Designing an exit plan to fit your unique situation
As a business owner, your plans and goals change over time, and so should your exit planning strategy. A thoughtful exit planning strategy helps you identify and address personal, financial and business needs so you can confidently step away from a privately held business on your terms. The approach you choose should not only fit your business goals but also align with your organization’s current structure. Proactive planning allows your business to continue operating smoothly even after your departure.
There are five common types of exit strategies:
- Family transfer
- Sale to a partner
- Sale to employees
- Third-party sale
- Orderly liquidation
While each option offers benefits and tradeoffs, your financial advisor can help talk through various approaches and scenarios to help determine which path aligns with your financial and lifestyle goals.