What is Exit Planning?
Exit Planning is the process of developing a comprehensive strategic plan to provide business owners the option of exiting their business on their terms and for the price they desire for the next stage of life. The process involves analyzing the financial, legal, tax consequences when leaving a business.
Epiphany Law’s Exit Planning Process:
- Benchmark – During this stage Epiphany Law helps business owners understand the attractiveness of their business from the perspective of an outside buyer.
- Remove Risk – During this stage we identify the red-flag areas and the actions needed to correct them.
- Improve Efficiency – Your business will be be far more attractive if operations are highly streamlined and easily repeatable. Epiphany Law helps identify the inefficiencies and provides recommendations on how to become more efficient.
- Strategic Growth – We identify key indicators that have a direct impact on the amount a strategic buyer is willing to pay for your business. We work as part of your team to influence those factors and achieve meaningful growth.
Benefits to Exit Planning with Epiphany Law:
- Maximum business value
- Minimize taxes
- Protect family and key employees
- Control your Exit
- Prepare emotionally for life after work
- Protect and/or reward key employees
- Preserve your legacy
- Grow your business value
Questions and Answers:
Q: Is Exit Planning the same as Business Succession Planning?
A: A succession plan is just one piece of an Exit Plan. While succession planning identifies successors and contingency plans for key roles within a business ; exit planning is the comprehensive analysis of all issues that are important to a business owner, including the value of the business, key employees, position tot the market, personal resources, and creating a proactive plan for converting the business into cash to fund retirement and other needs of the owner.
You can start the process of obtaining a business valuation here.