Make Time to Plan a Smooth Exit, No Matter When You Leave
Make Time to Plan a Smooth Exit, No Matter When You Leave
If you operate a business in the real estate or construction sector, you probably have the goal of selling it down the road so you can enjoy your retirement. Planning for succession early is the best way to ensure you achieve that goal, even if you end up exiting your business sooner rather than later, transitioning the business early due to circumstances outside of their control, or changes in plans. Taking the steps to develop a succession plan now, so it’ll be there when you need it most, can help you get better value and ensure you have the widest array of options.
Engaging with a succession specialist early will also help you establish a team of insurance agents, financial advisors, lawyers and accountants who will work together to ensure you exit on your own terms and timelines.
As you consider transitioning out of your business, the following advice will help to ensure that you’re in a good position to sell even if that happens earlier than you expected.
- No matter where you are in the business cycle, making time to focus on succession has benefits.
For business owners who typically put in long hours taking care of day-to-day tasks, it can be tempting to wait until you’re ‘not so busy.’
The reality is, you will always be busy. The earlier transition planning is done, the more options are available to you and the higher the likelihood of a successful outcome.
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