values-driven business exit planning
While running your business has been a significant part of your life, it’s not the whole picture. We’ll help you plan for what’s next, with a tailored business transition plan that aligns with your goals and values.
Exit Your Business on Your Terms
Business transition planning often starts many years before you plan to exit your business. That way, you can set the terms for the transition and not be as surprised by unexpected events. Having an objective team of professionals to help you can make the process simpler, especially when creating a succession plan or structuring the sale of your business.
Business Succession Planning
You may have a family member or colleague that you would like to succeed you. We can work with both you and your successor to create a comprehensive hand-off plan that honors your desires for your business and sets them up for success as a leader.
Business Sale
If you plan to sell your business, we can help structure the sale so that it reflects the true value of your work. Once your business is sold, we can work with you to create a financial plan for the potential capital gains.
Legal Considerations
Business transition plans always have a legal component to them, which can get complicated to navigate. We can clarify some of the legal considerations and work with your legal team to solidify your plan.
Contingency Planning
Even with a plan, the unexpected can happen—injury, illness, or death could prevent you from running your business. That’s why a contingency plan is important for any transition plan, so you can have more peace of mind knowing your business will be secure should something happen to you.
Timelines and Milestones
Business transition doesn’t happen overnight. As part of your plan, we’ll help set up appropriate milestones to keep you on track toward a successful transition. We’ll also help you communicate these milestones to potential successors and other key employees.
Meet Fred Sigman
Fred inherited his father’s tire distribution business in 1998 alongside his sister, Geri. Though their father had run the business successfully for decades, he hadn’t thought through the relational ramifications of the business succession. While Fred and Geri faced a lot of interpersonal conflict, Legacy Planning Advisors stepped in as an objective voice to secure the future of the company.
We understand that business transitions involve a lot of moving pieces, and human relationships can make it even more complicated. That’s why we act as a third party offering clear guidance tailored to help your business flourish. We were able to support both Fred and Geri as they made key decisions about their roles in the company, and in the end, the business remains strong and has a clear contingency plan in place for the future.
Build the Right Plan for Your Exit
It all starts with a conversation with our team where we will get to know you and your business, how soon you want to step away, and how we can best support you. From there, we’ll create a financial plan that reflects our conversation with you. This conversation is completely fee- and obligation-free.
FAQ
Yes, we are happy to work with any business exit planning professionals you already have. If you don’t have an attorney but would like one, we have many professional connections and resources we can connect you with.
Business exit planning fees range depending on the nature, complexity, and the staff needed and utilized in rendering a given service.
