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Be sure to establish and understand all parties goals early into the planning process.
Before you can even start discussing an Exit Plan, you first must identify why an owner wants to leave their business and what their top priorities are.
Before an Exit Plan can be created, one must first evaluate top priorities to decide what tasks should be tackled first.
The Exit Planning Process can seem overwhelming to many business owners. Advisors see their fair share of horror stories; everything that can and will go wrong when you do not plan appropriately.
Break down your comprehensive Exit Plan to focus on your client's primary concerns first.
To be a successful advisor, one must be able to know what motivates each of their clients.
Understand the consequences of not planning.
It is important for owners to become dispensible for them to be able to sell their business one day, but be sure to remind your business owners to not allow their management team to become too indispensible.
In our last blog post we met Ida and Gary Nella, the owners of a successful machine shop.
Is it really possible to make business value lemonade out of economic lemons? Some say “yes”. But who will thrive, who will survive, and who will crumble when times get tough? Elizabeth Mower, President of BEI, has been talking to a lot of experts lately about what businesses can do to stop the bleeding, create new opportunities, and even come out ahead. She asks, and gets answers to, questions like:
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