Exit Planning for Business Owners
Your business is your single largest asset. This asset has more demands of it than any other you own.
Typically your business represents 65% to 85% of your net worth and provides approximately 90% of your net income according to the Family Firm Institute. Furthermore, your business is a symbol of your success in the community. It is difficult to separate you and your business.
The business has the task of providing income for you and your family to achieve its dreams and goals as well as cover obligations. In addition to the needs of your family, the business must have an income stream to pay employees and obligations to creditors.
Proper planning will create savings in personal and business taxes, grow the value of the business by promoting the key value drivers, and protect that value from creditors. Proper planning will help you to realize your personal goals and position the business for continued success. Your business legacy, however you define it, will continue.
Your business exit plan should not be taken lightly. By starting early, you can potentially create greater value and transfer more money to you personally. If properly structured, your plan can help you achieve your dreams and goals, while possibly reducing the tax burden on your business and yourself.
Typically your business represents 65% to 85% of your net worth and provides approximately 90% of your net income according to the Family Firm Institute. Furthermore, your business is a symbol of your success in the community. It is difficult to separate you and your business.
The business has the task of providing income for you and your family to achieve its dreams and goals as well as cover obligations. In addition to the needs of your family, the business must have an income stream to pay employees and obligations to creditors.
Proper planning will create savings in personal and business taxes, grow the value of the business by promoting the key value drivers, and protect that value from creditors. Proper planning will help you to realize your personal goals and position the business for continued success. Your business legacy, however you define it, will continue.
Your business exit plan should not be taken lightly. By starting early, you can potentially create greater value and transfer more money to you personally. If properly structured, your plan can help you achieve your dreams and goals, while possibly reducing the tax burden on your business and yourself.