Plain and Simple: Bright Business Insights April 2016 | страница 3

HOW TO KNOW WHEN YOU’RE READY TO EXIT YOUR BUSINESS
Questions to Ask Yourself
At some point in time you will have to exit your business. The
question is, will you leave on your terms – “alive and well” – or
leave some other way?
Few business owners actually know on day one how they will
exit their business. No analysis is needed to determine their exit
strategy. For most, it will take years of pondering and analysis to
figure it out. And many will never make a choice, usually letting
an outside event force their exit.
The business owner that avoids thinking about their exit plan will
have a nagging thought in the back of their minds about what
could happen in the future. No matter how successful they are,
the question remains: How are they going to get out of their business alive and well? This question will hang over their heads like
a sword with a thin string.

Reasons Why You May Not Exit Your Business The Way You
Want To

What are some situations that could happen that might cause you
to exit at the wrong time or the wrong way?
•

A key employee leaves your business

In order to achieve your desired exit plan you need to prioritize
the succession planning process well before your desired time to
leave the business. Work on answering important questions like:

•

You may be incapacitated by an illness

•

What am I going to do with myself after I leave the business?

•

Your child may not want to take over the business

•

How much money do I need from the business to retire?

•

An unforeseen world event could occur

•

How will my decision about an exit impact my family?

•

You may be totally burnt-out on your business and forget to
pay attention to critical areas

•

How can I be sure the business will survive without me?

It’s How You Start That Matters

The hardest step in determining your exit plan is starting. This is
the hardest step because the business owner must face difficult
personal, family and business issues in addition to the complex
tax and legal stuff. There’s usually no sense of urgency to start
the process and it is very easy to avoid starting the process.

by: Ryan Dumermuth
CPA, CFP, Principal
7201 Center Street
Mentor, Ohio 44060
[phone]

People and situations are complex and the business world is volatile. There are no guarantees that if you follow certain steps or
use a certain program that you will exit your business on your
terms. However, if you can answers all these questions above,
you are well on your way in determining the right time to exit
your business.
Need help figuring out where to start when it comes to exit planning? Give me a call and I can sit down with you and help you
develop the best exit plan strategy for you and your family.