Ready to Move On? How to Create an Exit Plan for Your Business

As a business owner in Indiana, there are dozens of things to think about on a daily basis as it pertains to effective business and business wealth management. As you age and begin to think about retirement planning, developing an exit strategy should be top of mind. Here is what you should know about creating an exit plan for your business and how Harvest Wealth Partners can help—

Why You Want an Exit Strategy

Creating an exit strategy is an important part of managing your business. Top reasons to develop an exit strategy, especially as you approach the age at which you want to retire, include: 

• Improving sellability now. If you plan to sell your business, there may be things that you can do now to improve its sellability and make it more attractive to potential buyers. 
• Ensuring a smooth transition. For both you and your employees, as well as any inventors or other interested parties, having an exit strategy in place helps to ensure a smooth transition to new management. 
• Making an intentional decision. If you wait until the last minute to decide what to do with your business, you may make a decision that’s more rushed than it is intentional. Your business means a lot to you—what happens to it when you retire likely matters a lot too. 

Exit Plan Options for Your Business

As you think about different strategies for moving on from your business, consider these common exit plan options—

• Liquidate. Liquidating a business is common when the business owner cannot find a seller or does not want the business to continue. 
• Sell. Selling the business is one of the most common exit strategies. An owner may choose to list the business for sale to all parties, or may pursue a more intimate sale, such as a sale of the business to an employee or a group of employees. 
• Transfer. Another option for exiting a business is to transfer ownership of the business. For example, an owner may choose to leave the business to their child. 

Call Harvest Wealth Partners for Help with Business Exit Strategy Planning

Creating an exit plan that works for you personally and financially is an important part of retirement planning. At Harvest Wealth Partners, our professionals can help. To learn more about the services we provide and how to get started, call us today or send us a message online at your convenience. 

This material was prepared for Harvest Wealth Partners financial advisor’s use.

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual. To determine which strategies or investments may be suitable for you, consult the appropriate qualified professional prior to making a decision.