Common Misconceptions About Exit Planning for Business Owners

  1. It’s Only for Owners Who Want to Exit Soon

Exit planning is designed to provide short-term, intermediate-term and long-term for business owners who want to reap the benefits of their life’s work.  The foundational goal of exit planning is to install systems and processes to build enterprise value that lets owners exit their business with financial security.

  1. Advisors are Required to Learn Entirely New Strategies

Many advisors already utilize some elements of exit planning strategies in their core practice.  This is particularly true with financial and tax advisors.  No single advisor will know every nuance of exit planning.  The key is to work with a collaborative advisor who is capable of putting together a team to draw on the expertise of others.

  1. It’s Not Helpful for Owners Who Never Want to Exit

As we logically know, every owner will eventually exit their business.  For owners who see their business as an extension of themselves and plan to work until they die, exit planning lets them plan for the smooth transition of after death and allows them to leave an appropriate legacy.

 


The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

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