Whether you are in business for decades or just “setting up shop”, you need to have a clear exit or succession plan in place – today! Why? The old joke is “some people die and some get older – but then there is you and me!” Unfortunately, that is not true … business owners die, become disabled, get divorced, slow down, or retire every single day … and you need an exit plan in place for each contingency and more.
A recent survey said that 73% of business owners plan to retire in ten years or less, and yet less than 2% report having any kind of written succession plan in place to accomplish this. Frankly, many spend more time planning their vacation than determining when they will retire – how to – to whom – for how much, what happens if they die or become disabled prior to retirement, etc. Other than perhaps a protracted divorce, nothing destroys the wealth of an entrepreneur faster than an ill-planned or hasty business exit.
So why don’t business owners plan for a business exit in advance?
Listen in as co-host R. J. Kelly, himself an expert in the topic of business succession and transition, is joined by Tanya Lee Scott, CPA and Mariel I. Estigarribia, Esq. They will “unpack” why business owners so often fail to plan for this critically important issue of business exit, and discuss the steps involved in creating a successful succession/transition plan. Tanya is a partner in the regional CPA firm of (Hutchinson & Bloodgood, LLP) and is a business growth and exit strategist for privately held businesses. Mariel is a shareholder in the regional law firm of (Klinedinst, PC), and represents privately held companies of all sizes, as well as publicly-traded companies in the merger and acquisition of other entities and assets among other practice areas.1 The Major Issues Facing Business Owners in Creating An Exit Plan