Succession Planning Are You Prepared for the Exit? As a business owner, you work hard to keep your business growing and staying ahead of the competition. You are innovative and have something unique to offer. You have the opportunity to take your business and your life in any direction you choose.Whether you are a family-run business, a sole proprietor or a member of a professional team, if you are considering a change, now or in the future, considering selling your business and creating a new success story, we will guide into the process. Why Preparation Is Important There are a variety of reasons why business owners consider selling their company. For many, retirement is a driving factor. Other business owners may simply want a career change, aren’t having fun any more, are experiencing competitive pressures or are looking for financial diversification.Whatever your reason, planning to transition your business takes time, a plan, forward thinking and helps you avoid eye opening surprises. Consider these points:• When do you want to sell your business?• Do you have a buyer?• How much do you think your business is worth and how did you arrive at that number?• Will the proceeds provide enough money for your retirement?• How will you continue to build and optimize the value of your business?Some of the key challenges you may encounter when you are ready to sell your business include:• Maintaining a lifestyle and becoming financially secure without business income• Identifying the best type of buyer who has the necessary resources• Understanding the terms of the transaction including when and how you will get paid• Minimizing the risks associated with the terms of your arrangement• Minimizing estate and/or income taxes Planning to transition your business takes time, a plan, forward thinking and helps to avoid eye opening surprises.