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.
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.
Using our free, no obligation, Assessment your Skoda Minotti Value Acceleration/Exit Planning Team will walk you through a series of questions to determine your exit readiness. For example: