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Exiting & Selling

Exiting a Business is About More than the Business

By June 26, 2024No Comments

We recently got trademark approval for the phrase, “Exit With Style, Grace, and More Money®” and are working on a book by the same name. Here’s a sneak preview from the first chapter, which is get your personal life in order before you think of selling your business. We cover seven considerations (I’m sure there are more):

  • Can you leave the business, or is your identity too tied to it?
  • Family – how do you handle kids in the business, can they run it, what about if other kids aren’t in the business?
  • Management – do they want to buy it, can they afford it, will they give collateral and a personal guarantee? If not, who do you bring into the process?
  • Timeline – when do you want out? This is not like selling a house, it can take many months, or a year or more, to find the right buyer.
  • Have you done any estate planning to ease the tax burden? Is a charitable trust of interest?
  • How do you want to exit, slide out over time or ASAP after a short transition?
  • Are you ready to emotionally handle giving up your baby?

A lot to consider and the above needs to be handled before flipping the switch to sell. Buyers will appreciate it.

“Life without playing music is inconceivable for me. I live my daydreams in music.” Albert Einstein

“How far fewer words we need to tell our stories than we imagine we do.” Joyce Carol Oates