Years of hard, smart work went into building your business. You’ve skipped a few vacations and put in more hours than anyone can imagine. But research shows that, if you’re like more than 75% of U.S. business owners, you haven’t planned for what happens to your business the day you leave. Maybe that means you’re in good company, but more than likely, it means that you need to begin thinking about planning your business exit strategy.
If you’re blessed to leave your business for retirement or another business, you need a strategic plan that maximizes the value you take away. If the unexpected happens, you need a contingency plan that follows your priorities. Regardless of the reason you leave, experts recommend that you begin planning your business exit strategy at least five years before you need it.
That exit strategy should be integrated with your tax and personal financial plans to choose the optimal time for departure. You’ll want to consider your plan for financial independence. And you need to determine what will happen to your company – is there a co-owner who will take up the reins? Will your children or trusted employees carry on the business? You also need a well-constructed estate plan to provide long-term financial security for your family, ensure you choose who receives your assets and minimize estate taxes.
Experienced Business Exit Planning Team
HORNE Wealth Advisors guides business owners in planning for the next step. First, we listen as you tell us about yourself – your business, your family, your dreams, your goals. Once we deeply understand your needs, our business exit planning team goes to work, creating a tailored exit strategy that addresses your individual situation, including the need to turn your business assets into retirement funds. Working together with you at every step, we design a plan that helps you leave your business at your chosen time, on your terms.
The business exit planning team at HORNE Wealth Advisors is ready to help you decide if now is the time to construct a business exit strategy. Call us at 601.326.1000 to talk to our Wealth Strategies team today.