"70% of M&A professionals said business owners are minimally or not prepared to sell or transition." (Alliance of Mergers & Acquisition Advisors)
With so many tasks competing for a business owner’s time, it’s no wonder that exiting the business one day seems like something to deal with later. Still, exit planning can be one of the most exciting and financially rewarding activities a business owner can undertake. When done correctly, it can increase the value of the business while planning for your future wealth.
An exit plan is a comprehensive roadmap that addresses all the business, personal, financial, legal and tax issues involved in selling your privately–owned business. Its purpose is to ensure the survival of the business; to provide continuity to your employees, customers and vendors; and to preserve wealth for your family.
Skoda Minotti expertly guides business owners through the entire process. Our multi-disciplinary Exit Planning team eliminates the need for multiple sources with in-house capabilities to meet all of your needs including:
We’re one of very few firms offering Exit Planning services under the leadership of a Certified Exit Planning Advisor (CEPA) and his team. This rare distinction means our clients have access to the deeper knowledge and client service a specialized team can offer.
Exit planning outcomes have proven that business owners will leave with greater wealth, pay less in taxes, retain more influence and have a smoother transition than if left to chance. Skoda Minotti has the knowledge and experience to develop your exit plan.
Questions? Contact Michael Trabert by filling out the form below.
What is the difference between exit planning, succession and transition planning?
In addition to exit planning, succession planning and transition planning are terms associated with an owner exiting a business. Exit planning is slightly different from succession planning because it could involve the sale of the business to a third party while succession/transition plans typically involves transferring the business to a family member or key employee.
When does a business owner begin to plan?
While a business owner can start the formal exit planning process at any time, planning far in advance, between 2-4 years, will significantly maximize the value to the company and business owner. At a minimum, an owner needs to consider:
By planning early, your Skoda Minotti Exit Planning Team can also create a contingency plan for unexpected circumstances, such as illness, burnout, divorce and death.
What Questions Should I Be Prepared to Answer?
Using our free, no obligation, Assessment your Skoda Minotti Exit Planning Team will walk you through a series of questions to determine your exit readiness. For example:
The Certified Exit Planning Advisor (CEPA) designation is the oldest and most respected credential in the growing field of exit planning.
Skoda Minotti is one of few firms in the U.S. with an advisor with a CEPA designation; that means our clients will work with an exit planning team uniquely qualified to expertly guide them toward success. The CEPA and his team will coordinate all of the disciplines required for exit planning, saving our clients time and creating efficiency that comes with bundled services.
Assess Your Exit Plan Readiness: our service comes with a value-added tool to help guide clients through the first steps of the plan: readiness assessment. We will review your report with you to consider all the different paths you need to be considering before transitioning the business. We offer a no-cost assessment to help us get started.
Building an exit plan is just not about getting ready to exit your business; it’s about adding value to your company. An exit plan will help you:
The exit planning process requires collaboration between the business owner(s) and multiple advisors in various disciplines including:
Skoda Minotti offers all of these services in-house, other than legal which we have established partnerships with law firms that have an expertise in the exit planning process. This competitive advantage allows us to streamline the entire exit planning process, resulting in improved readiness and greater efficiencies. Our exit planning work is not completed once the sale is complete. We’ll provide wealth management and ongoing financial planning to help once the transaction is complete.