Planning your exit: Five questions on optimizing results paid Whittier Trust
1. What forms of exits are available in which circumstances?
The details of such a plan will again depend on many circumstances such as the size of the business, whether it’s an LLC, partnership or corporation, the complexity of the business and the ownership structure. Steps to consider include preparing future generation by encouraging them to take an interest in the industry, perhaps giving them a role in the business or have them go to work at another business in the same industry.
4. What if you’re certain a big part of your exit is going to be a sale or even a partial sale? Are there any sorts of steps you should be taking, and if so, when? I’ve seen many situations where the acquirer wants the current owner to stay on in some capacity. In the best of circumstances, this is a short-term arrangement of a couple of years. I’ve also seen a complete and immediate exit of the selling owner from the business. Exiting owners should really think about what they’re willing to actually commit to, as few entrepreneurs are going to truly enjoy working for someone else.
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