Concentrated Wealth

When the majority of your net worth is tied up in your company, planning for liquidity as early as possible is smart.

Monetizing a business is a significant decision that requires careful consideration and planning. For the best possible outcome, business owners need to consider these important objectives:

• maximizing value. Taking the time early in this process to think through this with professionals qualified to advise gives you time to make important adjustments.

• timing. Considering the state of the market, the competitive landscape and overall economic conditions will be advantageous to assess before moving forward.

• know what you’re worth. Investing in a current valuation produced by a qualified professional will help you properly assess your value and help you manage your expectations.

• tax implications. You need a good CPA who can help you plan and a financial advisor who can consider various scenarios. Most specifically, what will your net proceeds be after tax and will this be sufficient to achieve your income goals?

• business continuity. Great care should be taken to be sure that the transition from ownership to retirement is as seamless as possible so that your customers continue to receive the service that they deserve.

• personal goals. What’s next and does this make you happy? How will you spend the time after a sale that had been devoted to your business for so many years?

• legal and regulatory considerations. It’s critical to have a strong business attorney on your team to help you anticipate these items.

• finding the right buyer. Best to find one who shares your vision and your values and one who is willing to pay a fair price for your business.

Assembling a professional team as early as possible is essential if your objective is to achieve the best possible outcome.

I can help.

#bestlife #whatsnext? #beready!