Succession & Exit Planning

Whether You Sell Your Business or Not, the Planning is the Same

There are many things for you to consider as you think about the future of your business ownership: When is the right time to move on? How much money will I need? How do I even sell this business? These questions dovetail into an important decision you’ll try to make early in the process of…

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Succession Planning: 3 Emotional and Logical Roadblocks to Overcome

Succession planning is a process that every business owner thinks about, however, identifying and developing new leaders is easier said than done. According to Business Enterprise Institute’s 2016 Business Owner Survey Report: 79% of business owners plan to exit their business in the next ten years, 38% have not taken any steps toward their exits,…

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Lee Boss Presents NJBIA Webinar on Practical Considerations About Succession Planning

Managing Director Lee Boss presented a NJBIA Webinar on Practical Considerations About Succession Planning on Thursday, January 18, 2018, where he discussed methods of transferring ownership of your company and how to maximize long-term value. To watch the webinar, click here. As a business owner, planning for the future is a given. You know it must happen…

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How to Increase Your Business Value Using Value Drivers

A fundamental aspect of a successful business exit is assuring that your business has enough value to allow you to exit with financial security. This, coupled with wisely invested non-business assets, gives you the best chance to pursue the Exit Path you want on the timeline you want. Obtaining a proper, professional business valuation is…

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Is the Bank With You or Against You?

Many business owners have mixed feelings about their banks and their banking representatives. They are unsure about whether they can be completely honest about their business without a negative impact on the bank relationship. On a daily basis, you do not spend much time thinking about your banking relationship. When the time comes to tell…

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Failure to Plan Has a Price

I never worry about action, but only about inaction. – Winston Churchill “I haven’t decided what I ultimately want to do with my business, when I want to exit, how much money I’ll need, or whom to sell to. So how can I plan my exit? Besides, I don’t want to exit right now.” If…

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A Backup Plan for Family Business Owners & Their Successors

Owners preparing for any type of exit find that circumstances can—and often do—change. Intergenerational business transfers are no exception. The twist in family business transfers is that owners should have a backup plan not only for themselves, but for their successor as well. A Backup Plan For You. Let’s look at the most common causes…

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Exits Are Inevitable, Failure Is Not: Planning A Successful Exit

We understand that business owners are so busy addressing today’s economic challenges that they can overlook the critical task of Exit Planning. We also understand that, at some point, all owners exit their businesses. When that day arrives, owners want to exit on their terms, the most important of which are financial independence and choosing…

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Retire At Your Own Risk

Can you believe that the oldest Baby Boomers (who were born in 1946) will turn 70 this year? Although a lot of younger Boomers continue to be actively involved in the workforce, many older ones who started their own businesses are finally starting to retire. Removing a key person from daily business operations generally isn’t…

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Devise Your Exit Strategy – An Early Start Helps Ensure A Good Outcome

Every company owner needs an exit strategy — whether that involves transferring the business to family members or selling it to a management team or a third party. Regardless of the strategy you choose, the earlier you begin planning your exit, the smoother the transition will likely be. And if your ultimate goal is to…

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