Think about why you went into business. Was it for freedom and independence, financial security, controlling your own destiny, or the pursuit of your dreams? Regardless, as a business owner, you have spent years creating a vision, building a foundation, and charting a course to success. But, what happens when it is time for you to move on – whether for personal retirement or to sell your business? There are a variety of exit and succession plan strategies depending on your situation. At Cogent Analytics, our business advisors know that different plans are better suited to different goals and different types of business owners. Here are a few common planning methods privately held business owners use:
- Exit planning outlines how you can successfully retire from your business and generate enough liquidity from that exit to provide the financial security to fulfill your retirement goals.
- Succession planning outlines how you can remove yourself from the day-to-day operations of the business and transition obligations to a successor.
- Legacy planning outlines how you can use the wealth that your business generates through your exit to impact the lives of your children, grandchildren, and community.
A properly created and executed exit plan, succession plan, or legacy plan provides peace of mind. Whether you are looking to sell the business to your management team, sell to your children, put in an Employee Stock Ownership Plan (ESOP), gift the business to charity, or sell your business to an outside party, Cogent offers powerful solutions to achieve your goals. Let us know if you are interested in professional business management consulting and guidance in order to determine the best plan for your business circumstance.
Interested in more information on Exit & Succession Planning? Visit our Resource Center.