Exit Strategy Aid Near Valpo

For business owners who are planning to retire, sell, or pass along the business to another owner, having an exit strategy in place for when the time comes is crucial. At Harvest Wealth Partners, our experienced team of financial planners provides exit strategy aid near Valpo and the surrounding areas. If you are the owner of a small- or medium-sized business with questions about your exit strategy, reach out to us today by phone or online to learn more. 

What’s an Exit Strategy?

An exit strategy refers to a strategic plan for what to do with the business when you no longer want to remain in an ownership position. Exit strategies are detailed, precise, and take into account both legal and financial considerations. When ownership is no longer an option for you, having an exit strategy in place can allow for your smooth transition out of the business, increased peace of mind, and potential cost-savings or other financial benefits. 

When Does a Business Need an Exit Strategy?

A business needs an exit strategy any time that a business owner no longer wants to remain in a position of ownership. This might mean leaving the business because of:

• Outstanding debts/bankruptcy
• Old age or a health condition 
• Sudden death
• Market forces
• Partnership/shareholder disputes
• Other—there is a multitude of reasons why owning a business may no longer be the right decision for you. 

Common Exit Strategy Types

When you work with our financial planners for businesses, we’ll work with you to create an exit strategy that is customized to your objectives, vision, and needs. Some common exit strategy types that may be appropriate in your situation include:

• Business liquidation. Business liquidation is exactly what it sounds like—liquidating the business’s assets for cash. If you do not want your business to continue in any way, shape, or form, this is the best option.
• Employee buyout. Another option for a business owner who’s ready to retire is to sell the business to its employees. While an employee buyout can be a great strategy for exiting a business, employee buyouts can be financially and legally complex and are best navigated with the help of an expert. 
• Handing off the business to a family member or another successor. Another option is to hand the business off to a family member or another successor; yet another option is to sell your half of the business to a co-managing partner.
• Selling the business on the open market. If none of the above options make sense for you, then selling your business on the open market may be your best choice. Indeed, an open-market sale is one of the most popular exit strategy options for small businesses. 

Get Exit Strategy Aid Near Valpo Today

Whether you’re ready to leave your business today or just want to be prepared for the future, working with a professional to form an exit strategy makes a lot of good sense. For exit strategy aid near Valpo, call Harvest Wealth Partners directly today.