Planning Your Exit

Business owners should start succession planning at least 3 to 5 years in advance. Transitioning a business is a long process and should start with a Phase One COSATA^®.

Planning a business exit requires expertise in such fields as finance, legal, wealth management, accounting, tax planning, and even psychology (for example, the psychology of retirement, or determining whether the children of a business owner are prepared to take over a business).

Many business owners postpone their exit plan, because they find it difficult to put together all of the pieces of the puzzle and make a decision. Postponement may lead to situations where the business becomes unsaleable or diminishes in value (e.g. illness or death of an owner, change of market conditions, etc.)