. Here we will discuss what a buy-sell agreement is and why your company needs one. What Is a Buy-Sell Agreement? A buy-sell…

Many business owners will assume they will sell their businesses to a third party when they exit the company. Some owners even start their businesses intending to find a larger, more capital rich company to purchase the business and allow them to retire early. One of the real advantages of third-party sales is the potential…

Exit planning is a process that must be handled carefully in order to insure the best outcome for the business owner. When exit planning involves a transfer from one family member to another, there can be additional layers of complexity. This is especially true if any sort of family conflict is present either in the…

When you begin to consider exiting your business, you may find the process somewhat overwhelming. This is normal. You may also decide that the professionals you are used to consulting about matters relating to your business aren’t of as much help when it comes to transitioning it to a buyer. This is also normal. A…

What is your company’s value? This is a key question for any business owner who intends to sell his business at some point in the future. It may seem like there should be a simple answer to this question, but value is actually a complex issue. The value of the business to the owner can…