Exit Planning is very comprehensive. Accordingly, several key players must be involved including your financial advisor, CPA, banker, insurance professional, business broker, or investment banker and attorney. When selecting your team of advisors it is important to identify players that will work well together and will be able to help with any of the issues in a comprehensive plan. No one person or advisor has the expertise to design a comprehensive plan.
Often times the terms Succession Planning and Exit Planning are used interchangeably but they should not be. Both Succession Planning and Exit Planning should be addressed as separate plans.
Succession Planning is planning for leadership continuity. It identifies and fosters the next generation of leaders within a business. It’s a process because it requires a company to develop internal people with the potential to fill key positions within an organization. With a proper Succession Plan, a business will seamlessly transition leadership.