If you think about it, just about every exit plan can come down to three tools. A recent Forbes article titled “Three Ways to Exit Your Business” examined these tools: sale, capital transfer, and gifting.
While there are many ways to mix-n-match these tools depending on your unique circumstances, the biggest failure is to put your head in the sand. Is it any wonder two-thirds of all business fail to make it from the founders to the next owners, and only half again make it from that second hand off to the third level owner?
The key teaching point is to engage the professional services of your accountant, financial advisor and attorney sooner rather than later. Like a good coach, make sure your “team” knows the end result you want to accomplish in your business transfer. Be sure to read the original Forbes article as part of your preparation.
Have you or your elderly loved ones got your affairs in order by updating your Will and Trust so that your home and cash assets are protected?? There has been many changes in laws and your life that may have impacted your estate plan. Call us for a review!
If you have any questions or would like to schedule a consultation please call Attorney Patrick Kelleher at 781-871-PLAN (7526) or by email at Pat@myfamilylifeplan.com
Our firm helps families taking care of them for life. We not only “create” their Will and Trust, but we “maintain it and keep it updated” for them throughout their life! The meter is not running for our ‘Client Care Plan’ members!
Patrick J. Kelleher is a South Shore, MA resident and estate planning attorney serving and protecting families and businesses in the South Shore, MA area. For more information on estate planning visit our firm’s website at www.MyFamilyLifePlan.com where you can check out our Blog, free Newsletter library, free Estate Planning Channel on Youtube and sign up for a Free e-Newsletter!
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This article is not intended to provide legal or tax advice or create or imply an attorney-client relationship. No information contained herein is a substitute for a personal consultation with an attorney.