Too often business owners do not begin exit planning far in advance of when they expect to transition their businesses. These owners miss out on the two-pronged approach to exit planning that can be helpful in multiple ways. When given enough time to work with clients, exit planning advisors can help them meet general exit…

If you’re a business owner who has spent your time and energy building a company, it’s very likely you will want to sell that company eventually. This is an understandable and financially necessary goal for most owners. Selling a business is much more complex than selling a house, however, and there is far more at…

The majority of business owners will attempt to gain financial security when they exit their businesses. They need that money to finance their future goals, whether that be retirement or another business venture. It’s far better when owners understand how important it is to grow that value far in advance of when they need to…

Family businesses have many strengths, and there are definitely benefits to family members working in and for their family business. However, the relationships family members have with each other and non-family coworkers make this business type more complex both emotionally and financially. Combine this with the always sticky issue of compensation, and there will be…

In general, business owners feel comfortable being owners. They know what they are doing, feel confident in their role, and enjoy what their jobs. They know they need to change their roles in their businesses eventually, but they may not be prepared for the transition that is coming. Many owners resist planning their exits from…

One of the ways that a family owned business – of any size – differs from other businesses is that the values and habits of that family tend to influence the business as a whole. The family business culture that pervades it affects the company’s mission, values, productivity, profit, community relations, and even employee morale….

If you’re considering transferring your business ownership to another family member or members, you might be tempted to put your family’s wants over your own goals. While altruism is an admirable trait, in this kind of situation it can also cause more problems than it solves. You, your family members, and your business won’t be…

A backbone of the American economy is the family business. A family business, when run well and by family members who are dedicated to it and to the family’s mutual values and goals, can be a powerhouse of activity and success. Conversely, if family roles and responsibilities are not understood and communicated to all family…

After building a successful business, many business owners decide that they want to transfer their ownership to the next generation – their children. Too often, those owners assume that a transfer to children will go smoothly and simply, requiring little more than informing their kids of the date they’ll be taking the reins. Owners who…

At Prometis Partners we always advise our clients to begin preparing for the sale of their businesses well in advance of when they want or need to put them on the market. The additional time will allow them to evaluate and fix any weaknesses their companies have so they will be as attractive to prospective…