Break Through the Common Exit Planning Obstacles

Submitted by John Brown on Thu, 05/14/2015 - 8:56am
Road Map to Exit Planning Image

In our last blog post, Why Exit Planning Takes Time, we mentioned two common issues that business advisors face when their business-owner clients assume they can begin the Exit Planning process at the same time they decide they are ready to exit the business:

  1. The business is not prepared to transfer at the value the owner needs for post-exit financial security.
  2. The majority of owners wish to transfer to successors who have no money.

So how do you illustrate to your clients how long it takes to build business value and plan an ownership transfer that makes the most out of their lives' work?

BEI has tools and resources available to our Exit Planning Advisors to walk clients through the process and show the time needed to complete each step, all with the end goal of getting owners to begin the process years before they exit. Long-range planing not only helps owners but also allows advisors to build relationships with business owners and add revenue to their practices.

White Papers - BEI's library of White Papers focus on issues that are important to business owners. Because business value is of significant importance to owners when determining their current financial resources, the Valuation White Paper discusses the advantage of using experienced business appraisers to value a company and various ways to minimize taxes.

Road Map - In the initial stages of speaking with a business owner, BEI advisors spend time gathering information on the business and the owner's objectives by completing the EPIC Fact Finders. The information collected is used to create a visual Road Map that shows the owner's priorities and recommends actions to address those priorities. The Road Maps create a sense of urgency because they illustrate needs and link the owner's needs to the customized solutions BEI advisors can provide.

Newsletter - Ongoing marketing activity is vital to the success of every professional service practice. For that reason, BEI publishes its opt-in, biweekly Newsletter that Members can customize with their brand and contact information. This ad-free content, sent to current and prospective clients, keeps you in front of business owners as a valuable Exit Planning resource. When they decide the time is right to begin planning for their exits, you are the first advisor they contact.

EPIC - BEI's proprietary EPIC Exit Planning software holds all of an owner's data and objectives, as well as all of an advisor's planning recommendations. The system structures all communication between the business owner and the Advisor Team, provides a checklist to ensure that all recommendations are completed, and provides the owner accountability and progress benchmarks. As an owner's situation or objectives change, advisors can modify plan components accordingly.  

Webcasts - BEI Members have access to a searchable archive of recorded webcasts on various Exit Planning topics, including protecting business value, and wealth and bank financing in an insider transfer. These webcasts contain invaluable tips and techniques for any questions or concerns that may arise with their business-owner clients.

Advisor Network - BEI offers four levels of Membership, giving advisors access to the resources and tools that best meet their practices' needs. Whether advisors need a valuation expert to help in determining a client's current business value, or a CPA to advise on how to minimize taxes in a unique situation, advisors have access to a network of like-minded professional advisors to collaborate with on each step of the Exit Planning Process.



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