Armed with an exit plan, it is possible for you to transition the ownership of your business to a new owner in a fluid and trouble-free manner. Whether you simply plan on transitioning your business to a family member upon your retirement or are preparing to sell in the future, an exit plan is a very prudent measure.
Owning a business by its very nature means a certain degree of uncertainty. It also means that you have a tangible asset. For that reason among others, preparing an exit plan is nothing short of a must.
A lack of an exit plan can lead to considerable business and life disruptions. It is common for unplanned events to occur, ranging from a death in the family to health problems, cash flow issues or simple burn out. All of these issues can lead to situations where an exit plan would be of great value.
Once you create a plan, your business can function without you when you choose to exit. This fact makes it easier not just to transition to a family member or friend but also to sell to an outside buyer.
Prospective buyers benefit from your exit plan too. Financial records, outlines of your procedures and other key information all combine to help your business remain stable and functional during a transition.
CBS can help your business transition effectively from one owner to another. Contact us today to learn more about how a professional exit plan can increase the stability and marketability of your business.